U.S. DEBT FUTURES LOWER IN QUIET OPEN
U.S. interest rate futures were lower in
quiet early activity.
    A weak dollar pressured debt futures. Remarks made
yesterday by Council of Economic Advisers Beryl Sprinkel that
the U.S. has no target value for the dollar continued to impact
the market, traders said.
    The market awaited action by finance ministers of the G-5
nations, who are to meet today. Pending any action that would
strengthen the dollar, June Treasury bonds were expected to
remain below chart resistance at 98-16/32, traders said.
    Chart support was cited at 97-23/32 on a day-trading basis
and at 97-3/32 on a longer-term basis.
    At 0950 EDT, CBT T-bonds ranged from down 16/32 to 11/32
point, T-notes fell 10/32 to 11/32 and muni bonds were down
9/32 point. IMM T-bills were 3 to 5 basis points lower and
Eurodollars fell 4 to 7 basis points.
 Reuter
