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Moderately Cheaper In Asian Trade

US TSYS

MNI (Sydney) - TYH3 deals at 114-13+, just off the base of its narrow 0-06+ range, on a volume of ~70k. Cash tsys run 3-5bps cheaper across the curve with the belly leading the weakness.

  • Cash tsys opened trading 3-5bps cheaper across the major cash benchmarks as local participants reacted to Friday's US employment data and the reopening news from China over the weekend.
  • Tsys space looked through a rally in Hong Kong equities and a softer than expected Caixin PMI print in China allowing the early cheapening to persist.
  • Looking ahead Italian, French, German, UK and Eurozone PMI will cross in London hours. Meanwhile NY hours will see US data releases including PMI, Factory Orders, Durable Good Orders and ISM Services Index. The Fed is now in its policy blackout period.

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