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Light risk-on flows have unwound.......>

BOND SUMMARY
BOND SUMMARY: Light risk-on flows have unwound somewhat, as USD/CNH returned
above the key CNH7.0 mark after a softer than expected PBoC fix, while e-minis
erased earlier gains. Little in the way of notable headlines seen so far.
- T-Notes last seen +0-01 at 139-00+, off an earlier session low of 138-30
printed as e-minis edged through Monday's highs. Yields are little changed
across the curve at typing. Eurodollars sit -0.5 to +0.5 tick through the reds.
- JGB futures have whip-sawed, the contract showed above overnight highs only to
ease off as e-minis ticked higher. It then recovered somewhat and last sits at
151.83, 8 ticks above settlement. Cash JGB yields trade lower, save for 20s &
30s ahead of today's 30-Year supply. Japanese earnings/spending figures,
released earlier today, missed expectations.
- Australian YM is unch. & XM trades +0.5, with yields mixed in cash trade.
Bills last seen unch. to +1 tick through the reds. Main focus today falls on the
latest monetary policy decision from the RBA. Worth adding that the NSW/Victoria
border closure takes affect this evening.

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