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Fresh Cheapening

US TSYS

Tsys have cheapened after the cash re-open, with little in the way of overt headline flow observed. It could simply be a case of Asia-Pac participants reacting to the NY session moves and extending the recent trend, with 5+-Year Tsys tagging fresh cycle highs in yield terms in recent dealing, as the major cash Tsy benchmarks run ~2bp cheaper across the curve. TYM2 has breached Tuesday’s low, last -0-08 at 122-16, just off the base of the 0-08 range observed thus far. The Mar 12 ’19 low (122-12), based on a continuation chart, provides technical support.

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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