Curve biased a touch steeper at the....>

AUSSIE BONDS: Curve biased a touch steeper at the start of the week, with U.S.

e-minis unwinding their Friday losses, leaving YM -0.5 and XM -2.0, as cash

trade follows a similar trajectory in early Sydney hours.

- Previously flagged deepening of localised COVID-19 lockdown restrictions in

Melbourne, Sino-Aussie tension surrounding Hong Kong and discussions surrounding

the Trans-Tasman travel bubble (late Friday saw the AFR cover comments from

Tourism Minister Birmingham who suggested that "despite the flare-up of COVID-19

cases in Victoria, it was viable for quarantine-free travel between the two

countries to reopen in September. "That's a realistic time frame, however, it

clearly is subject to uncertainties like the situation in Victoria and

ultimately it requires the agreement of the New Zealand government as well.")

dominate locally.

- Bills unchanged to down 1 through the reds on very light volumes.

- Lower tier data evident on the local docket today ahead of tomorrow's RBA

monetary policy decision, which is expected to be a bit of a placeholder event

(expect our full preview at some point during the London morning).