T-Notes sit just shy of their Thursday......>

US TSYS: T-Notes sit just shy of their Thursday peak, holding an extremely tight

range in Asia, which is to be expected, given the Independence Day holiday in

the U.S. (cash markets closed as a result, futures trade shortened, see earlier

bullet for details). Contract last deals +0-02 at 139-05.

- Stronger than expected (although comfortably within the very wide range of

estimates) headline NFPs saw the contract tag the lowest levels seen since the

middle of last week during Thursday's session, with the unemployment rate (both

headline and adjusted for error) falling. Still, the contract corrected from

lows on the realisation that permanent layoffs had increased, while the weekly

jobless claims data was a little worse than expected. COVID-19 then came back to

the fore, with a focus on some U.S. hot-spot states and fresh, worrying

commentary from U.S. viral supremo Dr Fauci, in addition to warning shots

towards China from White House economic advisor Kudlow.

- Contract went out at best levels, perhaps more on the fact that no one fancied

being short the space over the elongated weekend.

- Curve saw some light twist steepening come the close.