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Free AccessJapanese Holidays Limit Activity In Asia, PMIs Eyed
T-Notes held to a narrow 0-03 range in Asia-Pac hours, -0-02 at 134-06 at typing, operating on very light volume of ~28K. A Japanese holiday (and subsequent closure of cash Tsys during Asia-Pac hours) is limiting broader participation, with a lack of macro news flow also evident.
- To recap, the curve saw some light bull flattening on Thursday, with the major cash Tsy benchmarks finishing ~1.0-2.0bp richer. This came after the space unwound much of the richening witnessed early in the week come the end of Wednesday's session. An uptick in the latest round of initial jobless claims data (coupled with higher than expected continuing claims), alongside feedthrough from Bunds as the ECB press conference got underway, supported Tsys during the NY morning after an initial (brief) move lower in the wake of the release of the ECB decision/statement. 10-Year TIPS supply was well received, which supported breakevens and weighed on real yields. A block sale in UXY futures (-6.197) helped the space away from firmest levels during the second half of NY dealing. A deluge of fed funds futures buying (lodged via blocks) and buying of the 2EZ1 98.50 puts (on screen and via block, with ~40K lots lifted on the day) provided the highlights in the short end.
- European flash Markit PMI data headlines in European hours, with the U.S. equivalents headlining the local docket.
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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.