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Marginally Cheaper In Asia

US TSYS

TYH3 deals at 113-04, +0-03, in the middle of its 0-05+ range on volume of ~86K.

  • Cash Tsys sit 0.5-1bp cheaper across the major benchmarks.
  • Tsys cheapened in early trade, as local participants reacted to yesterday's late NY weakness triggered by a soft 30-Year auction result and an early Sydney slide in ACGBs. 30-Year yields briefly dealt above Thursdays highs, although the rest of the major benchmarks failed to do the same.
  • The space stabilized off session cheaps as ACGBs moved away from lows on the back of the RBA's SoMP.
  • Softer than expected Chinese PPI data also facilitated Tsys recovery from session lows.
  • In Europe today we have UK GDP, further out there is the Canadian labour market report and UoM consumer sentiment survey. Elsewhere, Fedspeak from Gov Waller and Philadelphia Fed President Harker will cross.

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