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US TSYS: T-Notes hold a tight range in early Asia trade, last -0-01+ at 138-22+.
To recap Tuesday's price action, pressure crept in during London hours on the
back of better than expected PMI readings out of Europe & the UK, if still
unconvincing in terms of the V-shape recovery narrative, adding to already
healthy volumes in T-Notes after the Navarro inspired vol in Asia-Pac hours.
Space then drifted lower into NY hours, with a softer than expected round of
U.S. PMI data providing some light support in the NY morning.
- A defensive footing for equities into the bell, as some pointed to a lack of
hurry re: fiscal stimulus and the uptick in COVID-19 cases in some of the
sun-belt states (although a nationwide lockdown seems highly unpalatable from a
political standpoint) provided some support. Still, the contract finished shy of
the Navarro inspired highs, on below recent average volume, despite the active
start. Cash trade saw a steeper curve.
- 2-Year supply saw a small stop through WI, with slightly lower than avg. cover
and largely in line with avg. dealer takedown metrics.