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There has been a small recovery.....>

US TSYS SUMMARY
US TSYS SUMMARY: There has been a small recovery in Treasuries overnight mainly
in the 3-5Y part of the curve. 
- The market is fairly quiet with the FOMC approaching tomorrow and the European
debt markets are showing little direction.
- The Swissie is depreciating rapidly as speculation mounts that Swiss insurance
companies would need to pay-out large quantities of dollars. Swiss insurance
have also been quite strongly involved in the Bond sector of the US Treasury
curve and so participants are concerned.
- Open interest changes over the past week have shown declines in all the US
contracts at the same time as yields have risen. This strongly suggests that
positions are being trimmed (longs reduced).
- Currently, the 2Y and 10Y area each 1bp lower at 1.385% and 2.22%
respectively.

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