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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.