Treasuries End Losing Streak

In Tuesday’s economic news, Existing Home Sales
fell less than expected in May

and Consumer Confidence improved more than expected in June


Treasuries ended their losing streak, boosted by today’s economic data.

Fed Funds futures are
currently pricing in an 88% probability of 25 bps and a 12% probability of 50
bps at next week’s FOMC meeting (full
) — unchanged from yesterday’s close.

The FX markets were very quiet ahead of the FOMC meeting. None of the majors
moved more than +/- 0.12%.

Energy prices were mixed again. Crude Oil, Unleaded Gas and Natural Gas rose,
Heating Oil fell.

The softs were also mixed. Orange Juice +2.09% and Lumber -1.00% were the
biggest movers.

All the grains closed higher.

Economic News

Conference Board’s June Consumer Confidence Up To 105.7 (report).

Existing Home Sales Down 1.2% In May To Rate Of 6.67 Mln. Units (report).

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Ashton Dorkins

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