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Awaiting NFPs

US TSYS

There hasn’t been much to write about for Tsys during a holiday-thinned pre-NFP session, outside of the modest uptick that we flagged earlier (seemingly linked to a reaction re: USD/CNH gyrations), which has since faded. TYU2 sits within the confines of the 0-06 range established in early Asia-Pac dealing, last -0-01+ on the day at 118-26. Cash Tsys run 0.5-1.5bp cheaper across the curve, with the front end leading the way lower. Flow has been dominated by the previously outlined FV/TY block flatteners (3x -5K/+5K).

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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