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Underpinned In Tight Range

US TSYS

TYZ2 is 0-02 off the peak of its 0-08 range, while Cash Tsys run 0.5-1.5bp richer across the curve, with the latest North Korean missile test (discussed earlier) and the previously covered block buy in TY futures providing some support, although the move remains limited.

  • This comes alongside some modest USD weakness in recent FX trade, driven by a yuan bid, after news crossed that Hong Kong has approved emergency use of the Biontech Bivalent COVID vaccine.
  • That news may be tempering the bid in Tsys owing to speculation surrounding such a step in the Chinese mainland.
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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