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Australian government bonds gained on Tuesday following weaker-than-expected Q1 CPI inflation data, which could hold the Reserve Bank of Australia (RBA) to keep its interest rate unchanged this year.
The yield on Australia’s benchmark 10-year Note, which moves inversely to its price, fell 1-1/2 basis points to 2.854 percent, the yield on the long-term 30-year Note also dipped 1-1/2 basis points to 3.424 percent and the yield on short-term 2-year down nearly 2 basis points to 2.131 percent by 03:00 GMT.
The Consumer Price Index (CPI) rose 0.4 percent in the March quarter 2018, the latest Australian Bureau of Statistics (ABS) figures reveal. This follows a rise of 0.6 percent in the December quarter 2017. That was below the market expectations of 0.5 percent growth. This lower-than-expected inflation could derail the RBA interest rate hike this year. We do expect one interest rate hike in 2019.
In the United States, Treasury weakness resumed to open the week during a relatively quiet session light on data of great significance, with all eyes focusing on the 10-year Note yield's approach of the 3.00 percent mark, largely highlighted by stronger than expected existing home sales, increasing 1.1 percent to 5.60 million in March, though continued to highlight overall supply constraints currently plaguing the housing market particularly for first-time buyers.
Markets now look ahead to a greater flow of data on Tuesday, highlighted by S&P CoreLogic Case-Shiller home prices, new home sales and Conference Board consumer confidence releases, followed by a 2-year Note auction later in the session.
Meanwhile, the S&P/ASX 200 index traded 0.40 percent higher at 5,899.5 by 03:20 GMT, while at 03:00GMT, the FxWirePro's Hourly AUD Strength Index remained neutral at -46.32 (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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