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Recent Rally Extends Ahead Of PCE, MNI Chicago PMI and Williams Text

US TSYS
  • Cash Tsys have extended yesterday’s rally, with gains spilling over from Eurozone inflation progress. It sees benchmarks 2.5-4bps richer with the wings slightly underperforming.
  • TYZ3 trades 11+ ticks higher at 108-07 having mostly plateaued in the 04-08 range after the rally earlier in European hours. Volumes are strong having already cleared 400k.
  • The high of 108-08+ remained below resistance at 108-17 (Sep 27 low) in what’s deemed a corrective recovery, with support at 107-05+ (1.382 proj of Jul 18 – Aug 4 – Aug 10 price swing).
  • It comes ahead of a solid US session including monthly core PCE (seen at 0.2% M/M in August after some upward revisions skewed more heavily back in 2022), the MNI Chicago PMI and finalized U.Mich survey. It’s followed by text-only remarks from NY Fed’s Williams at 1245ET.
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