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Firm From Session Lows Alongside ACGBs, Ranges Narrow

US TSYS

TYH4 deals at 110-15+, +0-09+, a 0-07 range has been observed on volume of ~61k.

  • Cash tsys sit 1-2bps richer across the major benchmarks, light bull flattening is apparent.
  • Tsys firmed from session lows as a bid in ACGBs, in lieu of the RBA holding the cash rate steady at 4.35% and the statement noting that inflation is continuing to moderate.
  • Earlier in the session Tsys were muted dealing in a narrow range for the most part.
  • ECB CPI Expectations and Eurozone PPI are due in Europe, further out we have ISM Services and JOLTS Job Openings.

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