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Curve Marginally Steeper On Thursday

US TSYS

TYU3 deals at 109-15+, +0-06+, in line with late NY levels.

  • Cash tsys finished 4bps richer to 4bps cheaper across the major benchmarks, the curve twist flattened pivoting on 5s.
  • Tsys were pressured after the latest round of US data, weekly jobless claims were in line with estimates and the Philadelphia Fed Business Outlook was printed much higher than expected.
  • The 30-Year Yield climbed past cycle highs printing its highest level since June 2011.
  • Tsys ticked away from session lows into the close, the move came alongside risk off flows as well as participants perhaps closing out short positions after recent price action.
  • There is a thin docket on Friday, National CPI from Japan provides the highlight in Asia with the final read of Eurozone CPI headlining further out.
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