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Friday’s Low in TYZ2 Holds, Technical Downside Threat Intact


Cash Tsys run flat to 1bp cheaper across the curve. TYZ2 has operated in a 0-04 range, dealing +0-01 at 115-24+ last, operating 0-03 above Friday’s base, after bears tested Friday’s trough early on.

  • Participants are focused on the set up into today’s 3- & 10-Year Tsy supply, with Asia-Pac liquidity diminished owing to holidays in Hong Kong, China & South Korea.
  • From a technical perspective, TYZ2 remains vulnerable following its recent breach of support at 116-01+ (61.8% of the Jun14-Aug2 rally), with initial support now seen at 115-13+ (Sep 7 low).

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