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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US TSYS
TYU2 operates around late NY levels shortly after the re-open, +0-03 at 117-26.
- Cash Tsys were 1.5-9.0bp cheaper come the close on Monday, bear flattening, after another leg higher in European gas prices and general inflationary worry added to Asia’s reaction to Friday’s cheapening. Broader focus remained on the upcoming Jackson Hole Symposium.
- 10-Year Tsy yields moved back above the psychological 3.00% level, closing above there for the first time since 20 July, although Tsys finished off session cheaps.
- Wider 10- & 30-Year swap spreads indicated payside swap flows aided the cheapening.
- Desks flagged interest in the downside via put options, along with a continued bid in vol., although a block buy of WN futures (+2.832) helped the space to find a bit of a base during the NY afternoon. Roll activity also aided volume.
- Flash PMI data from across the globe will be eyed in pre-NY trade.
- Tuesday’s NY session will be headlined by flash PMI readings from S&P Global, new home sales data and the Richmond Fed manufacturing index. Elsewhere, 2-Year Tsy supply is due and Minneapolis Fed President Kashkari (’23 voter) is due to speak late in the NY day/early in Wednesday’s Asia session.
Fig. 1: ICE-Bank Of America Move Index
Source: MNI - Market News/ICE/Bank Of America/Bloomberg
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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