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US TSYS SUMMARY: Tsys trading steady to mildly higher out the curve, light
futures volume (TYU<195k), modest knock-on bid w/ Gilts after UK June inflation
surprises to the downside. Little new ground covered by Fed Chair in MonPol
testimony Tue, maybe House FSC can draw more out of Fed Chair Powell during
round 2 today; Bullard Friday ahead Saturday blackout. Data today includes
housing starts (1.32M est), Beige Book.
- US$ index gaining: DXY +0.306 to 95.291; US$/Yen off highs +.09 to 112.97
(113.14H/112.85L); equities near steady (emini -0.5, 2810.75); gold adding to
rout (XAU -3.65, 1223.93); West Texas crude softer (WTI -0.43, 67.65).
- Asia, steady/weaker open adding slightly to Tue's selling, held lows/narrow
range into London crossover, two-way deal-tied flow. London, initial sideways
trade, Tsys bounced w/Gilts, drop in GBP boosted US$. Flow included buying from
fast$ and prop accts in 2s-10s. Swap spds running steady/mixed, sources note
real$ paying in long end earlier, mixed fly flow followed w/receiving 2s3s4s and
paying 3s4s5s, 3s4s spd curve steepener. Tsy cash/ylds: 2Y 99-25 (2.611%), 5Y
99-11.75 (2.761%), 10Y 100-03.5 (2.860%), 30Y 103-02.5 (2.968%)