MBS
-13/32 @ 100.29 10 Yr T -7/32
@ 2.505 DOW +56 @ 14988
MBS drifted lower late in the session on light volume as investors
sold MBS ahead of what is likely to be a volatile session on Friday. Today's
mixed economic data had little impact. ISM Services declined to 52.2, below the
consensus of 54.0, and the lowest level since February 2010. Increased
uncertainty in Egypt was not enough to lift MBS, but it did cause oil prices to
increase to the highest level in 14 months above $102 per barrel. There will be
a European Central Bank (ECB) meeting tomorrow (July Fourth) and the Employment
report will come out on Friday at 8:30 et. The consensus is for an increase of
160K jobs in June. It is likely to be a highly volatile session on Friday.
MBS markets closed early at 2:00 et today and will be closed
tomorrow in observance of Independence Day.
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