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The Australian bonds slumped Tuesday ahead of the RBA’s Monetary Policy decision, and it is expected to remain optimistic in its outlook for the economy, while leaving its key interest rate unchanged at record low 1.50 percent.
The Australian market is sensitive to Chinese economic data, China Caixin manufacturing PMI rose to 51.1 in July from 50.4 in June; estimates were for 50.4.
The yield on the benchmark 10-year Treasury note, which moves inversely to its price, rose 3 basis points to 2.725 percent, the yield on 15-year note also jumped 3 basis points to 3.026 percent and the yield on short-term 2-year traded nearly 1 basis point higher at 1.821 percent by 02:30 GMT.
The Reserve Bank of Australia in its August monetary policy meeting is widely expected to leave its key interest rate at a record low of 1.50 percent and remain optimistic in its outlook for the economy, notwithstanding the impact of the higher AUD. The policy statement will highlight that the growth outlook remains positive, there is still some spare capacity in the labour market and inflation is likely to pick up only gradually.
On the other hand, according to the inflation data released last week, the consumer price index (CPI) rose 0.2 percent in the second quarter and 1.9 percent for the year, well short of the 2.2 per cent increase expected. Underlying inflation rose 0.5 percent in the second quarter, from the first, which matched market forecasts. The annual rate of 1.8 percent was again short of the Reserve Bank of Australia's long-term target band of 2 percent to 3 percent, where it has been since the start of 2016.Meanwhile, The S&P/ASX 200 index traded 0.67 percent, higher at 5,701.50 by 03:10 GMT, while at 03:00GMT, the FxWirePro's Hourly AUD Strength Index remained neutral at 39.10 (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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