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Australian government bonds slumped at the start of the week on Monday as investors eye the Federal Reserve interest rate hike this week. Also, the Reserve Bank of Australia’s (RBA) March meeting minutes will be key release on Tuesday.
The yield on the benchmark 10-year Treasury note, which moves inversely to its price, rose 2 basis points to 2.712 percent, the yield on the long-term 30-year note also jumped 2 basis points to 3.298 percent and the yield on short-term 2-year climbed 11/2 basis points to 1.980 percent by 02:40 GMT.
In the United States, Treasuries saw downward pressure across the curve on Friday, as markets shook off the pullback in February housing starts decreasing -7.0% to 1236K, opting to place greater emphasis on the preliminary University of Michigan consumer sentiment for March increasing to 102.0, notching its highest reading since January 2004.
From an inflation standpoint, further upward pressure in 1-year expectations from the Michigan survey points to potentially greater support for broader inflation measures moving forward. Markets now look ahead to a lighter flow of data in the week ahead, highlighted by the March FOMC statement on Wednesday (accompanied by updated economic projections and followed by post-statement press conference with Fed Chair Powell).
Additionally, markets receive the current account, existing home sales, Markit US manufacturing/services PMI, durable goods orders and new home sales releases throughout the week, coupled with a 10-year TIPS auction (reopening) on Thursday.
Meanwhile, the S&P/ASX 200 index traded 0.29 percent lower at 5,952.5 by 03:15 GMT, while at 03:00GMT, the FxWirePro's Hourly AUD Strength Index remained highly bearish at -114.95 (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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