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Holding Cheaper


Tsys have held on to the bulk of Thursday’s cheapening despite nudging lower after the cash open, with a limited, tech-led bid in e-minis (the contracts sit 0.2-0.4% firmer apiece at writing), likely capping gains in the space.

  • TYZ2 is -0-04+ at 115-25+, operating 0-03+ above its Thursday’s lows, with the contract sticking to a 0-03+ range so far. Cash Tsys run 1.0 bp cheaper to 1.0bp richer across the curve, twist flattening, pivoting around 2s.
  • Chinese CPI and PPI data is due in ~1 hour, and may provide a point of interest for Tsys in an otherwise data-light Asia-Pac session.

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