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Narrow Ranges Persist, Cash Remains Closed

US TSYS

TYH3 deals at 111-06, -0-00+, operating in a narrow 0-03+ range. There was some very modest pressure as cross-market flows from Antipodean rates spilled over, however there was little follow through, with liquidity hampered by the closure of cash Tsy markets until London hours (and the varying beta of Tsys to moves in NZGBs) , meaning moves remain limited.

  • Cash Tsys remain closed until the London Session due to the observance of a Japanese holiday.
  • There has been little meaningful macro headline flow cross in recent trade, participants remain on headline watch.

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