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Australian 10-year government bond yield plunged to 3-week low during Asian trading session Wednesday following disappointment in the country’s consumer price inflation (CPI) data for the first quarter of this year, which further raised the chances of an interest rate cut by the Reserve Bank of Australia (RBA) over the coming months.
The yield on Australia’s benchmark 10-year note, which moves inversely to its price, plunged 10 basis points to 1.799 percent (lowest since April 1), the yield on the long-term 30-year bond slumped nearly 8 basis points to 2.441 percent and the yield on short-term 2-year traded 15 basis points lower at 1.330 percent by 03:30GMT.
Australia’s Q1’19 CPI remained flat q/q, compared with a rise of 0.5 percent in the December quarter 2018. Further, it rose 1.3 percent over the twelve months to the March quarter 2019, compared with a rise of 1.8 percent over the twelve months to the December quarter 2018.
The most significant price rises this quarter are vegetables (+7.7 percent), secondary education (+4.2 percent), motor vehicles (+2.4 percent) and medical and hospital services (+1.3 percent).
On the other hand, the most significant price falls this quarter are automotive fuel (-8.7 percent), domestic holiday, travel and accommodation (-3.8 percent) and international holiday, travel and accommodation (-2.1 percent).
Lastly, "Strong domestic labour market data and encouraging economic news from China have resulted in a strong gain in ANZ Roy-Morgan consumer confidence. Consumers are now the most upbeat they have been in 2019," said David Plank, ANZ’s Head of Australian Economics.
Meanwhile, the S&P/ASX 200 index traded 0.47 percent higher at 6,357.50 by 03:40GMT, while at 03:00GMT, the FxWirePro's Hourly AUD Strength Index remained highly bearish at -119.642 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
