Futures Off Lows, But Still Below Settlement

The downtick in e-minis and local COVID-related lockdown in the city of Brisbane have provided support to the Aussie bond space, although the bid can't be described as particularly firm, with Aussie 10s still printing 1.0bp or so wider vs. U.S. 10s in cash trade. Meanwhile, futures have failed to unwind their overnight session losses, YM -0.5, XM -3.5 ahead of the bell.

• A (what many would deem overdue) cabinet reshuffle at the top of the ruling coalition government had no impact on the space.
• Weekly ABS payroll and ANZ consumer confidence data headline locally on Tuesday. Re: the former, a quick reminder that the Australian Government's JobKeeper scheme expired over the weekend. Most do not expect much in the way of a meaningful impact from the expiry of the scheme (at least in terms of the recent progress on the unemployment front), although the cessation of the programme will likely introduce a non-linear ebb and flow to job market developments in the coming weeks/months.