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Australian government bonds gained during Asian session on Wednesday as risk sentiment continued to be fragile after U.S. President Donald Trump said that he wasn’t ready to make a deal with China, which pushed the 10-year yield to a new low of 1.492 percent.
On Monday, the United States President Donald Trump opined the country is “not ready” to make a trade deal with China yet, but “they probably wish they made the deal that they had on the table before they tried to renegotiate it”.
The yield on Australia’s benchmark 10-year note, which moves inversely to its price, slipped 5-1/2 basis points to 1.492 percent (a fresh low), the yield on the long-term 30-year bond suffered over 6 basis points to 2.156 percent and the yield on short-term 2-year dipped 2-1/2 basis points to 1.116 percent by 04:10GMT.
“Wall Street slipped overnight while the 10-year UST bond yield fell to fresh multi-year lows at 2.27 percent and the 3-month to 10-year yield curve inverted further to -9.2 bps (most negative since March) amid renewed trade tensions,” OCBC noted.
“The good news is that the US administration refrained from naming China as a currency manipulator, but the bad news is that it expanded its watchlist from 12 to 21 to include Ireland, Italy, Vietnam, Singapore and Malaysia, in addition to China, Japan, South Korea and Germany, whereas India and Switzerland were removed.”
Overnight, the U.S. 10-year yields fell to their lowest since September 2017, reflecting the impact of recent trade tensions, and also some weaker momentum in the US economy. Overnight, 10-year yields fell 5 basis points to 2.27 percent, St.George noted.
Meanwhile, the S&P/ASX 200 index remained nearly steady at 6,440.0 by 04:10GMT, while at 04:00GMT, the FxWirePro's Hourly AUD Strength Index remained highly bullish at 135.40 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
