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Marginally Richer In Asia

US TSYS

TYM3 deals at 114-11, -0-00+, with a 0-04 range observed on volume of ~70k.

  • Cash tsys sit ~1bp richer across the major benchmarks.
  • In early dealing Asia-Pac participants faded the cheapening seen in NY yesterday after stronger than expected Empire Manufacturing, perhaps using opportunity to close out short positions/enter fresh longs.
  • Tsys held richer through the session looking through the RBA minutes, which left scope for further tightening, and firmer than forecast GDP from China albeit ticking away from best levels after a ~2.1k screen sale weighed.
  • A block buyer in FV, 3k lots, helped provide support to the space.
  • In Europe today we have UK Unemployment and the German ZEW Survey. Further out US House Starts will cross as will Fedspeak from Governor Bowman.

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