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Moderately Firmer On Asia-Pac Data, Powell Headlines Busy Docket

US TSYS

TYH3 deals at 113-04+, +0-05, a touch off the peak of its narrow 0-07 range, on volume of ~80K (which includes some residual roll activity). Cash Tsys run 1-2bps richer across the curve, with the belly leading the bid.

  • The uptick in Tsys was aided by softer than expected Australian CPI data and a weak round of Chinese PMI readings.
  • Reports of a district in the Chinese city of Shanghai stockpiling "anti-COVID materials" helped at the margins.
  • Looking ahead, Eurozone, French and Italian CPI will cross in London hours. Meanwhile, NY hours will see a slew of U.S. data including ADP employment, pending homes sales and MNI Chicago PMI. Fedspeak from Bowman and Cook is also due, although their comments will be overshadowed by Chair Powell’s latest address, covering the economic outlook and the labour market.
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