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Modest Cheapening Pressure Intact

US TSYS

The previously alluded to uptick in crude oil futures has applied a modest cheapening bias to cash Tsys in early Asia dealing, leaving the major benchmarks running 1-2bp cheaper as the curve comes under some light bear flattening pressure. TYH3 operates just above the base of the 0-03 range established at the re-open, last -0-00+ at 114-19. Macro headline flow remains limited, with regional focus on the return of Chinese markets after the LNY break.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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