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Paring Early London-Hours Gains

US TSYS SUMMARY
Tsy futures mildly mixed at the moment, near early overnight lows after posting moderate gains in early London hours. Apparently similar price action to Thu's Tsys in Euro FI: disappointing German PMI had mkt discounting taper talk, with rates moving higher in turn.
  • Tsy yld curves have bent mildly steeper over last couple hours as support proved ephemeral (2s10s, 2s30s and 5s30s appr .2-.5bps steeper at the moment). The 2-Yr yield is up 0.6bps at 0.1513%, 5-Yr is up 0.7bps at 0.818%, 10-Yr is up 1bps at 1.6352%, and 30-Yr is up 1.2bps at 2.3422%.
  • Jun 10Y futures 1/32 weaker at 132-14.5 (132-13L / 132-18.5H) on moderate volumes: 330k, supported by early roll volumes (TYM/TYU near 40k already).
  • Equities off recent modest highs, inside overnight range with eminis near THu's highs at 4165.0. US$ index a little weaker DXY -.119.
  • Data focus on Markit PMIs: Mfg 60.1 est vs. 60.5 prior, Services 64.4 est vs. 64.7 prior. Existing Home Sales (6.08M est), MoM (1.1%)
  • Fed presidents Barkin, Bostic and Kaplan round out the week speaking at tech conf
  • NY Fed buy-op: Tsy 7Y-10Y, appr $3.225B
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