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Off Early London Highs Alongside Bunds

US TSYS

The rally in Tsys fades alongside Bunds, after some weakness in e-minis and softer than expected German data provided support.

  • TYZ3 is 0-02+, hovering around the middle of its 0-07 range.
  • Cash Tsys are flat to 1.5bp richer, with the curve bull steepening a touch.
  • The aforementioned block flattener (FV/US) has provided the highlight for Tsy flows thus far, while a raft of SOFR block action (covering SFRU3 through SFRZ7) was noted in Asia hours (CME had those flows lodged as buys per their emails, although prices were conducted through prevailing bids).
  • The ISM services survey and the latest batch of Fedspeak headline during 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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