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Futures Twist Steepen A Touch In Holiday-Thinned Trade

US TSYS

The Tsy futures curve twist steepened a touch overnight, with the Asia-Pac reaction to the slightly dovish feel to the minutes covering the latest FOMC decision, and to a lesser degree soft U.S. PMI & jobless claims data, allowing that dynamic to unfold.

  • Contracts out to UXY remain underpinned, while WN & US futures are softer on the day. TYZ2 deals +0-04+ at 113-03, operating in a narrow 0-05+ range on sub-standard volume of ~45K
  • A reminder that futures will be subjected to curtailed trading hours and thinner liquidity on Thursday owing to the observance of the Thanksgiving holiday, while cash Tsys are closed until Friday’s Asia-Pac session.
  • In terms of meaningful macro news flow, Asia-Pac hours saw another uptick in Chinese COVID cases, with the daily new case count exceeding the previous peak lodged earlier this year. More localised lockdowns were declared in the country.
  • ECB speak headlines Thursday’s global docket.
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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