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Tsys broadly lower/off lows by......>

US TSYS SUMMARY
US TSYS SUMMARY: Tsys broadly lower/off lows by the bell, decent volume
(TYU>1.2M) as curves see largest rebound since May, 30YY >3.03% (Jun 27H). Trump
effect hits US$, complains China & EU for manipulating currency. 
- Tsys decouple from US$, however, AM sell off on word BoJ considering modifying
yld curve and rate targets, "allowing for natural rise in L/T rates." Ahead
open, US Pres Trump "ready" w/additional tariffs on $500B Chinese goods
backstopped rates & weighed on equities. Otherwise light data day, no react to
StL Fed Pres Bullard on MonPol ahead media blackout Sat.
- US$ index off hard: DXY -0.705 to 94.459 (95.280H/94.480L); US$/Yen -.94 to
111.53 (112.62H/111.40L); equities near steady (emini -0.75, 2804.5); gold
firmer (XAU +7.04, 1229.85); West Texas crude firmer (WTI +1.0, 70.46).
- Heavy early trade, stops triggered long end as curves bounced, heavy long end
pressure amid real$, bank and ins port' sales, fast$ flattener unwind 2s10s and
5s30s, prop 2-way shorts to interm's also net better sellers. Massive buy >150k
EDU8 (70k Block) at 97.555. Tsy cash/ylds: 2Y 99-26 (2.595%), 5Y 99-11.5
(2.763%), 10Y 99-26.5 (2.893%), 30Y 101-26.5 (3.030%).

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