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Australian government bonds gained Thursday after new capital expenditure declined in the last quarter of 2017, which is negative for the economy. Also, tracking firmness in the U.S. Treasuries supported the bond prices.
The yield on the benchmark 10-year Treasury note, which moves inversely to its price, fell 4 basis points to 2.749 percent, the yield on the long-term 30-year note slid 5-1/2 basis point to 3.369 percent and the yield on short-term 2-year down 1 basis point to 2.000 percent by 02:30 GMT.
Private capital expenditures declined 0.2 percent q/q in the fourth quarter of 2017. Not only was this the first contraction since Q4 2016, but it was also the largest one since then. Economists were calling for investment to increase by 1.0 percent. This is because businesses may end up spending less to upgrade their facilities and equipment which could in turn soften the pace of inflation.
In the United States, Treasuries pushed higher across much of the curve, despite little overall change in the short-end of the curve during a relatively quiet session, marked largely by a string of lackluster economic releases.
Markets now look ahead to a greater flow of data on Thursday, highlighted by personal income/spending, ISM manufacturing, construction spending, jobless claims and vehicle sales releases. However, greater focus will likely be paid to Federal Reserve Chair Jerome Powell's appearance before the Senate Banking Committee, likely to drive home a commitment to keeping the Fed on the path of policy normalization amidst a framework of data dependence.
Meanwhile, the S&P/ASX 200 index traded 0.16 percent lower at 5,947.5 by 02:30 GMT, while at 02:00GMT, the FxWirePro's Hourly AUD Strength Index remained highly bearish at -100.04 (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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