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Tsys trading firmer, near top end...>

US TSYS SUMMARY
US TSYS SUMMARY: Tsys trading firmer, near top end overnight range on light
futures volume (TYU<250k), little react as tariffs on Chinese goods took effect
midnight Thursday (reaction to tariffs already priced in, potential for negative
consequences of tariffs to economy will take much longer to show up). Mkt
awaiting June NFP (+195K) after the open.
- US$ index little softer (DXY -0.134 to 94.261; US$/Yen see-saws lower -.02
110.62 (110.79H/110.53L); equities softer (emini -6.5, 2732.0); gold weaker (XAU
-3.37 1254.5); West Texas crude adding to Thu's drop following EIA data and
Aramco headlines (WTI -.61, 72.33).
- Asia, Tsys kicked off w/bid in long end that was quickly pared as fast$ faded
Thu's flattening to new multi-year lows, mild real$ buying in belly, Asian accts
bought off-the-runs in 10s.
- London, early selling from props and fast$ in 10s in early trade quickly
recovered, light 2-way followed w/rates drifting back to top end of range. Tsy
cash/ylds: 2Y 99-29 (2.545%), 5Y 99-16.5 (2.728%), 10Y 100-11.5 (2.831%), 30Y
103-16.5 (2.946%).

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