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Australian bonds flat in subdued trade; RBA March meeting minutes paint mixed picture

The Australian bonds traded in a tight range Tuesday as investors refrained from any major activity amid a light trading session. Also, the Reserve Bank of Australia’s (RBA) March monetary policy meeting minutes, painted a mixed picture of the economy, adding sluggishness to market sentiments.

The yield on the benchmark 10-year Treasury note, hovered around 2.82 percent, the yield on 15-year note also traded flat at 3.21 percent and the yield on short-term 2-year remained steady at 1.81 percent by 04:20 GMT.

The minutes of the RBA March board meeting continued to paint the picture of an RBA unwilling to move official interest rates anytime soon. The Board highlighted a range of positives, but concerns were also raised. The central bank was notably more upbeat about the global outlook and the flow on effect to higher commodity prices.

Concerns surrounding the outlook for the labor market were apparent, with the RBA noting that "conditions had remained mixed" and that "momentum in the labor market remained difficult to assess". A further mixed picture on the labor market leaves the RBA between a rock and a hard place.

Lastly, markets will now be focussing on the RBA Deputy Governor Guy Debelle’s speech, scheduled to be held on March 22 for further direction in the debt market.

Meanwhile, the ASX 200 index traded 0.17 percent up at 5,762.50 at 04:40GMT, while at 04:00GMT, the FxWirePro's Hourly AUD Strength Index remained neural at 72.23 (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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July 26 14:00 UTC Released

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0.8 %

Forecast

1.4 %

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2.9 %

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Actual

0.610 mln

Forecast

0.615 mln

Previous

0.610 mln

July 26 15:30 UTC 4848m

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Forecast

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-2.949 bln

July 26 15:30 UTC 4848m

BRForeign Exchange Flows*

Actual

Forecast

Previous

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July 26 15:30 UTC 4848m

BRForeign Exchange Flows*

Actual

Forecast

Previous

-2.949 bln

July 26 18:00 UTC 198198m

USFed Funds Target Rate

Actual

Forecast

1.125 %

Previous

1.125 %

July 26 23:00 UTC 498498m

KRNew Home Sales-Units*

Actual

Forecast

2.7 mln

Previous

2.9 mln

July 26 23:00 UTC 498498m

EZGDP Growth QQ*

Actual

Forecast

0.6 %

Previous

1.1 %

July 26 23:00 UTC 498498m

EZGDP Growth YY*

Actual

Forecast

2.7 %

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2.9 %

July 26 23:00 UTC 498498m

KRGDP Growth QQ*

Actual

Forecast

0.6 %

Previous

1.1 %

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