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Firmer In Volatile Asian Session

US TSYS

TYH3 deals at 112-19+, +0-10, 0-02 shy of the top of its 0-09 range on volume of ~86K.

  • Cash Tsys are closed until the London session today due to the observance of a Japanese holiday.
  • Tsys futures have see-sawed higher in the Asian session, gapping higher at the open as softer than expected official Chinese PMI data from the weekend added support, before paring gains as e-minis sharply reversed early gains in the limited liquidity environment..
  • In the absence of macro headline drivers cross-asset flows continued to dominate. Early weakness in the Hang Seng reversed, spilling over into wider markets, with e-minis trading higher weighing on the USD and allowing Tsy futures to print fresh daily highs.
  • The space looked through a marginally weaker than expected Caixin Mfg PMI print from China as well as news of US$ supply from Hong Kong & Kexim Bank
  • In Europe today we have German state and national CPI readings. The U.S. highlights of the week include the NFP report, minutes from the December FOMC meeting & monthly ISM surveys.
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