TYU2 trades through Friday’s trough as S&P 500 e-minis take out their Friday peak, with nothing in the way of headline flow to trigger the move, pointing to range breaks and cross-asset gyrations being at the fore (the bid in regional equity indices has helped e-minis to more than reverse their early Asia losses). TYU2 last deals -0-07 at 117-04, with the next level of meaningful technical support located at the Jun 23 low (116-25+). Cash Tsys run 0.5-3.5bp cheaper across the curve, bear steepening.
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