The Devil Is In The Details

T-Notes little changed at the re-open, last dealing +0-00+ at 131-26.

• The space finished a touch cheaper on Tuesday, albeit comfortably off worst levels, with the 10- to 20-Year sector of the curve leading the way lower, cheapening by a meagre ~1.5bp on the day. T-Notes had a brief and very limited look through Friday's low, but bears failed to force the issue further, with the contract retracing to test Asia-Pac highs ahead of the close.
• A 10.0K block seller of FVU1 kept a lid on the belly of the curve during the NY afternoon, while the highlight in the options space was a 7.0K screen buyer of the USN1 168.50 calls.
• The early pressure stemmed from an uptick in equities. Data was headlined by a firmer than expected top line ISM m'fing survey print, although the details revealed a slower rate of expansion for the employment metric (50.9, just above the neutral 50.0 level), which proved to be of particular interest ahead of Friday's NFP release, allowing equities to pare gains/Tsys to rally.
• Australian Q1 GDP data headlines the broader economic docket during Wednesday's Asia-Pac session.