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US TSYS SUMMARY: Tsys trading broadly lower/off lows in second half, decent
volume, curves see largest rebound since May, 30YY >3.02% Jun 27 highs. Trump
effect hits US$, complains China & EU for manipulating currency.
- Tsys decouple from US$, however, selling 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 -0.669 to 94.495 (95.280H/94.480L); US$/Yen -.85 to
111.62 (112.62H/111.54L); equities near steady (emini +0.5, 2805.75); gold
firmer (XAU +7.50, 1230.40); West Texas crude little firmer (WTI +0.53, 69.99).
Heavy first half flow, stops triggered long end as curves bounced, heavy long
end pressure amid real$, 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 99-27.5 (2.889%), 30Y 101-29.5 (3.026%).