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A Modest Downtick On Independence Day

US TSYS

TYU2 operates around the base of Monday’s range, last dealing -0-05 at 119-03+.

  • To recap, Monday saw Tsy futures drift lower during a curtailed Independence Day session, with cash markets closed. The move was aided by the re-embedding of some ECB tightening premium after last week’s unwind, with the latest raft of policymaker communique in the driving seat there. Elsewhere, a BBG source report noted that U.S. President Biden is close to declaring the rolling back of China tariffs to fight inflation , although the content of the story was a little more balanced than the headline, noting that “President Joe Biden may announce as soon as this week a rollback of some US tariffs on Chinese consumer goods -- as well as a new probe into industrial subsidies that could lead to more duties in strategic areas like technology.” Still, ranges were contained and volume limited, as you would expect during a holiday-hampered session.
  • The latest Caixin Services PMI out of China and RBA monetary policy decision provide the major event risk during Asia-Pac hours, while Tuesday’s NY docket will be headlined by factory orders and final durable goods readings.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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