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Cheaper On Thursday

US TSYS

TYZ3 deals at 109-25, +0-01, in line with late NY levels.

  • Cash tsys finished dealing ~4bps cheaper across the major benchmarks on Thursday.
  • Volatile trade was seen after the ECB monetary policy decision and the latest round of US data.
  • A spillover bid from EGB's, in lieu of a less hawkish than expected statement, saw tsys firm before a strong PPI print pressured tsys to session lows.
  • A ~2% rise in WTI, which closed above $90/bbl, also weighed on the space.
  • The latest monthly economic activity data from China headlines in Asia-Pac today. Further out we have US industrial production, University of Michigan consumer sentiment and the Empire Manufacturing index.

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