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Australian 10-year bond yield dipped nearly 2-month low on Friday following firmness in the U.S. Treasuries. Also, markets eye the Reserve Bank of Australia (RBA) monetary policy decision for March.
The yield on the benchmark 10-year Treasury note, which moves inversely to its price, fell 3 basis points to 2.719 percent, the yield on the long-term 30-year note slid 2 basis point to 3.351 percent and the yield on short-term 2-year down 2-1/2 basis points to 1.973 percent by 03:00 GMT.
In the United States, Treasuries were propelled higher following the announcement of forthcoming steel (25 percent) and aluminum tariffs (10 percent) next week by US President Donald Trump, alongside a considerable pullback in equities as markets interpreted this move towards greater protectionism as a potential trade war igniter. Markets now look ahead to a lighter flow of data to finish off the week on Friday, highlighted largely by University of Michigan consumer sentiment data.
On Thursday, private capital expenditures declined 0.2 percent q/q in the fourth quarter of 2017. Not only was this the first contraction since Q4 2016, but it was also the largest one since then. Economists were calling for investment to increase by 1.0 percent. This is because businesses may end up spending less to upgrade their facilities and equipment which could, in turn, soften the pace of inflation.
Next week, the markets will look ahead to the Reserve Bank of Australia monetary policy decision, where it is expected to nothing. In addition, the central bank could maintain a hawkish tinge in the March policy statement. The policy decision is scheduled for Tuesday, March 6 at 03:30 GMT.
Meanwhile, the S&P/ASX 200 index traded 0.38 percent lower at 5,889.5 by 03:05 GMT, while at 03:00GMT, the FxWirePro's Hourly AUD Strength Index remained neutral at -69.27 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
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