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US TSYS

Cash tsys have open dealing 1-4bps cheaper across the major benchmarks with the curve bear flattening. Participants are digesting weaker-than-expected Chinese PMI data published yesterday as well as Fridays US data. TYM3 deals at 115-18+, 0-02, a touch off the bottom of the observed 0-05+ range.

  • A thin data calendar in Asia-Pac today leaves participants on headline watch.

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