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US Tsy are trading slightly on......>

US TSYS SUMMARY: US Tsy are trading slightly on the back foot with the yield
curve modestly steeper with the 10-yr Note yield trading slightly above 3.0% as
European and UK data pretty much come in-line with expectations. 10-yr Note
yield is 1.5bp higher at 3.0171% while 2s/30s is 0.8bp steeper.
- US 10-yr Tsy Note yield broke back above 3.0% during the later part of
Asian-Pacific session with little seen to trigger the move and therefore could
of been just technical.
- 10-yr Yield hit high of 3.0263% before fading lower as German GDP came in on
the soft side, but has stabilized following in-line UK labour data, Eurozone Q1
GDP (+0.4% q/q) and German ZEW.
- Eurodollar strip is steady to 3 ticks lower with curve steeper as June
contracts remain anchored as a rate hike is fully priced in for June but blue
contracts underperform on concerns about rising oil prices and future inflation
- US Empire manufacturing and retail sales are main data releases today, while
SF Fed Pres Williams speaks at 1310ET.

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