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T-Notes Trim Earlier Gains, Cash Curve Bull Flattens

US TSYS

T-Notes were a touch firmer in early dealing, having a look above last Friday's high. Selling pressure emerged thereafter, before the contract popped higher as markets were rattled by a sudden rebound in the yen (the JPY has now lost shine again). TYZ2 promptly resumed losses and last trade +0-03 at 109-28+.

  • The yield curve has bull flattened cash Tokyo trade. Yields last sit 0.6-1.5bp lower.
  • Eurodollar futures run unch. to +3.5 ticks through the reds.
  • Positive equity sentiment applies pressure to the space as U.S. e-mini futures trade 0.5%-0.8% higher after a decent Wall Street session last Friday.
  • Flash S&P Global PMI readings will cross the wires today, alongside Chicago Fed Nat Activity Index.
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