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The Australian government bonds rebounded Monday as investors poured into safe-haven instruments amid losses in riskier assets including equities and crude oil.
The yield on the benchmark 10-year Treasury note, which moves inversely to its price, fell 6 basis points to 2.71 percent, the yield on 15-year note also dipped 6 basis points to 3.10 percent and the yield on short-term 2-year slid 2-1/2 basis points to 1.83 percent by 05:00 GMT.
The Australian bonds have been closely following developments in the U.S. debt market. The United States benchmark 10-year Treasury yield tumbled 4 basis points to 2.32 percent.
Crude oil prices fell after Saudi Arabia cancels its meeting with non-OPEC members, including Russia. The International benchmark Brent futures fell 0.45 percent to $48 and West Texas Intermediate (WTI) dipped 0.35 percent to $45.90 by 05:00 GMT.
Last week, RBA Assistant Christopher Governor Kent said the prospects for the mining States are improving as the drag from unwinding resource investment lessens and as commodity prices lift. He said that the central bank is expected the terms of trade to shift from the substantial headwind of recent years to a slight tail breeze providing some support to the growth of nominal demand.
Kent noted the fall in the unemployment rate from its 2015 high is likely to have overstated the extent of the improvement in the labour market. Kent said a key concern from US President-elect Trump is trade restrictions, although he said protectionism is more deep-seated in the world than just sentiment from Trump.
The Reserve bank of Australia in its November meeting minutes mentioned that the underlying inflation is expected to return to normal levels over time and the Australian economy is seen growing close to potential over the next few quarters, before picking up further.
Further, the minutes repeated that a rising Australian dollar could complicate the economic transition and holding policy rate steady in November meeting was consistent with growth and inflation goals. It further mentioned that a steadier Chinese economy had reduced downside risks to the global growth outlook, while risks to global inflation outlook more balanced than for some time.
Meanwhile, the benchmark Australia's S&P/ASX 200 index down 0.73 percent to 5,472.5 by 05:00 GMT. While at 05:00 GMT, the FxWirePro's Hourly Australian Dollar Strength Index remained highly bullish for second straight day at +114.90 (higher than +75 represents purely bullish trend).
