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Marginally Cheaper In Asia

US TSYS

TYU3 deals at 111-09, -0-02+, a 0-09 range has been observed on volume of ~97k.

  • Cash tsys sit 1-2bps cheaper across the major benchmarks, the belly leads the cheaps.
  • Tsys have been pressured through the Asia-Pac session, the move came alongside a cheapening in ACGBs and NZGBs which spilled over into the wider space.
  • TY broke Wednesday's lows before marginally paring losses, the next support level comes in at 110-27+ the low from Mar 2 and key support.
  • Regional Equities and US Equity Futures are lower, with the USD and Yen firming as risk off flows escalated through the session.
  • In Europe today German Factory Orders provides the highlight. Further out we have ADP Employment and ISM Services. Fedspeak from Dallas Fed President Logan crosses.

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