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Eyeing Post RBNZ Lows

JGBS AUCTION

Japanese MOF sells Y3.24289tn 6-Month Bills:

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Tsys Firm A Little In Asia

US TSYS

The combination of confirmation of the impending onset of formal U.S.-Taiwan trade talks and U.S. warnings re: China’s ambitions surrounding Taiwan supported Tsys during Asia-Pac dealing, leaving TYU2 +0-07 at 118-31+ into London hours, 0-02 off the peak of its 0-12 range, although summer seasonality continues to limit participation, with only ~74K lots changing hands thus far. Wider cash Tsy trade has seen the major benchmarks richen by 2.5-3.5bp across the curve, with the belly leading the bid, after that particular zone drove the weakness observed on Wednesday.

  • Note that 2s have reversed all of the cheapening observed into Wednesday’s NY morning and now sit little changed over the past 24 hours after participants focused on some of the more dovish verses in July’s FOMC meeting minutes ahead of yesterday’s NY close.
  • A cloudy Australian market report also helped the bid, although the move linked to that was very limited in nature, and mostly unwound, with Tsys already bid before that release and various technicalities seemingly distorting the dataset.
  • Looking ahead, existing home sales, weekly jobless claims and the latest Philly Fed survey are due in NY hours. Thursday will also bring the latest round of 30-Year TIPS supply and Fedspeak from George & Kashkari.
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The combination of confirmation of the impending onset of formal U.S.-Taiwan trade talks and U.S. warnings re: China’s ambitions surrounding Taiwan supported Tsys during Asia-Pac dealing, leaving TYU2 +0-07 at 118-31+ into London hours, 0-02 off the peak of its 0-12 range, although summer seasonality continues to limit participation, with only ~74K lots changing hands thus far. Wider cash Tsy trade has seen the major benchmarks richen by 2.5-3.5bp across the curve, with the belly leading the bid, after that particular zone drove the weakness observed on Wednesday.

  • Note that 2s have reversed all of the cheapening observed into Wednesday’s NY morning and now sit little changed over the past 24 hours after participants focused on some of the more dovish verses in July’s FOMC meeting minutes ahead of yesterday’s NY close.
  • A cloudy Australian market report also helped the bid, although the move linked to that was very limited in nature, and mostly unwound, with Tsys already bid before that release and various technicalities seemingly distorting the dataset.
  • Looking ahead, existing home sales, weekly jobless claims and the latest Philly Fed survey are due in NY hours. Thursday will also bring the latest round of 30-Year TIPS supply and Fedspeak from George & Kashkari.