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Marginally Cheaper, Post CPI Highs Intact

US TSYS

TYZ3 deals at 108-26+, -0-01, a 0-05 range has been observed on volume of ~68k.

  • Cash tsys sit ~1bp cheaper across the major benchmarks.
  • Tsys observed narrow ranges for the most part on Friday, ticking higher as a bid in JGBs spillover over as BOJ's Ueda reiterated recent policy comments.
  • The move higher didn't follow through as Tsys ticked away from session highs through the second half of the Asian session.
  • Post CPI highs remain intact for TY, short term bullish conditions remain intact. Immediate focus for bulls is the post CPI high (108-31) a break through here opens 109-20 high from Sep 19. Support comes in at 107-00, low from Nov 13.
  • The final read of Eurozone CPI headlines in Europe, further out we have Housing Starts and Fedpeak from Chicago Fed President Goolsbee, Boston Fed President Collins and San Francisco Fed President Daly.
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