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Marginally Cheaper Start

US TSYS

Cash Tsys are a touch cheaper at the open, with yields 1-2bp higher across the major benchmarks. 7s lead the move, although the major benchmark yields are nowhere near challenging Thursday’s session highs. Asia-Pac participants are seemingly paying more attention to the firmer than expected labour market data delivered ahead of Friday’s NFP release, as opposed to the step down in hawkish rhetoric from St. Louis Fed President Bullard. TYH3 deals at 112-28+, -0-04, at the base of the early 0-04 range.

  • A thin data calendar in Asia-Pac today leave participants on headline watch, with the proximity to NFPs likely to limit risk taking capabilities/desires.

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