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Cross-Currents Limit Net Movement Thus Far, Marginally Cheaper On The Day


The initial cheapening in Tsys moderated in lieu of the feedthrough from ACGBs in the wake of softer than expected monthly inflation data out of Australia, before the firmer than expected Chinese PMI data capped that bid. That leaves cash Tsys running 1-2bp cheaper across the curve, with the belly leading the move. TYM3 sits -0-06+ at 111-14+, operating around the middle of its still relatively limited 0-06 range.

MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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