Futures Cheaper In Asia, Cash Closed

TYH3 deals at 111-28, -0-04, a touch above the base of its 0-06+ range on volume of ~45K.

• Cash tsys are closed on Monday due to observance of the Presidents Day holiday.
• Tsys saw modest pressure in early trade, with local participants looking to lean against Friday's bid. However heightened geopolitical tensions (centred on Sino-U.S. relations and the latest round of North Korean missile launches) likely limited the follow through.
• Pressure then extended a little as Asia-Pac participants perhaps used the opportunity to set fresh shorts/exit longs after Friday's richening, with continued regional focus on the recent repricing of market expectations re: Fed tightening.
• Little in the way of meaningful macro headline flow crossed in the latter half of the session.
• The broader macro docket is very thin on Monday, with wider liquidity set to be hampered by the U.S. holiday.