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Bid Early On

US TSYS

A bid has become apparent during the early rounds of Asia-Pac trade, which would indicate a willingness on the part of the wider Asia-Pac cohort to fade Monday’s cheapening/a regional covering of shorts (or a combination of the two). This leaves cash Tsys 2.5-4.5bp richer across the curve, with intermediates leading the bid after that zone drove the cheapening on Monday.

  • TYZ2 has added to the early uptick since the cash open, dealing 0-11 off its Monday base at typing, with volume already approaching 30K.
  • E-minis sit over 0.5% better off, with the USD trading on the defensive in the G10 FX sphere, likely linked to the move in Tsys.
  • Headline flow remains limited, at best.
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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