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BLOCK, Green June Call Fly


Russia 1Q21 GDP Prints Above Expectations

US TSYS: T-Notes have ticked higher, recovering from the early lows (although
the contract has stuck to a 3 tick range), with some attributing the modest risk
off flows to a BBG report of China dispelling a U.S. vessel near the South China
Sea, however, our sources highlighted JPY hedging out of Tokyo as a factor
weighing on the JPY crosses, which may have spilt over into the space.
- That being said, a soft regional equity backdrop (the Hang Seng shed over 2%)
& pressure on U.S. index futures will have provided additional support to Tsys.
- On the Fedspeak front Federal Reserve Bank of Boston President Eric Rosengren
on Monday repeated his call for the central bank to raise interest rates
gradually to a "mildly restrictive stance" over the next few years despite
recognising "clear signs of rising risk" from abroad. While Minneapolis Fed
President Neel Kashkari said that the Federal Reserve might be "overdoing it"
with its interest rate increases as the economy has yet to reach full
- The Eurodollar strip trades virtually unchanged.
- T-Notes last 118.22+, U.S. 10-Year cash Tsy yields last 3.074%.
MNI London Bureau | +44 0203-865-3809 |