Tsys trading firmer, near middle....>

US TSYS SUMMARY: Tsys trading firmer, near middle overnight range on heavier

volume (TYM>600k so far), carry-over risk off move following Gary Cohn's

resignation late Tue, departure of US economic advisor to US Pres Trump

reigniting protectionist concerns. Move tempered, however, heading into private

ADP data at 0815ET (+200k est). US$ index mildly weaker, adding to Tue's slide

(DXY -0.021, 89.597); equities weaker but off lows (emini -21.0, 2703.0); gold

weaker (XAU -3.17, 1331.48); West Texas crude little weaker (WTI -0.27, 62.33).

- Asia, well bid after Cohn new, prices scaled back heading into London open.

Sources reported fast- and real$ buying across the curve early on, prop and

fast$ two-way in intermediates on the follow, bank selling 30s.

- London, carry-over two-way, fx-tied buying, steepeners in the long end. Real$

buying in 5s and 10s.

- Swaps, spds running mildly wider, decent mixed flow and $237k 5s30s spd

flattener earlier.

- Eurodollar futures, mildly higher for the most part, short end pared gains

following 3M LIBOR set, +0.0099 to 2.0572% (+0.0320/wk).