A limited start to Asia-Pac trade for TYM2 sees the contract last dealing -0-03, printing 119-18+, sticking to the confines of a narrow 0-05+ range thus far. Cash Tsys run flat to ~1bp cheaper on the session. There hasn’t been much in the way of meaningful macro headline flow to digest as of yet. Shanghai registered a third straight day of zero COVID transmission outside of quarantine facilities, which will validate the weekend announcement re: the commencement of a gradual re-opening of the city, starting yesterday (that 3 day watermark was the litmus test when it comes to pursuing re-opening). This may be applying very light pressure to the space.
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