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T-Notes have moved back from highs to.......>

US TSYS: T-Notes have moved back from highs to last trade 1+ tick better off. It
may be a case of the uptick (which was probably driven by a dovish RBNZ and
spill over into broader bonds) running out of momentum, or participants focusing
on the move higher in Chinese stocks.
- There was some interest in downside plays via the TYV8 118.00-117.50 1x2 put
spread in early Asia-Pacific dealing, with over 5.0K of the position changing
- The belly of the curve has experienced some modest outperformance in cash
- Elsewhere, the Eurodollar strip trades virtually unchanged on subdued volume.
- Fed's Evans & U.S. PPI due later today, as well as 30-Year supply.
- T-Notes last at 119.17+, U.S. 10-Year cash yields last at 2.958%.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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