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Australian bonds jumped Tuesday as investors poured into safe-haven assets after United States President Donald Trump ignited fears of a global trade war, offsetting upgrades to the world growth outlook and a deal to re-open the U.S. government.
The yield on the benchmark 10-year Treasury note, which moves inversely to its price, slumped 2-1/2 basis points to 2.82 percent, the yield on the long-term 30-year note also plunged 2-1/2 basis points to 3.46 percent and the yield on short-term 2-year traded nearly 2-1/2 basis points to 2.09 percent by 04:30 GMT.
Risk sentiment took a knock when President Donald Trump slapped steep tariffs on imported washing machines and solar panels, in what might only be the first of several potential trade restrictions. While the tariffs were not aimed directly at Australian goods, the country is heavily reliant on free trade and particularly of commodities that fuel global supply chains, reports said.
The Aussie had been doing well after the IMF upgraded its global economic outlook to growth of 3.9 percent for this year and next, against 3.7 percent previously. The U.S. government shutdown had also ended when Democrats agreed to end the standoff in exchange for President Donald Trump's Republicans promising a debate on the future of young illegal immigrants. The deal lasts until Feb. 8. All of which proved to be bullish for risk trades, equities, and commodities, but bearish for sovereign bonds.
Meanwhile, the S&P/ASX 200 index traded 0.26 percent higher at 5,985.50 by 04:35 GMT, while at 04:00GMT, the FxWirePro's Hourly AUD Strength Index remained highly bearish at -146.73 (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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