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Pushing To Fresh Highs For The Session

US TSYS

After a limited start T-Notes have managed to extend to fresh session highs, presumably on some worry surrounding the Chinese growth trajectory in the wake of the previously flagged Chinese PMI releases. The contract last prints +0-06 at 134-20+, 0-00+ shy of best levels. Technical resistance is located at the 20 July high/bull trigger (135-07). The previously outlined twist steepening of the curve remains evident, with 5s leading the richening (last ~1.5bp firmer), while 20s and 30s now print a little further off of their intraday cheaps (0.5bp cheaper on the day last). There hasn't been much in the way of notable market flow to comment on.

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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