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The Australian bonds gained modestly Tuesday as investors shrugged off the rebound in consumer confidence, led by improved economic outlook by the households. However, broad gains in equities slightly offset the rise.
The yield on the benchmark 10-year Treasury note, which moves inversely to its price, slipped 1 basis point to 2.71 percent, the yield on 15-year note fell 1-1/2 basis points to 3.09 percent and the yield on short-term 1-year also traded 1-1/2 basis points lower at 1.61 percent by 04:00 GMT.
After three straight weeks of falls, consumer confidence rose 1.6 percent in the week ending March 26. The four week average continued to fall, however, and is now back to early 2016 levels and close to its long run average.
The pickup in confidence was broadly based with four out five sub-indices posting gains. Households’ views of the 12-month economic outlook rose 2.7 percent last week, after a 3.3 percent fall the previous week. Consumers were also more confident regarding future economic conditions, with the index rising a solid 2.8 percent.
Meanwhile, the ASX 200 index traded 1.00 percent up at 5,811.50 by 04:10GMT, while at 04:00GMT, the FxWirePro's Hourly AUD Strength Index remained highly bearish at -175.54 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
