The combination of the previously flagged uptick in e-minis, catch up to Independence Day futures trade and Asia-Pac reaction to Monday’s cheapening in EGBs & Gilts has cash Tsys on the defensive after the elongated weekend, with the major benchmarks running 4-7bp cheaper as 2s lead the weakness. TYU2 is having a look below Monday’s low, but there hasn’t been much in the way of meaningful follow through as of yet, with the contract last -0-06+ at 119-02.
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