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Narrow Ranges In Asia

US TSYS

TYU3 deals at 113-04+, -0-03, a touch off the base of the narrow 0-05 range on volume of ~49k.

  • Cash tsys sit little changed across the major benchmarks.
  • Tsys have been marginally pressured through the Asian session after the PBOC fixed the Yuan 100 pips stronger than forecast which weighed on the USD. However recent ranges have been respected thus far.
  • Early in the session tsys were a touch firmer as Asia-Pac participants faded yesterday's issuance-induced retreat from session highs seen early in the NY session, perhaps using the opportunity to enter fresh long positions/close shorts.
  • FOMC dated OIS price a terminal rate of 4.30% in November. There are ~70bps of cuts priced for 2024.
  • There is a thin docket in Europe today. Further out we have a slew of US data including US new home sales, durable goods and Conference Board consumer confidence. We also have the latest 5-Year Supply.
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