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Australian government bonds remained narrowly mixed during Asian session Wednesday as investors remained side-lined in any major trading activity amid lack of economically significant data. Investors will now keep a close eye on the Reserve Bank of Australia’s (RBA) monetary policy statement, scheduled to be released on August 10 by 01:30GMT for further direction in the debt market.
The yield on Australia’s benchmark 10-year Note, which moves inversely to its price, rose nearly 1 basis point to 2.67 percent, the yield on the long-term 30-year Note hovered around 3.15 percent and the yield on short-term 2-year traded 1 basis point lower 2.02 percent by 04:20 GMT.
The RBA, in its August monetary policy meeting. kept its cash rate target unchanged at 1.5 percent as widely expected and noted that "further progress in reducing unemployment and having inflation return to target is expected, although this progress is likely to be gradual".
Further to that, the central bank said that the March quarter inflation outcomes were broadly in line with the forecast in the February Statement on Monetary Policy (SoMP) and confirmed that inflation remains low but stable. The low inflation outcomes reflect spare capacity in the economy and the associated low wages growth, as well as the ongoing downward pressure on retail prices due to increased competition in the sector.
On the economic outlook, the RBA said that the forecasts are little changed from those presented in the February SoMP. Growth in the global economy has been solid. Global inflation remains low, but is expected to increase as spare capacity diminishes, particularly in some major advanced economies. Indeed, there is a risk that inflation will pick up more quickly than is currently expected, which would have implications for monetary policy decisions and financial markets.
Meanwhile, the S&P/ASX 200 index traded 0.25 percent higher at 6,216.50 by 04:25 GMT, while at 05:00GMT, the FxWirePro's Hourly AUD Strength Index remained highly bullish at 121.04 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
