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*** Tsys trading mildly higher in...>

US TSYS SUMMARY: *** Tsys trading mildly higher in shorts-intermediates, off
early London highs, long end lagging; heavier volume (TYM>500k), choppy
overnight action following German, Italian elections. Initial risk-off as
Italian populist 5-Star movement did well on round one; Germany's Merkel secures
SPD. Trade rhetoric rounds out political risk as Pres Trump tweets metals
tariffs will "come off" if favorable NAFTA agreement made. US$ index little
firmer/off lows (DXY +.185, 90.120); equities weaker (emini -8.75, 2681.5); gold
firmer (XAU +1.02, 1323.77); West Texas crude steady (WTI +0.1, 61.25).
- Asia, Tsys traded mildly higher/narrow range after weaker open, sources noted
two-way short end trade.
- London, risk-off bid post-Italy news, better foreign real$ buying; knee-jerk
gains gradually unwound, prop and fast$ sellers intermediates.
- Swaps, spds mixed, spd curve flatter, flow includes real$ receiver 5s, fast$
paying belly.
- Eurodollar futures trading mixed, short end offered post 3M LIBOR set (+0.0097
to 2.0349% (+0.0690 last wk), higher than exp after pace slowed late last wk.

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