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TYM2 Looks Below Friday’s Lows, But Move Limited Thus Far

US TSYS
BulletMarketsFixed IncomeBond Market News

TYM2 has had a brief look below its early Asia & Friday trough, showing as low as 119-01+ in the process, although the move remains limited at present, with the contract off lows, last dealing at 119-03. Do note that the S&P 500 e-mini also looked through its early Asia-Pac high before backing off from best levels (a little ahead of the move in TYM2). Cash Tsys sit ~3bp cheaper across the curve, with 10+-Year swap spreads running 0.3-0.6bp wider, pointing to the potential for longer dated payside swap flow having a hand in the cheapening observed in the Tsy space during early Asia dealing. TY-WN invoice spreads have widened by a similar amount to their corresponding swap spreads. China matters remain front and centre thus far.

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TYM2 has had a brief look below its early Asia & Friday trough, showing as low as 119-01+ in the process, although the move remains limited at present, with the contract off lows, last dealing at 119-03. Do note that the S&P 500 e-mini also looked through its early Asia-Pac high before backing off from best levels (a little ahead of the move in TYM2). Cash Tsys sit ~3bp cheaper across the curve, with 10+-Year swap spreads running 0.3-0.6bp wider, pointing to the potential for longer dated payside swap flow having a hand in the cheapening observed in the Tsy space during early Asia dealing. TY-WN invoice spreads have widened by a similar amount to their corresponding swap spreads. China matters remain front and centre thus far.