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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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US TSYS: The risk-negative themes outlined elsewhere (dominated by Sino-U.S.
sabre rattling and the seemingly impending release of a U.S. report on the
Chinese origins of COVID-19) allowed T-Notes to extend on their late Friday
uptick from NY lows, last +0-08+ at 139-04+, with cash markets closed until
London/EU hours owing to the Japanese holiday period (this will be true Monday
through Wednesday). Ongoing holidays for mainland China also sapped liquidity,
resulting in low volume for the contract (~35K ahead of European hours),
although USD/CNH's failure to consolidate above CNH7.1500 and the subsequent
uptick from lows in e-minis allowed T-Notes to edge back from best levels.
- A reminder that Friday saw the latest tweak to the Fed's Tsy purchases (down
to $8bn/day from $10bn), which drew little in the way of market reaction.
- Eurodollar futures sit unchanged to 1.5 ticks higher through the reds.
- Little to note on the flow side.
- Factory orders and durable goods headline a slim local docket on Monday, with
focus on the aforementioned impending address from the U.S. intelligence
community re: the origins of COVID-19 in China.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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