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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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2017-03-23 08:00:49
0m

March 23 07:45 UTC Released

FRBusiness Climate

Actual

104 %

Forecast

107 %

Previous

107 %

March 23 07:00 UTC Released

TRConsumer Confidence*

Actual

67.8 %

Forecast

Previous

65.70 %

March 23 09:30 UTC 7171m

GBRetail Sales MM

Actual

Forecast

0.4 %

Previous

-0.3 %

March 23 09:30 UTC 7171m

GBRetail Sales Ex-Fuel MM

Actual

Forecast

0.4 %

Previous

-0.2 %

March 23 09:30 UTC 7171m

GBRetail Sales YY

Actual

Forecast

2.6 %

Previous

1.5 %

March 23 09:30 UTC 7171m

GBRetail Sales Ex-Fuel YY

Actual

Forecast

3.1 %

Previous

2.6 %

March 23 11:00 UTC 161161m

GBCBI Distributive Trades

Actual

Forecast

5 %

Previous

9 %

March 23 12:30 UTC 251251m

USJobless Claims 4-Wk Avg

Actual

Forecast

Previous

237.25 k

March 23 12:30 UTC 251251m

USInitial Jobless Claims

Actual

Forecast

240 k

Previous

241 k

March 23 12:30 UTC 251251m

USContinued Jobless Claims*

Actual

Forecast

2.035 mln

Previous

2.030 mln

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