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Free AccessThinner Asia Markets Wake Up To Steepening
T-Notes operating a touch above Thursday's late session lows, -0-00+ at 136-27.
- The space cheapened on Thursday, with bear steepening apparent as 30s went out ~4.5bp cheaper on the day. A soft round of 30-Year supply from the Treasury was front and centre during the NY afternoon, bucking the trend seen across the earlier rounds of this week's coupon supply. The cover ratio witnessed at the auction slid below the recent average, while dealer participation ticked up from the record lows seen in January's supply, printing at more normal levels.
- Tsys were generally heavy for most of the U.S. session, even with equity markets chopping around, as most struggled to pin much of a fundamental driver to the move. Path of least resistance after the backup from recent cheaps in the long end with fiscal matters eyed is a potential thematic background driver here.
- There was little in the way of tangible reaction to the latest round of weekly jobless claims data, which disappointed at the margins.
- We also saw some positive vaccine news, with the U.S. government purchasing an additional 200mn doses, although the Washington Post cautioned that the move is unlikely to make the vaccine widely available sooner than originally planned, but it may prevent shortages later this year.
- The elongated U.S. holiday weekend and continuing observance of the Lunar New Year holiday in Asia may limit the space ahead of the weekend, barring any notable macro developments.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.