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Richer In Asia

US TSYS

TYH3 deals at 115-19, +0-01+, just off the top of its 0-07+ range on volume of ~79K.

  • Cash Tsys sit 1-2bps richer across the major benchmarks.
  • Tsys firmed vs. levels seen late in the NY session, after some cheapening into the NY close, with regional participants focused on yesterday's BoE & ECB meetings/guidance.
  • The space looked through a firmer than forecast Caixin Services PMI print.
  • There was little meaningful macro headline flow.
  • Asia-Pac flow saw a block buyer of TY futures (+2.5K) and a block seller of WN futures (-750).
  • In Europe today we have final Eurozone Services and Composite PMIs and PPI. Further out NFP headlines (our preview is here), with the ISM Services survey also due. SF President Daly is the first Fed speaker post blackout period.

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