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Marginally Pressured In Asia, Narrow Ranges Observed

US TSYS

TYZ3 deals at 108-28+, -0-01+, a 0-06+ range has been observed on volume of ~91k.

  • Cash tsys sit 1-2bps cheaper across the major benchmarks, light bear steepening is apparent.
  • Tsys have ticked lower through the Asian session in a narrow range in Asia. Losses marginally extended as details of an Israel/Hamas hostage deal crossed however the move has not yet follow through.
  • The proximity to tomorrow's US holiday is perhaps keeping participants on the sidelines today. Cross asset flows are muted; BBDXY is unchanged, WTI is a touch below opening levels and e-minis are flat.
  • There is a thin docket in Europe today, further out we have Initial Jobless Claims and the UofMich Consumer Sentiment Survey.

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