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Belly-Led Cheapening Ahead Of Payrolls

US TSYS
  • Cash Tsys trade 2.5-3.5bp cheaper, led by the belly, to pare gains seen after US data yesterday at the front end and more than reverse gains further out the curve.
  • Major tenors are all within the week’s range, awaiting today’s payrolls report (full preview here) but with further event risk from the U.Mich report later on after inflation expectations surprised higher in both preliminary and final November reports.
  • TYH4 at 110-24 (-13) is close to the day’s recent lows of 110-22+, the low end of the past two days but the middle of the week’s range. The trend direction remains higher though, with the week’s high of 111-09+ marking initial resistance before 111-19 (Fibo projection of Oct-Nov price swing).
  • Data: Payrolls Nov (0830ET), U.Mich consumer survey Dec prelim (1000ET)
  • No issuance.
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