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A quiet re-open for T-Notes, +0-02 at.......>

US TSYS
US TSYS: A quiet re-open for T-Notes, +0-02 at 129-29. Contract went out near
the middle of the range on Thursday. Some vol crept in during early European
trade as Brexit matters & regional PMIs were at the fore. A push by UK PM
Johnson for a snap general election & soft durable goods data provided some
demand for Tsys through the NY session. Elsewhere, the latest 7-Year Note
auction stopped through by 0.7bp, with the cover ratio and participation metrics
little changed from the previous offering (indirect participation above avg.),
helping demand for tenors through the belly of the curve in cash trade.
- U.S. VP Pence delivered his much awaited (delayed) speech re: China & was
critical of several areas of Chinese conduct & the behaviour of some U.S.
entities in interacting with China. Pence did however offer an underlying olive
branch, which most deemed to provide a softer tone than last year's address.
- Flow-wise, ultra block sales helped the long end to underperform at the
margin. Some large block buying of TYZ9 had been seen earlier in the session
(during the NY morning) which helped T-Notes to highs.
- Little of note on the local docket on Friday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MarketsFixed Income Bullets

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