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Australian bonds yields moved a tad higher on Monday following an optimistic speech from the Reserve Bank of Australia Deputy Governor Guy Debelle. In addition, markets will focus on the upcoming China’s industrial production and retail sales data.
The yield on the benchmark 10-year Treasury note, which moves inversely to its price, rose 1/2 basis point to 2.629 percent, the yield on the long-term 30-year note jumped 1 basis point to 3.406 percent and the yield on short-term 2-year climbed 1/2 basis point to 1.807 percent by 02:30 GMT.
Australia’s central bank said improved expectations for demand are driving a pickup in non-mining business investment, helping to buoy the post-mining-boom economy. “It now appears that there has been a solid upward trajectory in non-mining business investment over the past couple of years,” Reserve Bank of Australia Deputy Governor Guy Debelle said in a speech delivered in Sydney Monday, Bloomberg reported.
Non-mining investment had been hampered by sluggish global economic growth, pessimism among businesses about future prospects and a strong Australian dollar. Debelle also noted that some firms had been less willing to take risks since the financial crisis, choosing to reduce debt and increase cash holdings rather than invest.
Meanwhile, the S&P/ASX 200 index traded 0.17 percent higher at 6,034.5 by 02:30 GMT, while at 03:00GMT, the FxWirePro's Hourly AUD Strength Index remained neutral at -36.12 (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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