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Australian government bonds plunged on Thursday after employment data showed continues growth last year for the first time in four decades. Also, a rise in global risk appetite moved away investors from safe-haven buying.
The yield on the benchmark 10-year Treasury note, which moves inversely to its price, rose 3 basis points to 2.818 percent (highest since October 27), the yield on the long-term 30-year note trade flat at 3.448 percent and the yield on short-term 3-year up 3-1/2 basis points to 2.218 percent by 03:50 GMT.
Australian employment rose 34.7K in December, beating market expectations to match the longest run of monthly gains on record. That was the 15th successive month of gains, the longest such streak since 1993. Thursday’s number higher than the Reuters consensus of 9K, but lower from November’s reading of revised 63.6K. On the other hand, unemployment edged higher to 5.5% in December, from 5.4% seen in November last year, putting a drag on wages and inflation.
In the United States, Treasuries saw a mixed performance on Wednesday and downward pressure seen across much of the curve was contrasted by gains seen long bond. Overall, the 2-year note managed to hold above the 2.00%-mark, while the 10-year Note continued to hold well above the 2.50% level, seeing only modest buying overall and continuing to eye a potential move towards 2.60% (and beyond) in the near future. Investors now look ahead to a greater flow of data on Thursday, highlighted by housing starts/building permits, Philadelphia Fed manufacturing and jobless claims releases.
Meanwhile, the S&P/ASX 200 index traded nearly flat at 5,969.5 by 03:50 GMT, while at 03:00GMT, the FxWirePro's Hourly AUD Strength Index remained slightly bullish at 86.46 (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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