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Off Best Levels

US TSYS

Tsys have ticked away from best levels, with some light pushback from the hawkish wing of the ECB’s Governing Council seen.

  • This comes after the back end of NY trade and Asia-Pac dealing saw the space draw support from solid demand metrics at the latest 7-Year Tsy auction, a dovish ECB sources piece from RTRS and softer than-expected Tokyo CPI data.
  • TYH4 sits +0-02 at 111-12, 0-00+ off the base of its 0-06+ range, on volume of ~196K. Wednesday’s high was not challenged during the Asia-Pac rally, leaving familiar technical parameters in place.
  • Cash Tsy yields are +1.5bp to -1.5bp, with the curve twist flattening.
  • FOMC-dated OIS shows 12.5bp of cuts through the MA ’24 FOMC & ~140.5bp of total cuts for ’24, with both measures some way off recent dovish extremes.
  • PCE and pending home sales data will cross in NY hours.
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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