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Early London Cheapening Concolidates


Cash Tsys came under pressure alongside the wider core global FI space in the early London morning, with flow, as opposed to headlines at the fore, before stabilising to last sit 2.5-4.5bp cheaper across the curve as the 3- to 5-Year zone sees the most notable moves. TYU3 moved below yesterday’s base, but bears have failed to force a meaningful extension lower, with the contract last showing -0-11+, 0-01 off the base of its 0-11+ range.

  • A block sale of UXY futures (-2.2K) provided the highlight on the flow side during the cheapening.
  • FOMC-dated OIS is little changed on the day, leaving familiar levels in play.
  • Weekly jobless claims, existing home sales and Philly Fed m’fing data provide the highlights of Thursday’s NY docket. 10-Year TIPS supply will also cross.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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