Back To Best Levels

TYU2 has ticked back to session highs in recent dealing. The last few minutes have seen the joint press conference between the Taiwanese President Tsai & U.S. House Speaker Pelosi generate the sort of language you would expect i.e. Taiwan noting that won’t back down to China, while it looks to develop its relationship with the U.S. & Pelosi being supportive of Taiwan. Meanwhile, China continues to fire verbal warnings in Taiwan’s direction via its media outlets. TYU2 last deals +0-09+ at 120-13+. 0-01 off best levels, with volume running comfortably above average at ~115K. Cash Tsys sit 2-4bp richer across the curve, with the belly still leading the bid.