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Bull Flattening On Ukraine Tensions, Soft EA PMI

US TSYS
  • Cash Tsys have bull flattened this morning in a reversal of the overnight sell off, led by Russia-Ukraine fears and soft Eurozone PMIs.
  • 2Y yields are unch at 1.002%, 5Y -2.0bps at 1.537%, 10Y -2.8bps at 1.730% and 30Y -2.2bps at 2.049%.
  • TYH2 is off earlier highs but still above most of last week’s range, up 4 ticks at 128-14 on decent volumes. Key-short term resistance is seen at 128-27 (Jan 13 high) whilst support has previously been identified at 127-02 (Jan 19 low).
  • Data: Whilst the focus is firmly on the FOMC on Wed, today’s preliminary Markit PMI surveys for Jan could still be important, with consensus for a pullback in activity.
  • Issuance: US Tsy $60B 13W, $51B 26W bill auctions (1130ET) US Tsy $54B 2Y Note auction (1300ET).

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