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Marginal Cheapening As Cash Re-Opens

US TSYS

Cash Tsys run little changed to 1bp cheaper shortly after the re-open, steepening at the margin. A modest round of cheapening was observed in futures around the same time, leaving TYM3 -0-03 at 114-14, which represents the low of a narrow 0-03 range in play thus far. There hasn’t been much in the way headline flow to trade off, with Asia-Pac participants probably looking to the weakness in European & UK bonds on Wednesday as a guide.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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