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Bear Flattening Early On

US TSYS

TYU2 challenged early session highs shortly after the cash Tsy open, before backing off with the contract holding to a narrow 0-04 range, last -0-02+ at 120-29, which represents session lows. Meanwhile, cash Tsys run 0.5-2.5bp cheaper across the curve shortly after the re-open, bear flattening (after Thursday’s bull steepening) with regional Asia-Pac participants wither taking profit on longs or happy to fade Thursday’s richening (perhaps aided by the after hours bid in e-minis). There hasn’t been much in the way of meaningful macro news flow to digest thus far.

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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