The uptick in T-Notes/U.S. Tsys has....>

AUSSIE BONDS: The uptick in T-Notes/U.S. Tsys has helped drag XM off lows and

YM/XM away from steeps, with the minutes of the RBA's most recent monetary

policy decision providing little to rock the boat. YM last -1.0 and XM -4.5.

- Also worth flagging the findings of the weekly ABS payrolls data, which

revealed that "over the seven weeks from mid-March to early May, total payroll

jobs fell by 7.3%... The week-to-week changes are much smaller than they were

early in the COVID-19 period. The decrease in the number of jobs in the week

ending 2 May was 1.1%, which was only slightly larger than the 0.9% increase in

the week ending 25 April." While the numbers are of course grim, they would have

been much worse without helping hand from the government schemes. With

businesses slowly re-opening, focus will move to the longevity of

jobs/businesses, and the second round impact of COVID-19 on the economy.

- Elsewhere, focus continues to fall on the A$ issuance slate, with the

aforementioned pricing of the new WATC '31 headlining today.