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Narrow Ranges, TY Breaches Thursdays Low

US TSYS

TYZ3 deals at 108-17, -0-09, a 0-05+ range has been observed on volume of ~102k.

  • Cash tsys sit 4-5bps cheaper across the major benchmarks, the belly is leading the cheaps.
  • Tsys have ticked lower through today's session, albeit in a narrow range. There was little meaningful macro news flow as Tsys reopened after light holiday trade on Thursday. The downtick was seen alongside a light bid in the USD and pressure on regional equities.
  • TY has breached Thursday's lows before marginally paring gains. The short-term structure in TY remains bullish, resistance comes in at 109-08+ the Nov 17 high. The 50-Day EMA (108-05) provides support.
  • The highlight flow wise was a block seller (2k lots) in UXY.
  • The docket is light in Europe today, further out we have flash S&P Global PMIs.

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