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Australian bonds slumped Tuesday on expectations of a hawkish monetary policy statement from the Reserve Bank of Australia (RBA) while keeping its benchmark interest rate unchanged at 1.50 percent.
The yield on the benchmark 10-year Treasury note, which moves inversely to its price, rose 2basis points to 2.559 percent, the yield on the long-term 30-year note rose nearly 1 basis point to 3.359 percent and the yield on short-term 2-year jumped over 2 basis points to 1.792 percent by 02:10 GMT.
According to the recent Reuters poll of economists, The RBA is seen to keep its official cash rate at a record low steady at its monthly policy meeting on Monday. Out of 48 economists polled by Reuters, 47 forecast the central bank would stand pat at its policy. While the majority predicted the RBA would leave rates steady until the mid-2018, 31 of the 44 economists predict that it would hike by Q4-2018, against one who expects an easing.
The RBA eased twice last year but has since held steady as it balances the risk of fuelling further borrowing in the country's red-hot property market against tepid inflation.
In the United States, Treasuries saw modest gains across the curve during a relatively quiet session light on data of great significance. With respect to Fed speakers, markets received commentary by San Francisco Fed President Williams (non-voter 2017, voter 2018) and New York Fed President Dudley (voter, retiring 2018). Overall, Williams continued to support the Fed maintaining its path of gradual tightening (with the next move coming in December, followed by another 75bps in 2018), alongside continued support from Dudley.
Additionally, markets receive 3-year Note, 10-year Note and 30-year Bond auctions on Tuesday, Wednesday and Thursday, respectively.
Meanwhile, the S&P/ASX 200 index traded 0.36% higher at 5,979.5 by 02:10 GMT, while at 02:00GMT, the FxWirePro's Hourly AUD Strength Index remained slightly bearish at -93.28 (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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