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Australian government bonds slumped on Tuesday after the Reserve Bank of Australia (RBA) April meeting minutes confirmed the board members believe next policy move likely to be an interest rate hike.
The yield on Australia’s benchmark 10-year Note, which moves inversely to its price, rose 2 basis points to 2.762 percent, the yield on the long-term 30-year Note climbed 1-1/2 basis points to 3.356 percent and the yield on short-term 2-year also surged 2-1/2 basis points to 2.123 percent by 03:30 GMT.
The minutes of RBA's April 3 board meeting, released on Tuesday, noted that the members agreed that it was more likely that the next move in the cash rate would be up, rather than down. As progress in lowering unemployment and having inflation return to the midpoint of the target was expected to be only gradual, members also agreed that there was not a strong case for a near-term adjustment in monetary policy.
Taking into account 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.
In the United States, Treasuries saw tighter trading ranges continue to open the week on Monday as markets absorbed a mixed bag of economic data despite downward pressure seen overnight, highlighted by stronger than expected retail sales and weaker than expected Empire manufacturing. Markets now look ahead to a lighter flow of data on Tuesday highlighted by housing starts, building permits, industrial production and capacity utilization releases.
Meanwhile, the S&P/ASX 200 index traded 0.31 percent higher at 5,838.5 by 03:35 GMT, while at 03:00GMT, the FxWirePro's Hourly AUD Strength Index remained slightly bearish at -17.42 (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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