Trading has been choppy and.........>

US TSYS SUMMARY: Trading has been choppy and ultimately directionless in the

European morning, ahead of the European Central Bank decision and US jobs data

today/tomorrow. This after we saw dip buyers early in Asia-Pac.

- Sep 10-Yr futures (TY) up 3.5/32 at 138-9.5 (L: 138-06 / H: 138-12).

- 10-Yr yields continue to respect the recent range, in from Wed 0.769% high.

- The 2-Yr yield is down 0.2bps at 0.1881%, 5-Yr is down 0.2bps at 0.3639%,

10-Yr is down 0.2bps at 0.7442%, and 30-Yr is up 0.3bps at 1.5339%.

- Attention initially will be on the ECB decision at 0745ET (analyst expect

EUR500bln top-up of PEPP program), then the Lagarde presser at 0830ET.

- Concurrent with the beginning of the latter, jobless claims at 0830ET (+1.8mln

expected initial, +20.0mln continuing), alongside Apr Trade Balance. Should also

note that Challenger job cuts for May may be eyed at 0730ET.

- $150bln in 4 and 8 week bill sales; Treasury supply announcement covering 3-,

10- & 30Yr Sales next week too. And today, NYFed buys $4.5bln in Tsys/TIPS.