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USD Offered, E-minis & Tsys Bid

CROSS ASSET

TU futures breach Wednesday’s post-FOMC high, lending support to the wider U.S. Tsy space. We haven’t seen much in the way of overt headline drivers to fuel the move, with Tsys seemingly receiving a bit of a delayed bid on the back of the broader weakness in the USD and bid in e-minis as Asia-Pac participants look to the dovish elements of Wednesday’s post-FOMC statement and Chair Powell’s communique, before the aforementioned flow aspect came to the fore. Note that year-end Fed-dated OIS pricing has trickled back towards the post-FOMC lows as well. E-minis are 0.4-0.5% firmer, while the USD finds itself at the bottom of the G10 FX table.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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