US Tsy futures have operated in a choppy....>

US TSYS: US Tsy futures have operated in a choppy manner following the

re-opening of the cash Tsy space after the elongated holiday weekend, although

the T-Note's range has been relatively contained.

- Yields sit at/just off of session lows at present, following a bout of broader

risk off flows in Asia-Pacific dealing, although there was no particular

headline/fundamental catalyst to spark the move.

- The Italian and Spanish political situation underpinned risk off flows on

Monday after a brief relief rally.

- The Eurodollar strip continues to trade higher, with the white and red

contracts trading 1.0 to 3.5 ticks better off.

- Fed non-voter Bullard will speak in Asia-Pacific hours, with a slew of ECB

speakers due later in the day.

- T-Notes last at 120.08, US Tsy yields: 2-Year 2.448%, 5-Year 2.718%, 10-Year

2.889%, 30-Year 3.062%.