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TY Ebbs Lower With PMIs In Focus Tomorrow

US TSYS
  • TYZ3 closed at 108-19 (-07) after lifting off an earlier 108-16 having been biased lower by EU FI price action. This includes the UK leading with a stronger than expected PMI (stronger Germany mostly offset by weaker France), headlines concerning the suspension of the German “debt brake” for 2023 and Dutch election results.
  • It’s the turn of the US PMIs tomorrow with the November preliminary reports (mfg seen 49.9 after 50.0, services 50.3 after 50.6), in an otherwise light session post-Thanksgiving.
  • Support is seen at 108-05 (50-day EMA) but the short-term trend structure remains bullish with resistance at 109-08+ (Nov 17 high).
  • Volumes unsurprisingly remained low, chalking up 478k with a sizeable spread-related share.
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