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US 10Y Tsy yields are off their.....>

US TSYS SUMMARY
US TSYS SUMMARY: US 10Y Tsy yields are off their highs but have clearly broken
through the 3.06% level that we identified in our POV on May 15, with today's
high of 3.1205% coming very close to the next key upside level at 3.125%.
- 10-yr Tsy yield is currently at 3.10% up 0.4bps from Wednesday's US close,
while the curve is little changed having been mildly steeper earlier.
- In Asian-Pacific session 10-yr US Tsy Note future consolidated in lower bound
range, weighed slightly by better than expected Australia employment data.
Comments from China`s Ministry of Commerce regarding trade relations with the US
failing to materially impact the space.
- Tsy's sold off though as European markets opened with yield on the 10-yr note
rising to a near 7-yr high at 3.12% before falling back, underpinned but what
appeared to be a block buy in 7,745 TYM8 @ 118-13. Nearly an hour later there
was a block in 3,029 UXYM8 @ 125-27+. This appeared to be a sell, but had little
impact on the market.
- Eurodollars are 0.5 to 1 tick lower, having bounced off earlier lows.
Attention now turns to Phili Fed mfg index, & comments from Kashkari & Keplan.

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