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Australian government bonds slumped on Tuesday after the Reserve Bank of Australia (RBA) July meeting minutes reiterated next move to be interest rate hike not cut, pushing the yield on the 10-year bond yield to nearly 1-month high.
The yield on Australia’s benchmark 10-year Note, which moves inversely to its price, rose 2 basis points to 2.661 percent, the yield on the long-term 30-year Note jumped 2-1/2 basis points to 3.142 percent and the yield on short-term 2-year up 1-1/2 basis points to 2.032 percent by 03:30 GMT.
In the July meeting minutes, the RBA noted that the low level of interest rates was continuing to support the Australian economy. Inflation remained low, reflecting low growth in labour costs and strong competition in retailing. Members continued to view the strengthening economy as likely to deliver further progress in reducing the unemployment rate and returning inflation to target. In these circumstances, members continued to agree that the next move in the cash rate would more likely be an increase than a decrease.
However the central bank said since progress towards a lower unemployment rate and an inflation rate closer to the midpoint of the target range was likely to be gradual, they also agreed there was no strong case for a near-term adjustment in monetary policy. Rather, the Board assessed that it would be appropriate to hold the cash rate steady and for the Bank to be a source of stability and confidence while this progress unfolds. Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time.
The Reserve bank of Australia (RBA) next month monetary policy meeting will be on investors list, where the Australian central bank is expected to hold its current policy stance, keeping interest rate unchanged at 1.50 percent.
In the United States, the US Treasury yields held rise after yesterday’s solid retail sales data.
Meanwhile, the S&P/ASX 200 index traded 0.32 percent lower at 6,161.5 by 03:30 GMT, while at 03:00GMT, the FxWirePro's Hourly AUD Strength Index remained highly bullish at 102.50 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
