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Holding On To This Week’s Gains

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US TSYS: T-Notes last +0-08+ at 139-04+, edging higher in early trade this week,
benefitting from the aforementioned supportive factors highlighted in the
earlier "MARKET TALK" bullet.
- This has allowed the contract to build on Friday's late recovery from worst
levels, which rounded off a rangebound session, limited by Asian & European
holidays. Cash trade saw modest flattening of the curve on Friday. A heavy
session for equities provided underlying support for the space on Friday, which
meant that T-Notes never strayed too far into the red.
- Also worth noting that the mechanics of the ISM m'fing release flattered the
headline (increased delivery times are usually viewed as a +ve, re: strong
demand, while this clearly doesn't hold true for the present increase).
- Elsewhere, the latest tweak to the Fed's Tsy purchases (down to $8bn/day from
$10bn) saw little in the way of market reaction.
- A reminder that cash Tsys will be closed Monday through Wednesday during Asia
hours, owing to Japanese holidays.
- Eurodollar futures sit 0.5-1.5 ticks higher through the reds, bull flattening.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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