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Rally Continues As TYZ2 Eyes Resistance

US TSYS
  • Tsy yields attempt to push new session lows with the front-end and belly down -15bps and 10Y -13.5bps, as real yields tumble although remain within Friday's wide range (10Y real 1.56%, +16bp on a week ago).
  • TYZ2 volumes remain below average, whilst a high of 112-27 closes on resistance at 112-30+ (Sep 23 high) after which sits the 20-day EMA of 113-30.
  • It’s a large reversal of Friday’s quarter-end sell-off – 2YY clears Friday’s low – with the broad move potentially exacerbated by European bank concerns (the timing of the main Tsy rally lagged Bunds) on top of earlier underperformance to Gilts following the u-turn on 45% tax rate removal, and still most recently lagging further moves lower in EU yields.
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