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Australian government bond yields slumped during early Asian session of the second trading day of the week Tuesday after the Reserve Bank of Australia’s (RBA) June monetary policy meeting minutes hinted at more likely rate cuts in further monetary policies, besides, possible extension of the significant slack in the labour market.
The yield on Australia’s benchmark 10-year note, which moves inversely to its price, slumped 2-1/2 basis points to 1.368 percent, the yield on the long-term 30-year bond plunged 3 basis points to 1.990 percent and the yield on short-term 2-year traded 2 basis points lower at 1.014 percent by 05:00GMT.
The minutes from the June RBA Board meeting send a very clear signal about future policy steps, with the concluding paragraph saying that:
"Given the amount of spare capacity in the labour market and the economy more broadly, members agreed that it was more likely than not that a further easing in monetary policy would be appropriate in the period ahead," ANZ Research reported.
Such an explicit signal about the likelihood of another cut in the minutes of the meeting where rates were moved is unusual. The minutes from the meetings in February 2015 and May 2016, in each case being the meeting where the first of two cuts took place, did not provide any such clarity about the next move, the report added.
The deceleration of year-on-year readings was mainly due to falling gasoline prices and food prices. Core PPI increased by 0.2 percent m/m and 2.3 percent y/y, supported by rising service costs. This may support the rebound of the PCE. Markets will closely watch for the US CPI data due today, the report added.
Meanwhile, the S&P/ASX 200 index remained 0.28 percent higher at 6,490.50 by 05:05GMT, while at 05:00GMT, the FxWirePro's Hourly AUD Strength Index remained highly bearish at -130.67 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
