Free Trial

Back To Early Cheaps

US TSYS

Tsys have struggled for direction after their early cheaps, operating in territory witnessed near the re-open at typing amidst a lack of meaningful macro headline flow and tier 1 data releases. Cash Tsys run 2.0bp to 3.0bp cheaper across the curve with the belly leading the way lower, while TYU2 is -0-06 at 119-23+, 0-02+ off session lows and operating within a 0-07+ trading range.

  • Major crude benchmarks are back from session highs while e-minis have dipped a little below neutral levels after an earlier bid, helping keep Tsys off worst levels.
  • Elsewhere, previously-flagged worry re: COVID-induced lockdowns out of China likely drives concerns re: economic growth in Asia, with a gauge of travel and leisure stocks underperforming broader domestic equity index benchmarks (FTSE China A600 Travel and Leisure: -2.2% at typing).

To read the full story

Close

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.