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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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US TSYS SUMMARY: US Treasuries have rallied with higher during the European
morning session, underpinned by risk-off sentiment on a combination of Italian
political concerns, a renewal of US-China trade tensions, weak data, and
emerging market assets under pressure. 10-yr Tsy yield is -5.1bp at 3.008%
- The 5-yr and 7-yr part of the yield curve has led the rally, leading to 2s5s
flattening by 3.5bps to 29.1bps, and 5s30s steepening by 1.5bps to 32.2bps.
- In Asia US Tsys edged higher in the main, as risk off trade dominated the
Asia-Pacific session on US/China trade differences and that talk of US summit
with North Korean leader Kim Jung-Un might be delayed.
- Tsys got a further boost once European session got under way, first supported
by a block buy in TYM8 for 5k and then following soft flash PMI data from
France, German and the Eurozone overall. Sharp fall in Italy BTPs and the
Turkish Lira also added to flight-to-quality bid.
- Eurodollar strip has flattened as blue contracts rally 6.5 to 7 ticks higher,
but white contracts are not too far behind, up 0.25 to 3.5 ticks.
- Main events later included 5-yr Tsy auction and release of FOMC minutes

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