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Marginally Richer In Asian Trade

US TSYS

The initial twist flattening has turned into bull flattening, with cash Tsys now trading 1-2bps richer across the major benchmarks as the belly leads the bid. TYH3 deals at 113-30+, +0-04, just off the top of its 0-06 range. There hasn't been much in the way of headline drivers, with mild USD weakness seen in the Asian session, pointing to cross-asset derived flows as a driver of the light richening.

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