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Curve Flattens In Asia

US TSYS

TYU3 deals at 111-08+, +0-04+, a touch off the top of the 0-10+ range on volume of ~83k.

  • Cash tsys sit 1-5bps richer across the major benchmarks, the curve has bull flattened.
  • Tsys were marginally firmer in early dealing as Asia-Pac participants faded yesterday's cheapening, perhaps using the opportunity to enter fresh long positions/close out shorts.
  • The long end of the tsy curve has extended gains though the Asian session, perhaps today's slated 3-Year issuance weighed on the short end in Asia. The move came alongside an uptick in the USD and weakness in US Equity Futures and Regional Equities.
  • Ranges remained narrow for the most part, and little meaningful macro news flow crossed.
  • The final print of German CPI headlines in Europe, further out we have trade balance as well as wholesale inventories and trade. Fedspeak from Philadelphia Fed President Harker and Richmond Fed President Barkin is due. We also have the latest 3-Year Supply.
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