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US Treasuries have edged higher.....>

US TSYS SUMMARY
US TSYS SUMMARY: US Treasuries have edged higher during London trade, reversing
earlier Asian weakness, supported by rise in German Bunds and UK Gilts following
LCH decision to raise margin calls on BTPs and sifter than expected UK CPI. US
10-yr Note yield is 0.4bp lower at 2.856% with yield curve little changed.
- It was another light Asian trading session with Tsys slipping lower but T-note
future sticking to tight 3 tick range. Fed's George spoke in Asia-Pacific hours,
noting that further gradual rate hikes are needed, although she is unsure how
far & how fast the Fed should go.
- News that the LCH increased margin calls on 3-mth to 10-yr BTPs and CCTs led
to bid in safe-haven bonds and supported recovery in US Treasuries. Then weaker
than expected UK CPI data and strong demand at German 30-yr Bund auction led to
T-note future rallying to session high of 120-05+, before paring gains to last
trade at 120-04+
- Euro$ strip is steady to 1 tick higher in very light volumes though, with
attention turning to Powell's 2nd day on Capital Hill and US housing starts
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