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Marginally Cheaper In Asia

US TSYS

TYU3 deals at 112-27, -0-05, a 0-06 range has been observed on volume of ~46k.

  • Cash tsys sits 0.5-1.5bps cheaper across the major benchmarks, the curve has bear steepened.
  • Tsys were pressured after spillover from ACGBs, the Australian Unemployment Rate held steady at 3.5% in June after the May figure was revised lower.
  • The move did not follow through and tsys pared losses. Narrow ranges were observed for the remainder of the session as little meaningful macro news flow crossed.
  • FOMC Dated OIS remain stable; ~25bps of hikes are priced into next weeks meeting. A terminal rate of 5.40% is seen in November with ~70bps of cuts by June 2024.
  • In Europe today German PPI provide the highlight. Further out we have Initial Jobless Claims, Home Sales and Philadelphia Fed Business Outlook. We also have the latest 10-Year TIPS supply.
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