Off Lows, Tight Ranges Intact

Tsys have found a bit of a base, at least for now, after TYU2 failed to mount a challenge of the previously outlined initial technical support level, while slightly softer than expected Chinese Caixin manufacturing PMI data and geopolitical angst, as China conducts military drills near Taiwan and Russia’s nuclear forces conduct their own drills in Ivanovo province, perhaps providing a light bid. E-minis are off of best levels, albeit still a touch firmer on the day. TYU2 last deals -0-06+ at 119-08, while cash Tsys run 1.5-2.5bp cheaper across the curve, with the belly still leading the weakness.