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Front-End Close To Unwinding Payrolls Rally, TYZ2 Eyes Bear Trigger

US TSYS
  • Tsys cheapening here across the curve but with yield increases on the day led by the front-end to belly (up 9-10bps from Fri close) as the front end comes close to retracing the post-payrolls bid, whilst the longer-end has already unwound those moves but remains within session ranges.
  • 2YY of 3.476% remains off recent high just shy of 3.55%.
  • TYZ2 meanwhile equals the earlier session low of 116-00, with support eyed at the bear trigger of 115-23 (Sep 1 low), clearance of which could open 114-26 (Jun 16 low). To the upside, initial firm resistance is seen at 118-00 (Aug 26 high)
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