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Australian bond yields jumped during Asian session Tuesday, tracking a similar movement in U.S. Treasuries after United States President Donald Trump announced that they have struck a trade deal with Mexico. This led to a rise in investors’ confidence and thus a shift away from safe-haven assets.
The yield on Australia’s benchmark 10-year note, which moves inversely to its price, jumped nearly 2-1/2 basis points to 2.575 percent, the yield on the long-term 30-year bond surged 2 basis points to 3.102 percent and the yield on short-term 2-year rose nearly 1 basis point to 2.022 percent by 04:30GMT.
According to a report from CNBC, "President Donald Trump said the deal would be called The United States-Mexico Trade agreement, leaving behind the 24-year-old NAFTA name. Trump added that the deal with Mexico is also very special for farmers and manufacturers. U.S. Trade Representative Robert Lighthizer said the deal must be approved by Congress before being implemented".
Further, the report stated "Relations between the U.S. and Mexico have intensified in recent months as the U.S. has taken a more protectionist stance on trade. The U.S. has slapped tariffs on billions of dollars, worth of Mexican imports; Mexico has retaliated with tariffs of its own".
Meanwhile, the S&P/ASX 200 index traded 0.32 percent higher at 6,284.5 by 04:40GMT, while at 04:00GMT, the FxWirePro's Hourly AUD Strength Index remained neutral at 58.54 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
