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Australian government bonds remained flat on the last trading day of the week after the country’s retail sales for the month of June remained unchanged, albeit topping market expectations. Investors will now focus on the Reserve Bank of Australia’s (RBA) monetary policy meeting, scheduled to be held by early next week for further direction in the debt market.
The yield on Australia’s benchmark 10-year Note, which moves inversely to its price, hovered around 2.73 percent, the yield on the long-term 30-year Note remained flat at 3.20 percent and the yield on short-term 2-year remained tad lower at 2.05 percent by 04:20 GMT.
Australian retail turnover rose 0.4 percent in June 2018, seasonally adjusted, according to the latest press release from the Australian Bureau of Statistics (ABS) Retail Trade figures. This follows a 0.4 percent rise in May 2018.
The trend estimate for Australian retail turnover rose 0.3 percent in June 2018 following a rise of 0.4 percent in May 2018. Compared to June 2017, the trend estimate rose 3.1 percent.
Meanwhile, the S&P/ASX 200 index traded 0.52 percent lower at 6,181.50 by 04:40 GMT, while at 04:00GMT, the FxWirePro's Hourly AUD Strength Index remained neutral at -4.88 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
