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Marginally Cheaper, Cross-Market Flows Dominate

US TSYS

TYH3 deals at 115-00, -0-01, a touch off the base of its 0-06+ range on volume of ~79K.

  • Cash Tsys sit 0.5-1.5bp cheaper across the major benchmarks.
  • An early richening was driven by a bid in Antipodean rates, as New Zealand CPI was softer than RBNZ projections, in both headline and non-tradeable terms. An early, modest bid in JGBs also assisted.
  • Cheapening in ACGBs, in lieu of stronger than expected Australia CPI data then weighed on Tsys, unwinding the early bid.
  • Liquidity remained impaired by the ongoing LNY holidays in Asia, with little follow through in Tsys when compared to Antipodean rates.
  • UK PPI data headlines an otherwise thin European docket. Further out matters north of the border will garner attention with the latest Bank of Canada monetary policy decision due today. On the supply side we have the latest 5-Year Tsy auction.
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