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Richening Marginally Extends

US TSYS

The early bid in cash Tsys has marginally extended through the Asia-Pac session, sitting 2-3bps richer across the major benchmarks. Tsys continue to tick away from levels seen late in the NY session, in the absence of macro news flow in recent trade participants are focusing on yesterday's BoE & ECB meetings/guidance. TYH3 deals at 115-22, +0-04+, a touch off the top of its 0-07+ range.

  • The space has looked through a firmer than forecast Caixin Services PMI print. With a thin data calendar for the reminder of the Asia-Pac session participants are left on headline watch, awaitng Friday's NFP print.

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