FxWirePro: Daily Commodity Tracker - 21st March, 2022 
The Australian government bonds gained on Tuesday as the Reserve Bank of Australia in its July meeting minutes left hopes alive for the future rate cut in August. The yield on the benchmark 10-year Treasury note, which moves inversely to its price, fell 5 basis points to 1.950 percent and the yield on short-term 2-year note also dipped nearly 5 basis points to 1.592 percent by 05:30 GMT.
The RBA in its July meeting minutes (when rates were left unchanged) mentioned that the officials are waiting for further information on upcoming economic data and updated economic outlook before deciding on policy decision in August.
The central bank reiterated that rising AUD would complicate economic re-balancing and suggested Australian economy grew at a moderate pace in the second quarter of 2016. They further added that inflation is expected to remain quite low for some time given subdued wages, cost pressures and the measures of inflation expectations remained below average.
The liaison suggested retail sales picked up in June, but price discounting is still continuing and the recent labour data remained mixed, leading indicators still pointed to jobs growth. Liaison also pointed to growth in non-mining business investment. Lastly, the RBA judged uncertainty caused by Brexit to have only a modest impact on global growth.
Moreover, the Australia’s ANZ-Roy Morgan weekly consumer confidence fell to 114.9 from 115.2 last week.
Lastly, investors will remain keen to focus on the Q2 CPI data, which is scheduled to take place on July 27 at 01:30 GMT. Meanwhile, the benchmark Australia's S&P/ASX 200 index was trading down 0.25 percent, or 13.5 points, at 5,403.5 by 05:30 GMT.
