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Australian bonds traded nearly flat on Tuesday as investors remained sidelined amid a muted trading day that is scheduled to witness data of little economic significance. However, traders will eye the August employment report and any major developments in global trade policies.
The yield on Australia’s benchmark 10-year note, which moves inversely to its price, traded nearly flat at 2.587 percent, the yield on the long-term 30-year bond rose about 1 basis point to 3.084 percent and the yield on short-term 2-year up 1/2 basis point to 2.014 percent by 03:30GMT.
In the United States, the Treasury yields were little changed and the US 10-year yields remained steady at 2.937%.
“US government bond yields were little changed following large increases in the previous session and ahead of Treasury auctions this week. The yield on the US 10-year government bond fell from 2.94% to 2.93%. The yield on the US 2-year government bond rose from 2.70 percent to 2.71 percent,” noted St.George Bank in its morning report.
Meanwhile, the U.S. Donald Trump administration said to be seeking fast-track approval for the US-EU trade deal, while the Republicans in the House of Representatives are planning another round of tax cuts this week.
On the economic data front, Australia business conditions rose in August, reversing the fall of the past two months. Business conditions rose to 15.2 in August, from 12.6 in July. On the other hand, confidence was down, falling to its lowest level for more than two years.
Looking ahead, Australia August employment change is expected to come at 18.4K, better compared to -3.9K fall seen in July. At the same time, the unemployment rate is anticipated to remain steady at 5.3 percent.
Meanwhile, the S&P/ASX 200 index traded 0.64 percent higher at 6,175.5 by 03:40GMT, while at 03:00GMT, the FxWirePro's Hourly AUD Strength Index remained slightly bearish at -93.58 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
