Jobs, Jobs, Jobs

T-Notes little changed at the re-open, last dealing +0-01 at 131-20.

• The contract went out just above worst levels of the day on Thursday. As a reminder, better than expected labour market readings, in the form of ADP employment and weekly initial jobless claims, pressured Tsys on Thursday, with focus now squarely on Friday's NFP report. The belly led the way lower, with 5s cheapening by ~5bp on the day, even with some questioning the validity of the economic readings in terms of feedthrough into NFPs.
• The Eurodollar strip bear steepened, as the blues softened by ~5bp on the day. Flow was headlined by a cumulative ~40K of the 2EZ1 99.000/98.875 put spread being bought vs. the 2EZ1 99.250/99.375 call spread, paying 0.00 to 0.01, with interest in that position spanning Asia hours through to late NY dealing.
• There is nothing in the way of tier 1 risk events slated during Asia-Pac hours.