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Australian government bonds slumped following the weakness in the U.S. Treasuries after the Federal Reserve raised interest rates on Wednesday but left its rate outlook for the coming years unchanged even as policymakers projected a short-term jump in US economic growth from the Trump administration's proposed tax cuts.
The yield on the benchmark 10-year Treasury note, which moves inversely to its price, rose 2 basis points to 2.563 percent, the yield on the long-term 30-year note climbed 2 basis points to 3.306 percent and the yield on short-term 2-year surged 5 basis points to 1.910 percent by 02:40 GMT.
The U.S. Treasuries saw modest upward pressure across the curve following the December FOMC statement that delivered on long-held expectations for a final 25 basis points rate hike to cap off 2017. Despite little in the way of surprising, markets caught a modest bid in the wake of statement's release, possibly reacting to the fact that there were multiple dissenting votes (coming from Chicago Fed President Evans and Minneapolis Fed President Kashkari, both preferring to leave rates unchanged at the December meeting).
Australian employment surged past all expectations in November, rising the most in more than two years and extending a dream run of 14 straight months of gains, while the jobless rate remained near five-year lows.
Thursday’s figures from the Australian Bureau of Statistics showed a lofty 61,600 net new jobs were added last month, compared with forecasts for an 18,000 rise and above an upwardly revised 7,800 gain in October.
The unemployment rate stayed at 5.4 percent as more people went looking for work, matching the lowest reading since February 2013. The participation rate hopped to 65.5 percent, heights not seen since early 2011.
Meanwhile, the S&P/ASX 200 index traded 0.28% lower at 6,038.5 by 02:40 GMT, while at 02:00GMT, the FxWirePro's Hourly AUD Strength Index remained neutral at +37.10 (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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