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Drift Lower Extends

US TSYS

Tsys continue to cheapen, with 7+-Year paper looking through Tuesday’s yield peaks. This comes as USD/JPY nudges higher and JGBs are pressured, pointing to cross-market-derived input given the lack of macro news flow. Cash Tsys sit 1.5-3.0bp cheaper across the curve, with 10s leading the downtick. TYH3 is probing its Tuesday base, with any sustained breach there set to expose key short-term support at the Nov 21 low.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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