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Modest Risk-On

US TSYS SUMMARY

Tsys traded marginally mixed into Tuesday's close, off midmorning highs as risk appetite improved with equities posting decent late gains (ESU1 +29.0), US$ gains.

  • Rather modest volumes (TYU1 <925k) after solid beat on June factory orders (+1.5% vs +1.0% expected); ex-transport +1.4%, and with strong upward revisions to May.
  • Otherwise rather subdued trade ahead Wednesday's ADP Private employ data (690k est vs. 692k prior) and Friday's headline July employment data (+875k est vs. +850k fin June).
  • The 2-Yr yield is unchanged at 0.1722%, 5-Yr is down 0.2bps at 0.6521%, 10-Yr is down 0bps at 1.1772%, and 30-Yr is down 0bps at 1.8497%.

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