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US TSYS SUMMARY: Treasuries have maintained Thursday's bullish momentum, as
markets continued to weigh US President Trump's abrasive trade rhetoric and
volatility in emerging markets.
- Yields lower across the curve, with the belly outperforming. 2-Yr yields down
0.8bps at 2.641%, 5-Yr down 1.2bps at 2.738%, 10-Yr down 1.1bps at 2.844%.
- Risk aversion has picked up this morning as Trump Thursday in a Bloomberg
interview threatened to pull the US out of the WTO and said the EU would not
escape his ire over trade for long. Separately he indicated he supported $200bln
in tariffs on China to be announced as soon as next week.
- After a sharp sell-off in EMFX this week, which has helped fuel general risk
aversion, TRY, MXN and ZAR all trade slightly higher, but still have a long way
to go before recent damage is repaired.
- The eurodollar futures strip is stronger, Jun19 to Dec22 up 1.5-2.0 ticks.
- Focus turns to Chicago PMI, Michigan revisions and any update on
US-Canada-Mexico trade negotiations, with a potential deal with Canada
potentially forthcoming today.

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