JGBs Await 40-Year Supply, ACGB Curve Steepens Amid Syndication

A cheaper USD has allowed e-minis to creep higher, which has resulted in
some mild pressure on T-Notes. They last trade -0-02+ at 139-12+, already
through yesterday's lows. U.S. fiscal matters have stolen the limelight, with
little more to write home. Yields are marginally mixed across the curve in cash
trade. Eurodollars last seen -0.5 to +0.5 tick through the reds.

• JGB futures re-opened lower, but have already recouped losses and trade at
  152.37, 6 ticks above settlement. The wings of the cash curve outperform,
  with little sign of long-end concession ahead of today's 40-Year JGB supply.
  No reaction to Japan's in-line services PPI.
• Australian YM sits -1.0 & XM -3.5 at typing. Cash curve runs steeper
  and higher, catching up with overnight dynamics in Tsys and amid the ongoing
  ACGB '51 syndication. Bills last seen 1-2 ticks lower through the reds. The ABS
  will publish its weekly payroll jobs & wages data at the bottom of the hour.
  Elsewhere, Victoria Covid-19 situation remains in focus.