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Bulk Of Thursday Weakness Consolidated

US TSYS

Nothing in the way of lasting moves in Tsys on the back of firmer than expected UK GDP data, after an initial, modest blip lower.

  • TYU3 is -0-02+, operating in a particularly narrow 0-04+ range.
  • A reminder that cash Tsys were closed in Asia-Pac hours owing to a Japanese holiday. They have just re-opened, with some light bull steepening seen on the curve.
  • Overnight headline flow was dominated by matters surrounding the Chinese property and LGFV spaces, although that failed to support e-minis.
  • The long end of the curve has consolidated Thursday’s late auction/block flow driven- weakness. Further forward, yields are a little off Thursday’s late highs.
  • PPI and UoM sentiment survey (watch the inflation expectations components) are due ahead of the weekend.
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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