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Rather quiet rate rally kicked......>

US TSYS SUMMARY
US TSYS SUMMARY: Rather quiet rate rally kicked off kicked off the week, futures
hovering near session highs after paring gains slightly around midday. Average
volume (TYU>1.1M), weak shorts covered as curve extends bull flattening. 
- - US$ index softer: DXY -0.205 to 95.896; US$/Yen near lows -.30 to 110.21
(110.52H/110.19L); equities firm (emini +7.5, 2859.75); gold firm (XAU +5.78,
1190.83); West Texas crude mildly higher (WTI +0.53, 66.44).
- No "info" driver on rally, EM sedate with geopolitical risks on simmer. Comes
down to consolidation ahead Wed's minutes and Jackson Hole (Thu night through
Saturday). Traders note buyers into/through TYU resistance at 120-16, -17
last/session high. guys looking at 121-00 next level if mkt closed at or above
-16.
- Swap spds finish mixed amid decent two-way flow -- mild consolidation ahead
mid-late week event risk (FOMC minutes, Jackson Hole eco symposium). Sep/Dec Tsy
futures roll kicks off, heavy option volume Dec out-of-the-money put buying
replacing soon to expire Sep options. Tsy cash/ylds: 2Y 100-02 (2.557%), 5Y
100-07 (2.701%), 10Y 100-14.5 (2.823%), 30Y 100-09 (2.985%).

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