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Cheapening Extends A Little

US TSYS

Tsys have continued to leak lower, with the early momentum extending, as participants look through news of the latest North Korean missile launch.

  • A USD bid and a move away from best levels in e-minis points to a cross-asset driven move, with nothing in the way of meaningful news flow crossing.
  • Chinese & HK equities are trading on the backfoot.
  • A block sale in FV futures (-3K) also helped the momentum of travel, with pockets of screen selling in TY futures also observed.
  • The major cash Tsy benchmarks run 1.5-3.5bp cheaper across the curve with the intermediate zone leading the way lower.
  • TYZ2 deals 0-01 off the base of its 0-10 range, last -0-08+ at 112-30.
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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