Free Trial

Early Richening Holds In Asia

US TSYS

TYH3 deals at 115-05, +0-03+, off the top of its 0-06+ range on volume of ~45K.

  • Cash Tsys 1-2 bps richer across the major benchmarks, with the belly leading the bid.
  • Tsys were marginally cheaper to start before reversing to deal richer as a bid in JGB futures and a rally in the intermediate zone of the JGB curve spilled over.
  • The richening held through the session, a thin data calendar and limited liquidity due to Lunar NY holiday saw early ranges respected.
  • Note that WSJ Fed watcher Timiraos' latest piece (released after the start of the Fed blackout period) noted that "Federal Reserve officials are preparing to slow interest-rate increases for the second straight meeting and debate how much higher to raise them after gaining more confidence inflation will ease further this year."
  • ECB speak from Lagarde and the U.S. leading index headlines an otherwise thin docket today. Further out, PCE, Jan Preliminary PMIs and Q4 GDP provide the U.S. highlights this week.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.