January 25, 2023 03:18 GMT
Early Richening Unwound, Regional Matters Dominate
Cash Tsys are now little changed across the major benchmarks. TYH3 deals at 115-01+, +0-00+, a touch off the base of today's narrow 0-04 range.
- The early New Zealand CPI and JGB inspired richening has unwound through the Asian session. Australian CPI came in stronger than estimates, with the resulting cheapening in ACGBs weighing on Tsys.
- With a thin data calendar for the remainder of the session participants are on headline watch, with one eye on cross-market flows.
- Liquidity remains impaired by the the ongoing LNY holidays in Asia.