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Marginally Lower In Wake Of Chinese PMIs

US TSYS

The modest beats for the official Chinese PMI data have had an incremental negative feedthrough into the Tsy space, but the moves are very limited, with the manufacturing reading still residing in contractionary territory.

  • TYZ2 -0-01+ at 117-01, at the base of a 0-04 range, while cash Tsys run 1-2bp cheaper across the curve, with 2s leading the way lower.
  • Focus now moves to Wednesday’s domestic data slate, headlined by the rejigged ADP employment print, with the Fed’s data-dependent mindset when it comes to the speed and degree of further hikes to be witnessed in the ongoing hiking cycle well-entrenched via recent Fedspeak.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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