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The Australian government bonds slumped Monday with market sentiments remaining stronger as Brexit campaigning was suspended after the killing of a UK politician Jo Cox.
Also, rallying crude oil prices and firm equities discouraged investors from safe-haven buying.
The yield on the benchmark 10-year Treasury note, which moves inversely to its price rose 5-1/2 basis points to 2.151 percent and the yield on short-term 2-year note jumped 1-1/2 basis points to 1.644 percent by 05:20 GMT.
A British member of parliament, Jo Cox, was shot dead on last Thursday, resulting in the suspension of campaigning for Thursday's referendum on the country's EU membership. Cox was one of the members of parliament advocating continued British membership.
A recent poll showed that the 'Remain' camp gained a narrow lead; a YouGov poll for The Sunday Times newspaper published at the weekend showed 44 percent supported remaining in the EU, as compared to 43 percent who supported leaving, based on interviews conducted on Thursday and Friday. Two other polls also showed public opinion tilted towards the 'Remain' camp after the killing of a UK politician Jo Cox on last Thursday.
Also, the final European Union referendum phone poll by BMG Research showed Bremain at 53.3 percent vs Brexit on 46.7 percent. On the other hand, including the ‘undecided’, vote for Remain stood at 46 percent vs Leave 43 percent and undecided 11 percent. The online poll has Leave 55 percent Remain compared to Leave 45 percent.
“It is hard to think the market's calmer tone to end last week is going to be an ongoing theme this week, particularly as Brexit campaigning and the release of opinion polls has resumed again," the ANZ economists said in a note.
"To be fair, the sad murder of UK politician Jo Cox may see the rhetoric from both camps get toned down somewhat," they added.
In addition, the Australian bonds have been closely following developments in oil markets because of their impact on inflation expectations, which are well below the Reserve Bank of Australia's target. Today, crude oil prices jumped nearly 1 percent from the support of weaker US dollar and easing fears of a UK exit from the European Union. The International benchmark Brent futures rose 0.79 percent to $49.56 and West Texas Intermediate (WTI) climbed 1.02 percent to $48.47 by 05:20 GMT.
Markets will remain keen to focus on this week’s RBA June meeting minutes on Tuesday at 01:30 GMT. Meanwhile, the benchmark Australia's S&P/ASX 200 index was trading higher 1.28 percent, or 65.5 points, at 5,183.5 by 05:20 GMT.
