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Return from Independence day........>

US TSYS SUMMARY
US TSYS SUMMARY: Return from Independence day holiday, Tsys looking weaker,
risk-on w/equities higher and in-lone w/higher US$/Yen, decent futures volume
(TYU>390k), mkts await ADP private jobs data at 0815ET, FOMC minutes 1400ET
w/others sidelined ahead Fri's NFP and $34B China tariff deadline.
- US$ index little softer (DXY -0.240 to 94.291; US$/Yen +.17 110.67); equities
strong (emini +21.0, 2734.25); gold softer (XAU -1.35 1253.31); West Texas crude
mildly higher (WTI +.47, 74.61) after tapping 75.27 Tuesday -- highest level
since late 2014.
- Asia, quiet start on light volume, pick-up in selling heading into the London
cross as US$/Yen climbed. London hours saw carry-over selling across curve,
Japanese accts buying long end, prop and real$ selling 5s and 7s.
- Swap spds rotating around steady, light flow w/reports of Asian acct paying in
the wings earlier; more recent rate paying 3s at 2.87625%, 2s5s flattener on
modest size.
- Tsy cash/ylds: 2Y 99-28.87 (2.549%), 5Y 99-13 (2.752%), 10Y 100-03 (2.862%),
30Y 102-22 (2.987%).

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