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Coiling After Uptick

US TSYS

Tsy trade has stagnated after the initial BoJ-driven pull higher extended as TYM2 forced its way through Tuesday’s high. News of another localised Chinese COVID lockdown, this time in the city of Xuzhou (city of 9 million, deemed a gateway travel hub), failed to impact wider price action. TYM2 last prints +0-11+ at 122-22, which represents best levels of the session, while cash Tsys run 2.5-5.5bp richer across the curve, with 5s leading.

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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