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Futures Off Monday’s Cheaps

US TSYS

Softer than expected German PPI data helps bias Tsys back toward their overnight bests, after the combination of a bid in JGBs, what markets deemed to be a dovish set of RBA minutes and the delivery of the widely expected cuts to China’s LPRs via the monthly fixings dominated in Asia-Pac hours. Cash Tsys are 2-4bp cheaper as the curve bear steepens in catch up after the elongated weekend, albeit with overnight developments tempering Monday’s cheapening in futures, while TYU3 is -0-05 vs. Friday’s settlement.

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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