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US Tsy are trading modestly.........>

US TSYS SUMMARY: US Tsy are trading modestly lower, but ell off session lows,
with limited reaction seen to US/China tariff announcement as markets look ahead
to key US jobs data. Yield curve is slightly steer as 2-yr yield falls 0.6bp to
2.5447% but 10-yr yield rises 0.4bp to 2.8327%.
- There has been a muted reaction to official start of US tariffs on China
imports and US Tsys actually edged lower on modest risk-on flows as retaliation
announcement from China was in-line with expectations with no escalation in
trade rhetoric seen for now.
- Tsys bounced off session lows as European session got underway, underpinned by
recovery in German Bunds despite upbeat German industrial production and
agreement between German coalition parties on migration.
- June payrolls in focus later; MNI's Washington team notes that recent history
suggests upside risks to analysts' +195k projection for the headline figure
- Eurodollar futures are up 0.5-1.5 ticks across the strip, albeit in very light
volume as markets await key data this afternoon.

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