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Very quiet end to the week, Tsys....>

US TSYS SUMMARY
US TSYS SUMMARY: Very quiet end to the week, Tsys drifting either side around
steady after a mildly higher/risk-off supported start.
- USD index mildly higher/off highs (DXY +0.091, 93.526; US$ vs. Yen -0.23,
109.47); stocks mildly higher/near late session highs (emini +3.0, 2779.0); gold
little firmer (XAU +1.63, 1298.80; West Texas crude softer (WTI -0.29 to 65.66).
- Tsys traded firmer on the open, just off early London session highs on heavier
futures volume by the NY open(TYU>750k). Early risk-off tone on rising
geopolitical angst around G7 meet, EMs weaker and sovereign spds wider (S Africa
Rand ZAR leads, also watching Brazil after sharp drop Thu). 
- Tsys pared gains midmorning w/Bunds as sovereign spds narrowed slightly. No
new corp issuance related hedging, decent second half swap flow. All-in-all
quiet two-way trade/positioning ahead FOMC next Tue/Wed, hike expected.
- Tsy cash/ylds: 2Y 100-00.25 (2.492%), 5Y 99-28 (2.775%), 10Y 99-15 (2.935%),
30Y 100-28 (3.079%).

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