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Continuing To Pare London Session Losses Ahead Of US Data

US TSYS
  • Cash Tsys continue to slowly pare earlier losses after the 2YY touched a fresh post-SVB high of 4.931% in London hours, with yields currently +4.0bps at 4.900% and still leading the sell off on the day.
  • The paring is seen across the curve, maintaining a 2bp flattening in 2s10s at -103.5bps, although still off lows of -106bps post-data.
  • TYU3 trades at 112-00+ off earlier lows of 111-25+ having pushed through support at 112-01/112-00 (Jun 29 low/Mar 10 low) to open 111-14+ (Mar 9 low) as the bear leg extends.
  • Core PCE and personal income/spending for May lands at the bottom of the hour.

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