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Tsys trading stronger, off London...>

US TSYS SUMMARY
US TSYS SUMMARY: Tsys trading stronger, off London morning highs, tale of two
sessions w/much of O/N action occurring in London hours, Tsys steadily extending
top of range, futures volume rather heavy at appr 475k in TYU. Light data day,
Fed VC Quarles on Intl Regs at 1100ET, Bos Fed Pres Rosengren at 1215ET.
- US$ index higher (DXY +.173 to 94.849; US$/Yen -0.12 to 109.93); equities
reverse Tue's gains (emini -14.0, 2714.5); gold weaker (XAU -2.15, 1256.90);
West Texas crude adding to Tue's rally (WTI +0.46, 70.99).
- Asia, very quiet sideways trade, light early volume on narrow range through
the London crossover. Modest bid developed after NZ confidence came out very
weak, US$/Yen receded providing some impetus for rate bid; prop buying 10s.
- London, trade concerns hitting global equities, geopol tension European
divisions on immigration and reform lifted EGBs and Tsys in-turn. Curves mildly
mixed, real$ sold short end, insurance selling strength in long end.
- Swap spds wider, extending top end of range on decent O/N action, intermediate
rate paying, 5s7s and 6s10s steepeners. Tsy cash/ylds: 2Y 99-31 (2.514%), 5Y
100-05 (2.714%), 10Y 100-08 (2.844%), 30Y 102-16.5 (2.995%)

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