Tsy futures trading weaker, off........>

US TSY FLOWS: Tsy futures trading weaker, off recent lows on modest volume

(TYH<210k). December employment data expected to be release as normal following

Thu's blizzard related delays; mean est +190k, perhaps a little low after Thu's

+250k ADP number, eyes on avg hourly earnings for signs of wage pressure.

Equities higher (emini +8.5, 2732.25), gold weaker (XAU -5.44, 1317.31) West

Texas crude off Thu's highs (WTI -0.59, 61.42).

- Asia, Tsys opened steady/mildly weaker, holding narrow range through early

London hours on light two-way positioning ahead today's data. Stronger US$

spurring some selling in Tsys.

- London, held narrow range in early trade, intermediates to long end under

pressure over last couple hours but drawing some prop/fast$ buying long end.

- Swaps, spds running mostly wider, 10Y nearing dis-inversion again, recent flow

includes two-way in 2s/5s curve plays, 2yr switch, receiver in 5s at 2.318%, and

switch in 6Y around 2.3465%.

- Eurodollar futures, trade steady/mixed, recent selling in EDH8 at 98.185; 3M

LIBOR +0.0001 to 1.7039% (+0.0096/wk).