After initially managing a brief and limited show below the early session lows on the back of the previously alluded to uptick in equities in the wake of the PBoC’s latest round of easing, TYU2 has recovered from worst levels. The recovery comes after the softer-than-expected Chinese economic activity data, last dealing +0-02+ at 119-11. Still, the contract operates within a narrow 0-05 range. Cash Tsys sit flat to 1bp cheaper vs. Friday’s closing levels, with 7s the weakest point on the curve.
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