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US OUTLOOK/OPINION

GS: Payrolls Doesn't Change Faster Taper & First Hike In June Call

USDCAD TECHS

Bull Theme Remains Intact

US TSYS

Strong Stocks, Rebound for Oil Weighs on Tsys

EURJPY TECHS

Trend Signals Still Point South

AUDUSD TECHS

Stabilises Off Lows

US TSYS
US TSYS: T Notes hit fresh session lows of 130-30 on the back of the latest
official Chinese PMI prints, which revealed an inline m'fing reading and a
stronger than expected non-m'fing print, although the NBS noted that the surveys
were conducted before January 20, so pre-LNY and before Coronavirus worry
escalated.
- Contract recovered from worst levels, to last trade -0-09 at 131-01, with
yields unchanged to 0.8bp higher, light bear steepening has kicked in post
China-PMIs.
- U.S. President Trump recently said that the trade deal with Europe is next on
the agenda, per BBG. Note, this is at a campaign rally. Could a deal be rushed
through pre-election? Potentially limiting the scope for change.
- Put spread flow in TYJ0 structures, both via block and on screen, has also
helped the downward impetus in recent trade.
- Eurodollar futures sit 1.5-4.5 ticks lower through the reds.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com