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The Australian bonds rebounded Tuesday as investors covered previous short positions after a long rally, following a silent trading session that witnessed data of less economic significance.
The yield on the benchmark 10-year Treasury note, which moves inversely to its price, slumped 2 basis points to 2.40 percent, the yield on 15-year note plunged 2-1/2 basis points to 2.79 percent and the yield on short-term 2-year also traded 2 basis points lower at 1.57 percent by 04:00 GMT.
In contrast, April saw a solid increase in building approvals, across both the residential and non-residential sectors. Approvals appear to be settling at lower levels, providing further evidence that Australia is moving past the peak in the housing construction cycle.
The majority of the monthly rise came from Queensland, where total housing approvals rose 28 percent m/m. In particular, Queensland apartment approvals leapt over 70 percent, to the highest level since August 2016. However, this strong result possibly reflects an element of statistical payback after a period of significant weakness.
Meanwhile, the ASX 200 index traded 0.31 percent up at 5,727.50 by 04:50GMT, while at 04:00GMT, the FxWirePro's Hourly AUD Strength Index remained neutral at -55.11 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
