Tight After Light Richening

T-Notes print +0-03 at 137-24 in early Asia-Pac trade, with focus on positive musings from Moderna re: its COVID-19 vaccine evident in the NY/Asia crossover.

• Thursday's session saw the curve bull flatten, with the long end richening by a little over 3.0bp. Late NY headline flow saw Moderna cut its 2020 COVID-19 vaccine distribution target by 50% which provided a knee jerk move higher, with T-Notes hitting fresh session highs as a result. U.S. data was generally positive, but broader focus fell on the USD's continued run of weakness, although the DXY recovered from worst levels of the day. On the fiscal front, Senate majority leader McConnell pointed towards an agreement being within reach, although Democratic counterpart Schumer flagged a lack of inclination re: a compromise from the Republican side.
• Little in the way of outright tier 1 risk events evident for Asia-Pac hours, so it will likely be a session of headline/flow watching ahead of Friday's NFP release.