Tsys are holding cheaper in the Asian session, little meaningful macro news flow has crossed and ranges are narrow. Cash Tsys sit ~1bp cheaper across the major benchmarks. TYZ3 deals at 110-24, -0-02, a 0-04 range is persisting.
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Tsys have been pressured in recent dealing as pressure in JGB's spilling over into the wider space. Cash tsys sit 2-3bps cheaper across the major benchmarks, the belly is marginally underperforming. TYU3 deals at 111-08, -0-03, a touch off the base of the 0-07 range.
JGB futures extend overnight weakness seen ahead of the weekend in early Tokyo trade to 146.74, -64 compared to settlement levels, pushing through the low (146.79) set in the aftermath of the BoJ’s surprising YCC tweak on Friday.
Cash tsys have opened dealing ~1bp cheaper across the major benchmarks. Asia-Pac participants have faded Fridays cheapening perhaps using the opportunity to enter fresh shorts/close out long positions. On Sunday Federal Reserve Bank of Minneapolis President Kashkari said the base case for the US economy was a slowing economy but avoidance of a recession. TYU3 deals at 111-12, +0-01, a 0-03+ range has been observed thus far.