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Weakness in JGB futures probably helped T-Notes off of early Asia highs after the latter had a look through its Friday highs early on, before a modest bid came back in, although the range for T-Notes was limited to 0-03. Contract last +0-03 at 136-30+, with volume running at a sedate ~50K owing to the U.S. holiday, which in turn means that cash Tsys will be closed until Tuesday's Asia-Pac session. Weekend headline flow surrounding COVID-19 vaccine matters was a little negative, with Sino-U.S. tensions and DC political matters at the fore elsewhere. The space looked through stronger than expected Chinese GDP data.
- As a reminder, the space firmed on Friday, with the belly outperforming in cash trade as the 7-10 Year sector richened by ~4.5bp on the day. Softer than expected retail sales data and continued questions around the likelihood of President-elect Biden's COVID support package passing as is supported the space for much of the session, despite some pullbacks, with activity dying down in the second half as participants took to the sidelines ahead of the elongated weekend.
- Eurodollar futures sit unchanged to +0.5 through the reds, with activity in the space calming after some buying activity in early Asia-Pac hours. A 10K lift of EDU3 provided the highlight of that particular round of flow.
- Broader headline flow is set to dictate price action on Monday, with cash closed and futures set for an early finish owing to the aforementioned U.S. holiday.