Futures Back From Best Levels, Still Firmer than Settlement

Aussie bond futures unwind some of their pre-weekend rally, perhaps on the wider than expected headline Chinese trade balance (firmer than exp. exports, while imports missed), as well as news that Australia hit its target of having 80% of 16+-Year olds fully vaccinated against COVID, with PM Morrison also noting that the border will open to foreign workers before Christmas

• YM +6.0 & XM +7.0, while the cash curve plays catch up in early trading.
• A quick reminder that Friday's after hours rally saw the space follow U.S. Tsys higher in the wake of a better than expected round of U.S. labour market data, with the data largely ignored/U.S. Tsy positioning at the fore, while the latest bump higher in oil prices also had little impact.
• The latest scheduled round of ACGB purchases from the RBA headlines the domestic docket on Monday. Elsewhere on the local supply front, TCV has launched a syndicated benchmark sized tap of its Nov '34 line, which is set to price on Tuesday.