The light richening observed in U.S. Tsys, coupled with onshore participants reacting to Thursday’s Fedspeak-induced unwind of some of the Fed rate hike premium that had been baked in after Wednesday’s U.S. CPI print, and perhaps some redeployment of some of the capital released by the aforementioned maturity of ACGB Jul-22 has supported the ACGB space thus far, allowing futures to edge higher. YM -1.5 & XM unch. at typing, while cash ACGB trade sees the wider curve twist flatten, pivoting round 7s, with the longer end running 1.5bp richer on the day. Bills run +4 to -3 through the reds, twist steepening. ACGB supply is due imminently, but Chinese GDP and economic activity data poses a greater risk when it comes to potential market moves.
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