Steeper After Markets Get A Shot In The Arm

The curve runs steeper vs. settlement in early Tuesday trade, with a focus on the positive news surrounding the Moderna vaccine trial, which seemingly bettered last week's offering from Pfizer (there was plenty of talk surrounding this in Asia-Pac trade on Monday). YM -1.0, XM -5.0, with the latter operating a little above its SYCOM low.

• Bills unchanged to -2 through the reds.
• Elsewhere, Monday's dinner address from RBA Governor Lowe focused on matters already covered by the RBA i.e. the need to support the labour market and relative monetary policy matters.
• Today will see further RBA rhetoric from Assistant Governor Kent (currently speaking about the reform of the LIBOR system) & RBA Deputy Governor Debelle (who will speak on the evolution of FX benchmarks). Elsewhere, we will get the release of the minutes from the RBA's most recent monetary policy decision and the pricing of the syndicated tap of ACGB 2.75% 21 May 2041 (for up to A$6.0bn). There will also be some attention placed on the release of the NSW budget.