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(M2) Bearish Focus


Lagging USD sell-off


(M2) Resistance At The 50-EMA Remains Intact


(M2) Bearish Threat Remains Present

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US TSYS: T-Note activity petered out in the second half of the session, as the
contract moved back from best levels, in spite of U.S. stock index futures
holding lower on the back of weekend geopolitical developments surrounding
Huawei (China issued Canada with an ultimatum & summoned a U.S. ambassador to
protest the matter), coupled with a soft breakdown in the latest round of
Chinese trade data.
- Benchmark yields sit 0.9-1.4bp lower at writing.
- Eurodollar strip activity has been above average in early trade this week,
with the whites and reds last 0.5 to 3.5 ticks higher. Fly activity noted in
U9Z9H0, U9U0U1, EDZ9M0Z0 & EDZ0M1Z1, with sellers driving the bulk of activity.
- CPI & retail sales headline the U.S. economic docket this week, with 10- &
30-Year supply also due. Fed "black-out" ahead of the Dec FOMC meeting now
- T-Notes last 120.26, U.S. 10-Year cash Tsy yields last 2.836%.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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