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Firmer, TYM2 Through Monday’s High

US TSYS

Bull flattening is observed in early Asia cash trade, as the region reacts to Monday’s front-end led rally. The major cash Tsy benchmarks run 1-4bp richer across the curve, while TYM2 has breached Monday’s late NY high, last dealing +0-18+ at 118-24+. Macro headline flow has been relatively light thus far, with China flagging its continued implementation of a dynamic zero COVID strategy and continued worry evident on the part of the U.S. leadership when it comes to the Russia-Ukraine conflict. The latest move higher in the space comes as e-minis break below Monday’s low and headlines flash as Bitcoin shows below 30,000 (we don’t usually flag cryptocurrency moves, but the correlation with risk assets has grown in recent times).

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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