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Australian government bond yields tracked weakness in the United States counterpart during Asian trading session Friday as investors closely eye the G-20 Osaka Summit in Japan, scheduled to start from today.
The yield on Australia’s benchmark 10-year note, which moves inversely to its price, plunged nearly 4 basis points to 1.319 percent, the yield on the long-term 30-year bond slumped 3-1/2 basis points to 1.934 percent and the yield on short-term 2-year gained 1-1/2 basis points to 0.971 percent by 04:30GMT.
Global risk appetite remained side-lined ahead of tomorrow’s Trump-Xi meeting on the side-lines of the G20 summit in Osaka, Japan starting today, OCBC Treasury Research reported.
A WSJ report suggested that China had prepared a list of conditions which included lifting the Huawei ban as part of a trade deal, but White House advisor Kudlow opined that there should be no preconditions on both sides and the US may move ahead with further tariffs on Chinese exports after the G20 summit if there is no deal, the report added.
Meanwhile, the S&P/ASX 200 index remained 0.27 percent higher at 6,576.50 by 04:35GMT, while at 04:00GMT, the FxWirePro's Hourly AUD Strength Index remained highly bullish at 114.21 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
