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Marginally Cheaper in Asia, Fed In View

US TSYS

TYH3 deals at 114-11, +0-02, operating within a narrow 0-05 range, on volume of ~70K.

  • Cash Tsys sit 0.5-1bp cheaper across the major benchmarks, with some late Tokyo weakness in JGBs applying modest pressure as we head into European hours.
  • Tsys firmed in early Asia trade as a bid in ACGB's, in lieu of soft Australian retail sales data, fed through.
  • Firmer than expected non-manf PMI data from China the applied some counter (the country's reopening drive and the LNY break were at the fore there), allowing Tsys to retreat from best levels.
  • CPI data from France and Eurozone GDP headline during the London morning. Further out we have the house price index, MNI Chicago PMI and conference board consumer confidence, although more focus is set to fall on the ECI print.

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