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All about US$ Tue, greenback........>

US TSYS SUMMARY
US TSYS SUMMARY: All about US$ Tue, greenback strength weighing on Tsys; Off
lows by the bell on heavy futures volume (TYM>2.2M), curves steeper/off highs.
US$ index: DXY tapped 93.457, +.610, 93.197 late; US$/Yen 110.450H; equities
weaker (emini -29.0, 2702.0), West Texas crude off highs (WTI +0.25, 71.21,
71.15L/71.92H); gold weaker (XAU -21.36, 1292.24). 
- Real$ active in cash steepeners early, leveraged$ unwound/stopped out on
flatteners. Deal-tied hedging not enough to influence moves much given breadth
of spec, real$, bank (domestic/foreign and central), swap-tied in long end,
technical and FX-tied. Early flow included fast$, props selling in 2s-10s,
real$, bank portfolio selling 10s-30s, central bank selling intermediates FX
acct and program selling. Also chatter of MBS/negative convexity selling The
pre-open surge in US$ helped trigger sell-off, stops triggered as US$/Yen sliced
through 200-DMA of 110-18 early. Not surprisingly, gold hammered/good entry in
event of risk-off. FI implied vol off highs while VIX index held near highs
(+1.94, 14.87 vs. 14.90H)
- Tsy ylds: 2Y 2.577%, 3Y 2.751%, 5Y 2.920%, 7Y 3.040%, 10Y 3.074%, 30Y 3.204%
MarketsFixed Income Bullets
MarketsFixed Income Bullets

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