Ten year T-note futures are moving higher as the effect from the stronger than expected Philly Fed begins to wane. This is helping Usd/Jpy gravitate lower to 96.50. A word of warning though is that next week we have a record round of supply of $104 bln, 2 years on Tuesday, 5 years on Wednesday and 7 years on Thursday. Bids are seen down at 96.30.