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US Tsys correlation with USDJPY held...>

US TSY/RECAP
US TSY/RECAP: US Tsys correlation with USDJPY held on Tuesday, as yields
see-sawed lower, with a particular focus on the Italian political situation,
although Tsys finished back from best levels
- The short end & belly outperformed as the curve bull steepened.
- Trade was relatively subdued. Flow was two-way in the short end to
intermediates, with prop and fast-money selling intermediates, while decent
deal-tied hedging was apparent across the curve. There was a large duration
weighted 5s/ultra-bond steepener blocked.
- Heavier Tsy option flow was seen in 5s & 10s.
- The Eurodollar strip was mostly higher with a parallel shift between
Reds-Golds. A large buyer of 30K Dec 19 Eurodollar futures was seen at 97.06.
- T-Notes last at 119.20+, US 10-Year Tsy yields closed at 2.928%.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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