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Australian government bonds traded modestly lower across the curve during Asian trading session Monday tracking strong U.S. employment report. Investor sentiment was mildly positive on hopes for Sino-U.S. trade talks and amid mixed U.S. economic data, including a large lift in U.S. non-farm payrolls.
The yield on Australia’s benchmark 10-year note, which moves inversely to its price, rose over 1 basis point to 2.18 percent, the yield on the long-term 30-year bond climbed ½ basis point to 2.75 percent and the yield on short-term 2-year jumped 1-1/2 basis points to 1.84 percent by 04:00 GMT.
The U.S. labour market data released on Friday night was mixed, although it still confirms the strength of the US labour market. Payrolls rose by a larger than expected 304k in January, although the increase in December was revised down to 222k, from the previously reported increase of 312k. The U.S. unemployment rate rose to 4.0 percent in January, defying consensus expectations for it to hold at 3.9 percent, according to a St.George Bank report.
“The U.S. government bond yields rose, supported by a jump in U.S. payrolls. The yield on the 10-year government bond rose 5 basis points to 2.68 percent. The yield on the 2-year U.S. government bond rose by 4 basis points to 2.50 percent,” noted St.George Bank.
Asian markets may see muted trading today as Singapore and other Asian markets will be closed for Chinese New Year holidays this week.
“U.S. president Donald Trump opined that trade talks with China are “doing very well” and expressed optimism about the upcoming second summit with North Korean leader Kim Jong Un while saying there is “good chance” he will declare a national emergency for his wall funding. Trump and Xi are considering meeting on February 27-29 at Da Nang, Vietnam,” noted OCBC Bank.
Meanwhile, the S&P/ASX 200 index traded 0.34 percent higher at 5,821.50 by 04:00 GMT, while at 03:00GMT, the FxWirePro's Hourly AUD Strength Index remained neutral at 69.21 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
