Flatter

Futures have firmed a little in early Sydney dealing after the curve flattened a touch overnight, given the outperformance of 10s in the U.S. Tsy space. YM unch., XM +2.0, after what proved to be a narrow round of after-hours trade.

• The Tuesday evening appearance of RBA Deputy Governor Debelle & Assistant Governor Bullock provided little in the way of notable input, with Debelle noting that we will have to "wait and see" re: the economic impact of the lockdown in Melbourne/Victoria. On that matter, Treasurer Frydenberg has noted that "there is a need in Victoria for continued support," as he pointed to considerations surrounding an emergency payment scheme.
• We also note that an appearance from RBA Governor Lowe has been added to the docket on 6 July, the day of the Bank's key July decision. The title of the address is "Today's Monetary Policy Decision" and it will come 90 minutes after the decision & accompanying statement are released. It has become common practice for Lowe to conduct such addresses in the wake of key monetary policy decisions.
• Back to today's domestic docket, the final trade balance and retail sales figures for April will hit, while the RBA will conduct its latest round of scheduled ACGB purchases. Further afield participants await the release of the latest Caixin Services PMI survey out of China.