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TYZ2 Through Friday’s Trough

US TSYS

TYZ2 moves lower, breaking below its early Asia/Friday trough, with the major global core FI space generally on a cheapening trajectory over the last couple of hours.

  • The move is perhaps coming as liquidity picks up as European traders start to filter in (although it may be a little early for that) and react to the previously flagged news re: Ukraine regaining some of the territory lost to Russia and RTRS sources piece which suggested that “ECB policymakers see a rising risk that they will have to raise their key interest rate to 2% or more to curb record-high inflation.” Set up for today’s double 3- & 10-Year auction schedule will also be helping the direction of travel.
  • Cash Tsys run 1.0-2.5bp cheaper across the curve, steepening, with a parallel shift in the 7+-Year zone, while TYZ2 trades at the base of its 0-08 range.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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