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Futures In Tight Range Yesterday, Cash Reopens Today

US TSYS

TYH3 deals at 114-22, -0-02+, a touch above levels seen late in yesterday's NY session.

  • Cash Tsys were closed yesterday due to the MLK Day holiday, dealing reopens at 0000GMT/0800HKT.
  • Core FI was pressured early in the European session, Tsy futures found support above pre-CPI levels and dealt in a narrow range for the remainder of the session as liquidity was impacted by the cash closure, ending the day marginally cheaper.
  • The space has looked through comments from ECB's de Cos as he reiterated themes observed in recent communique, i.e. significant rate hikes are to continue but incoming data will determine policy decisions.
  • Chinese GDP data presents the highlight of the Asia-Pac docket, with markets generally looking through any soft Chinese data releases in recent times given the reopening drive in the country. Further out we have CPI data from Germany and Canada, as well Empire Manufacturing. Elsewhere, Fedspeak from NY President Williams is on the wires late in today's NY session.
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