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Richening Holds

US TSYS

We haven’t been able to put our finger on an overt driver when it comes to the Asia-Pac rally in U.S. Tsys, with TYM2 last +0-10 at 124-17+, 0-02 off session highs. Meanwhile, cash Tsys run 2.5-4.0bp richer across the curve, with 10s leading. The previously outlined note of caution from Ukrainian President Zelenskiy (who labelled the negotiations with Russia “difficult”) has provided the only real risk-negative headline. It could be a case of regional investors looking to extend the late NY bounce from the FOMC-inspired Wednesday lows. Chinese equity market dynamics are now eyed, with e-minis moving into negative territory in recent trade.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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