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Off Lows, Lower Crude Helping

US TSYS

It looks like the fall in crude oil (WTI futures are almost $2.00 lower on the day) is providing some insulation for U.S. Tsys, leaving TYZ1 -0-07 at 130-03+, 0-02+ off session lows. Cash Tsy trade sees the major benchmarks running little changed to ~2.0bp cheaper on the day, with the front end leading the weakness in a bear flattening move, pointing to spillover from NY hours and ACGB dynamics driving broader price action.

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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