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The Australian bond yields remained one of the biggest movers in the global debt market overnight, marking a substantial increase through the week after the world’s money market witnessed a massive sell-off, following hawkish comments from various central bank governors, especially from the European Central Bank (ECB) President Mario Draghi at an ECB discussion forum late Tuesday and Wednesday.
The yield on the benchmark 10-year Treasury note, which moves inversely to its price, jumped 10 basis points to 2.60 percent, the yield on 15-year note also surged 10 basis points to 2.96 percent and the yield on short-term 2-year traded nearly 4-1/2 basis points higher at 1.75 percent by 04:10 GMT.
The increase in global bond yields sent major stock indices lower, as markets digested the recent shift in tone by central banks in the UK, Europe and Canada. Investors characterised remarks made by Draghi on Tuesday as suggesting the central bank’s monetary policy could become less accommodative starting next year. To add on, BoE Governor Mark Carney later said he was prepared to raise interest rates if the UK’s business activity improved.
Further, the yield gap between Australian and US 10-year government bonds - a key driver of the exchange rate - has risen over the past week to 30 basis points. Last month, the spread dramatically narrowed to just 16 basis points, sparking fears of a possible dive in the Aussie.
Lastly, investors shall be looking forward to take hints from the Reserve Bank of Australia’s (RBA) monetary policy decision, scheduled to be unveiled on July 4 for further direction in the debt market.
Meanwhile, the ASX 200 index fell 0.47 percent to 5,686.00 by 04:30GMT, while at 04:00GMT, the FxWirePro's Hourly AUD Strength Index remained neutral at 11.98 (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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