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Global Markets Slide as AI, Crypto, and Precious Metals Face Heightened Volatility 
Australian government bonds slumped on Wednesday following better-than-expected Q1 economic growth data, which registered the fastest annual expansion in almost 2-years as it entered its 27th year of growth without a recession.
The yield on Australia’s benchmark 10-year Note, which moves inversely to its price, rose 2 basis points to 2.756 percent, the yield on the long-term 30-year Note jumped 1-1/2 basis points to 3.263 percent and the yield on short-term 2-year up 2-1/2 basis points to 2.073 percent by 03:40 GMT.
Australia’s gross domestic product grew 1 percent q/q in seasonally adjusted terms in the first three months of 2018, according to the Australian Bureau of Statistics. That was above economists’ estimates compiled by Reuters forecasting 0.9 percent growth and above the revised 0.5 percent growth for the previous quarter.
In the United States, Treasuries rebounded on Tuesday, alongside a pullback in equities, finding additional support following an ECB report that indicated a possible decision to end its bond-buying programme at the 14 June meeting.
Markets now look ahead to a greater flow of data on Wednesday, highlighted by trade balance and non-farm productivity/unit labor costs. However, as has been the case for quite some time, greater attention will continue to be focused on trade developments between the US and the rest of the world, particularly given a shift in sentiment away from current Trump administration policies (particularly tariffs) with many fearing they will at best dampen growth and at worst help to trigger a premature recession.
Meanwhile, the S&P/ASX 200 index traded 0.18 percent higher at 6,024.5 by 04:05 GMT, while at 04:00GMT, the FxWirePro's Hourly AUD Strength Index remained neutral at 51.43 (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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