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Tsys trading modestly weaker, off...>

US TSYS SUMMARY
US TSYS SUMMARY: Tsys trading modestly weaker, off lows w/ curves bear
steepening after a quiet early trade into heavy policy wk (BoJ Tue, FOMC Wed,
BoE Thu) and data capped by July NFP Friday. 
-  US$ index reversed direction, DXY -.166 to 94.503; US$/Yen near steady/off
lows, +.01 to 111.06 (111.17H/110.89L); equities little lower (emini -2.5,
2819.0); gold near steady (XAU +0.05, 1223.31); West Texas crude rebounds after
Fri's slide - back over 70.0 (WTI +1.42, 70.11).
- Asia, quiet start/narrow range through the London crossover, BoJ focus: could
adjust its MonPol settings, through an ETF purchase tweak, the removal of
pre-announcements re: Rinban or even an alteration to Yield Curve Control (YCC).
- London, Tsys followed EGBs lead after decent block sales in Bunds (-2,380 RXU8
@ 162.17) and Gilts (-6,335 GU8 @ 123.18). Modest two-way flow, macro fund
steepeners in 5s30s. 
- Swaps spds running mildly wider across the curve, light early 2-way flow,
payers in 4s (2.97) and 5s (2.98125%). Tsy cash/ylds: 2Y 99-28.5 (2.677%), 5Y
99-15.5 (2.860%), 10Y 99-03 (2.980%), 30Y 100-10.5 (3.107%).

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