[MARKET ANALYSIS] Treasury futures remain pressured on higher oil prices and looming supply

Treasury futures are facing pressure due to rising oil prices and upcoming supply, which could indicate short-term weakness for bonds.

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USTs: -2.5 ticks

  • Trickled lower amid firmer oil prices and with demand also not helped ahead of US inflation data and the latest 10yr auction stateside.

Bunds: -20 ticks

  • Retreated amid energy-related headwinds, while participants also await ZEW data and incoming supply, including a EUR 6bln Schatz issuance later, followed by EUR 2.5bln of Bunds tomorrow.

JGBs: -30 ticks

  • Continued the recent declines amid the oil pressures and after the BoJ Summary of Opinions noted some members saw the need to resume rate hikes soon, opening the door for a June hike, while a 10yr JGB auction also looms.
Context

The market is poised for important inflation data and a 10-year auction, suggesting that sentiment is mixed as investors weigh energy costs against potential yield dynamics. The anticipation surrounding these events may lead to increased volatility in fixed income markets as traders adjust their positions.

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