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Twist Steepening, T-Notes Through Monday's Lows


T-Notes push through yesterday's trough to trade -0-06+ at 133-06, with bears now targeting the nearby 100-DMA. Cash Tsys continue to experience twist steepening, with the short end seeing very modest richening on the day, while 7s and 10s cheapen by ~2.0bp. Headline flow remains light, but today's Asia-Pac session gives regional participants their first opportunity to trade cash Tsys in the wake of Friday's NFP report, so the moves may represent some post-data positioning. The uptick in regional equity markets will also be adding some light pressure to the space.

MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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