Core FI Look For Impetus, Xi Speech Eyed

T-Notes have held a 0-02 range thus far, looking for fresh catalysts. The contract has inched lower, as the three main e-mini contract have edged higher. The contract last sits -0-01 at 139-05+. Cash Tsy yields trade marginally above neutral levels. Eurodollar futures last seen +0.5 to -0.5 tick through the reds. While participants digest the continued fiscal stalemate on the Hill & worrying vaccine news, focus in Asia-Pac hours moves to a speech by Chinese President Xi, who will appear in Shenzhen.

• JGB futures have wavered and deal at 152.02, + 8 ticks vs. last settlement. Cash JGB yields sit slightly lower, save for 20s. A degree of steepening has crept into the space, with 2s outperforming. Focus turns to the BoJ's 1-10 Year Rinban ops & final Japanese industrial output data.
• Australian YM trades unch. & XM sits -1.0. Cash ACGB curve has flattened, with yields trading +0.2bp to -1.7bp. Bills running unch. to -1 tick through the reds. Australian Westpac Consumer Confidence index rallied to 105.0 from 93.8 this month, breaking above the breakeven 100 level and reaching the highest level since Jul 2018. The AOFM sold ACGB 21 May '32, with the cover ratio firming to 4.4424x, but the space has been unfazed.