Curve Marginally Steepens In Asia

TYM3 deals at 115-15, -0-02+, with an observed 0-05 range on volume of ~53k

• Cash tsys sit 1.5bps richer to flat across the major benchmarks, light bull steepening has been observed.
• Tsys were richer in early dealing as Asia participants faded Wednesdays moderate cheapening perhaps using the opportunity to enter fresh long positions/close out shorts.
• A block trade in FV, 2k lots, added an additional level of support and tsys marginally extended gains.
• There was little follow through on the move higher and gains were marginally pared.
• Little meaningful macro news flow crossed through the session.
• There is a thin data calendar in Europe today, with the final read of Eurozone Consumer Confidence providing the highlight. Further out we have Advance US GDP and Initial Jobless Claims. We also have the latest 7 Year Supply.