U.S. Tsy Futures Capped By NY Highs, Early Uptick Unwinds

Participants seemed willing to sell TU through TY futures ahead of their respective NY peaks which capped the early bid in the space, also applying some pressure to ACGBs. Aussie bond futures may have also been impacted by an initial domestic willingness to fade the offshore-driven overnight move. Both U.S. Tsy futures and Aussie bond futures are operating away from their respective early session range extremes, with the moves witnessed being relatively shallow. The lack of macro headline flow evident thus far has factored into the lack of meaningful moves in early Asia trade, while the post-FOMC shakeout continues to be at the fore when it comes to price action.