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Now A Little Firmer

US TSYS

A bid has come back into the space since the open of cash trade, with TYM3 more than unwinding the early downtick to breach Friday’s high, last +0-03+ at 111-06+, which represents the top of the early 0-05 range. Meanwhile cash Tsys run 0.5-1.0bp richer across the curve, with some incremental bull steepening in play. We would suggest that cash traders have placed more focus on the Chinese government’s annual GDP growth target, which is at the attainable end of the spectrum perceived pre-NPC, providing support for Tsys.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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