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Moderately Richer In Volatile Trade


TYH3 deals at 115-07+, +0-03, in line with levels seen late in the NY session.

  • Cash Tsys finished Tuesday 1-3bps richer across the major benchmarks, the front end of the curve led the bid.
  • Tsys firmed through the European session on spillover from a bid in EU FI as PPI data from the UK was softer than expected and the German IFO survey was mixed. Gains were pared on hawkish ECB speak.
  • Volatile trading around the BOC rate decision saw Tsys initially pressured on the decision to raise rates by 25bps to 4.50%, before moderating losses on dovish guidance in the policy statement.
  • The latest 5-Year auction stopped through by ~2.5bps, with a strong bid/cover and indirect take up observed.
  • Service PPI data from Japan and the BOJ Summary of Opinions from the January meeting headline in Asia-Pac. Further out we have a slew of data from the US including Q4 GDP, new home sales and initial jobless claims. We also have the latest 7-Year Tsy supply.

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