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Australian focus fell on another uptick in COVID cases in NSW (although there were no fresh restrictions imposed today) and further receiving pressure in AUD 1Y/1Y & 2Y/1Y swaps as RBA pricing fades from the recent extremes (likely aided by matters in NSW).

  • YM last +2.0, XM -0.5 at typing as a result.
  • The 5- to 10-Year zone of the curve lags, despite the presence of RBA purchases in the Nov '28 to Nov '31 area, with the major benchmarks running unchanged to 1.5bp firmer across the cash ACGB space. EFPs have widened by 1.5-2.0bp on the day.
  • The release of the weekly AOFM issuance slate will headline on Friday.