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Minor Paring Of Gains, TYM3 Still Close To Bull Trigger Ahead Of ISM Services

US TSYS
  • * Tsy yields have pulled back off session lows in the past few minutes, with the 2YY rising 1.5bps but still -9bps on the day and with 2s10s of -43bp at levels last seen Mar 28 after the ADP miss accelerated a switch to a bull steepening.
  • * The front end may lead but in futures space, TYM3 touched a session high of 116-20+ (currently 116-16+) having pushed through yesterday’s high of 116-09. Next technical focus is on the bull trigger at 117-01+ (Mar 24 high), with the final service PMI at 0945ET and more notably ISM services 1000ET.

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