Steeper Again, Following The Offshore Beat

Little to really flag for the Aussie bond space in terms of idioscyncracies, outside of the latest round of ACGB Dec '30 supply. It looks like the recent cheapening was outweighed by worries re: further extension of the reflation dynamic, which may have kept some participants at bay as the cover ratio printed at (a still healthy) ~4.00x, although the average yield still printed comfortably through mids at the time of supply. Elsewhere, it seems to have been a case of following the broader gyrations in the U.S. Tsy market, with YM -2.0 and XM -8.0 at the close, as the latter recovered from worst levels of the day alongside U.S. paper.

• Comments from RBA Assistant Governor Kent focused on the AUD and x-ccy basis matters, most of which was known, with markets looking through the address.
• The state of Victoria lifted its lockdown, in line with its schedule. Some restrictions remain in play in the state, although these are broadly inline with what was seen ahead of the imposition of the lockdown.
• The monthly labour market report headlines the local docket on Thursday.