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Sticking To Tight Ranges

US TSYS

The broader Tsy sphere continues to stick to narrow ranges during Asia-Pac dealing, after TYU2 failed to meaningfully extend through Tuesday’s low despite a (brief and shallow) look below yesterday’s trough ahead of the cash Tsy re-open. That leaves TYU2 -0-01 at 117-30, 0-01+ off the peak of its 0-04+ session range, while cash Tsys run 1.0bp richer to 0.5bp cheaper across the curve, twist steepening. There hasn’t been much in the way of meaningful macro news flow to digest, with China’s LPR fixings sitting at unchanged levels, in line with wider expectations, while the latest round of hardline rhetoric out of China re: U.S. Navy ships in the Taiwan Strait hasn’t shifted the narrative surrounding that particular brand of Sino-U.S. relations.

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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