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Core FI See Curves Flatten

BOND SUMMARY

T-Notes have stuck to a 0-02+ range so far and last trade +0-01+ at 140-02, after having a brief look above yesterday's peak. Bull flattening has crept into the cash curve, with yields seen -0.2bp to -1.5bp as we type. Eurodollar futures are unch. to -0.5 tick through the reds. U.S. fiscal matters remain under scrutiny.

  • JGB futures crept higher from the off and last sit at 152.39, 8 ticks above settlement; the contract has taken out overnight highs. Yield curve generally runs slightly flatter in cash trade, albeit 2s outperform in the short-end. Local unemployment and flash industrial output topped expectations, while the BoJ left purchase sizes unchanged during the latest round of 5-10 & 25+ Year Rinban ops.
  • Australian YM trades flat, XM sits 2.0 ticks better off (above SYCOM highs). Cash curve has twist flattened, with yields last seen +0.4bp to -4.1bp. Bills are unch. to -1 tick through the reds. Focus turns to Australian private sector credit & PPI, due shortly, as well as the AOFM's weekly issuance schedule. News-wise, participants continue to watch Covid-19 dynamics in Victoria.
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