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Free AccessAsia Set To Assess Bull Steepening
TYU2 is marginally firmer after the re-open, but still comfortably within the confines of Monday’s range, last dealing +0-02+ at 119-25.
- To recap, the Tsy curve was subjected to bullish steepening on Monday, with the major benchmarks running 1-6bp richer come the close of NY dealing.
- Softer than expected second tier domestic data (Empire manufacturing & NAHB housing market index, which are sensitive to interest rate cycles) provided a bid during early NY dealing after the space had retraced from early European morning cheaps. Signs of receiver-side flows as 5+-Year swap spreads tightened also supported the rally.
- The space finished a little shy of best levels, perhaps tempered by the marginal uptick in equities, which in itself was a product of the lower yield environment after shaking off the impact of weaker than expected Chinese & domestic data. A reminder that the soft Chinese data and latest round of easing from the PBoC had a limited impact on the space during Monday’s Asia-Pac session.
- The minutes from the latest RBA monetary policy decision headline the broader docket during Asia-Pac hours. Further out, Tuesday’s NY docket sees the release of housing starts and building permits data, as well as industrial production.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.