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TYZ2 Clears Bear Trigger

US TSYS
  • Tsys have given back most of the further intensification of the sell-off after ISM services surprisingly nudged to the highest since April and more firmly pushed back against growth fears, but yields nevertheless are sharply higher on the day.
  • The 2YY has unwound the payrolls rally (+10bps) and is led by +14-15bp increases across 5-10Y tenors. The 10YY is at highs since Jun 16 at the peak of rate hike fervour, and in turn pushes 2s10s 3bps higher on the day to -16bps or the highest in a month.
  • TYZ2 has cleared the bear trigger of 115-23 (Sep 1 low) with a session low of 115-14+ (currently 115-20), potentially opening support at 114-26 (Jun 16 low).

Source: Bloomberg

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