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Corrective Pullback

US TSY FUTURES

BLOCK, Late 10Y Buy

US TSYS

Eurodollar/Tsy Option Roundup

AUDUSD TECHS

Needle Still Points South

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Biden Approval Remains Underwater

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BOND SUMMARY
BOND SUMMARY: A sedate overnight session for Tsys, with e-minis pushing to fresh
session highs at typing, while little Tsy market reaction was seen on the back
of U.S. President Tump's latest round of Chinese sabre rattling, nor on the back
of the Chinese PMI data. T-Notes last +0-03 at 139-02, yields 0.8-1.7bp richer
across the curve, 7s outperform. A reminder that month-end extensions are
notable, while rebalancing estimates favour flows into bonds and out of
equities.
- A sedate session for JGB futures, with liquidity thinned around the Golden
Week holiday period. The contract held a tight range, last +4, with bulls unable
to force a break of 153.00, and month-end extension estimates on the lower end
of average, allowing the cash curve to twist steepen at the margin in the
afternoon. Swap spreads are mixed. Little to note outside of the ongoing debate
re: the extension of the national state of emergency, downbeat rhetoric from PM
Abe and weak domestic data.
- In Australia, the brief, limited weakness for XM on the lack of RBA purchases
more than reversed. YM last unchanged, XM +2.5.
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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