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Early Cheapening Continues In Asia

US TSYS

The space continues to cheapen as the impulse from Monday’s front end rally & recovery from lows in the longer end gives way, with the stronger than expected headline readings in the official Chinese PMI data providing the latest leg of the cheapening impulse. This leaves TYH2 +0-01 at 130-10, just off the base of the 0-08 range established in the wake of the Chinese data. Cash Tsy yields run 1.5-3.0bp cheaper across the curve, with the 2- to 5-Year sector leading the way lower.

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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