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Narrow Ranges In Asia

US TSYS

TYZ3 deals at 106-13+, -0-02, a 0-06 range has been observed on volume of ~91k.

  • Cash tsys sit 1bp cheaper to 1bp richer across the major benchmarks, the curve has twist flattened pivoting on 5s.
  • Tsys firmed off session lows alongside regional equities firming and pressure on the USD as risk sentiment improved through the Asian session. However ranges remain narrow with little follow through on moves thus far.
  • The recovery came after an early move lower as participants faded yesterday's richening, perhaps using the opportunity to close long positions/add fresh shorts. Several block sellers of TY, 2 clips of 3k, also weighed.
  • Flash PMIs from Europe and the UK headline the European session. Further out we have flash S&P Global PMIs, Philly Fed Non-Mfg Index and Richmond Fed Mfg Index. The latest 2-Year Supply is also due.
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