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Marginally Cheaper In Asia

US TSYS

TYU3 deals at 109-15+, -0-05,a 0-08+ range has been observed on volume of ~64k.

  • Cash tsys sit 1-3bps cheaper across the major benchmarks, the curve bear steepened.
  • Tsys were pressured on Monday after China held the 5-Year LPR steady at 4.20%, a cut of 15bps had been expected. The 1-Year LPR was cut 10 bps when a cut of 15bps was expected.
  • The move lower didn't follow through and losses were marginally pared, tsys dealt in a narrow range for the remainder of Monday's Asian session.
  • PPI from Germany headlines an otherwise thin docket on Monday.
  • The data calendar this week is headlined by S&P Global Mfg and Services PMI on Wednesday and on Friday Fed Chair Powell speaks at the Jackson Hole Symposium.
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