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Japanese Q4 GDP printed below.......>

US TSYS SUMMARY
US TSYS SUMMARY: Japanese Q4 GDP printed below expectations, yet the yen
appreciated versus the dollar and while the correlation between bonds and
equities appears fickle, the 10Y UST still remains hard-baked into algos. 
- As the yen strengthened against the generalised weakness of the dollar,
Treasury yields fell, reaching the low of 2.81% a few hours before European
trading got underway. As the yen finally started to incorporate the weak GDP
release, it weakened and so did Treasury prices. Relative to the US close,
yields are currently 0.5bp higher in a parallel movement across the yield curve.
- The S&P mini future is pointing to a 0.4% opening at the US open, which if
crystallised would bring the rebound in that index to 5.6% from the intraday low
from Feb 9.
- CPI will easily be the key release later today. Previous TY market reactions
to core CPI is around 6/32nds within 3 minutes for every 0.1% surprise relative
to consensus (weak surprises causing a market rally).
- Retail sales comes at the same time but influenced by snow in December and
January. 

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