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Australian government bonds rallied across the curve during early Asian session Monday as investors risk appetite remained sour ahead of U.S.-China trade talks this week. However, markets will await the Reserve Bank of Australia’s (RBA) August meeting minutes scheduled to be released on Tuesday.
The yield on Australia’s benchmark 10-year note, which moves inversely to its price, fell 2 basis points to 2.531 percent (lowest since December 2017), the yield on the long-term 30-year bond also dipped 2 basis points to 3.026 percent and the yield on short-term 2-year remained 1 basis point lower at 1.989 percent by 03:00GMT.
In the United States, the Treasury remained firm ahead of the U.S.-China August 21-22 trade talk. The OCBC Bank noted that the key focus for the week ahead is likely to be the Jackson Hole symposium where Fed chair Powell is speaking on Friday on “monetary policy in a changing economy” – given the generic title it is unclear at this juncture what (if any) specific elaboration on the balance sheet or interest rate trajectory or views on the U.S. yield curve and/or Phillips curve may be covered. Other key events to watch this week include the FOMC minutes on 23 August, the next USD16b tranche of US tariffs on Chinese imports to come into effect from 23 August, and US’ durable goods orders data on 24 August.
"Government bond yields edged lower, despite the lift in US equities. A further fall in the Turkish lira on concerns about further US tariffs boosted demand for safe-haven US debt. A refusal by a local Turkish court to release American pastor Brunson raised concerns about further tariffs. Turkey’s sovereign credit rating was cut by both S&P and Moody’s on Friday, to be further into junk territory," said St.George Bank in its morning note.
“The yield on the US 10-year government bond fell from 2.87 percent to 2.86 percent. The yield on the US 2-year government bond fell from 2.62 percent to 2.61 percent.”
Meanwhile, the S&P/ASX 200 index traded 0.28 percent lower at 6,307.5 by 03:30GMT, while at 03:00GMT, the FxWirePro's Hourly AUD Strength Index remained highly bullish at 112.52 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyinde
