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Narrow Ranges In Asia

US TSYS

TYU3 deals at 112-00+, +0-02+, a 0-04 range has been observed on volume of ~50k.

  • Cash tsys sit 1-3bps richer across the major benchmarks, the curve has bull steepened.
  • Tsys richened in early dealing as cash tsys re-opened after being closed for the observance of a US holiday yesterday, before marginally paring gains.
  • The space looked through a weaker than forecast Caixin Services PMI print and narrow ranges persisted for the majority of the session.
  • In Europe today we have the final print of European Services PMIs, further out we have Factory Orders and Durable Goods before the FOMC minutes of the June meeting cross. Fedspeak from NY Fed President Williams is also due.

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