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*** Tsys trading firmer, near.......>

US TSYS SUMMARY
US TSYS SUMMARY: *** Tsys trading firmer, near middle of range after choppy
two-way overnight action on decent volume (TYH>330k), acct positioning ahead Jan
CPI (.3% est) and retail sales (0.2% est). US$ index near steady (DXY +.023,
89.726); equities firmer (emini +12.25, 2674.0); gold firmer (XAU +2.34,
1331.97); West Texas crude weaker (WTI -.40, 58.79).
- Asia, modest carry-over bid from late NY trade, Tsy futures rally extended as
US$ continued to recede vs. Yen (off 16.84 low to 107.37, Nov 2016 lows)
following lower than est Japan GDP (+.1% Q/Q, +.5% ann).  Tsys pared gains as
US$ bounced into the London crossover.
- London, Tsys gradually pared gains (10Y yld tapped 2.8421%), but has rebounded
to midrange over last hour. Sources reported two-way from prop and fast$ in the
shorts to intermediates,  bank portfolio selling in 10s.
- Swaps, spds running wider, modest rebound from Tue's narrowing. Flow included
rate paying in 5s at 2.64138%, bank receiving in intermediates.
- Eurodollar futures, trading weaker in short end, firmer out the strip, decent
selling EDH8 post LIBOR set +0.0113 to 1.8500% (+0.0300/wk).

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