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The Australian bonds traded tad higher Wednesday as investors cashed in profits ahead of the country’s retail sales, scheduled to be released on June 1.
The yield on the benchmark 10-year Treasury note, which moves inversely to its price, fell 1/2 basis point to 2.40 percent, the yield on 15-year note hovered around 2.78 percent while the yield on short-term 2-year slumped nearly 2 basis points to 1.55 percent by 03:40 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 0.26 percent up at 5,734.50 by 05:10GMT, while at 05:00GMT, the FxWirePro's Hourly AUD Strength Index remained neutral at -13.72 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
