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Australian government bonds gained on first trading day of the week Monday following a drop in U.S. Treasury yield. Markets also await the Reserve Bank of Australia (RBA) May meeting minutes scheduled for this week.
The yield on Australia’s benchmark 10-year Note, which moves inversely to its price, fell 2 basis points to 2.772 percent, the yield on the long-term 30-year Note also dipped 4 basis points to 3.263 percent and the yield on short-term 2-year down 2 basis points to 2.007 percent by 03:30 GMT.
In the United States, Treasuries were little changed to finish off the week on Friday during a relatively quiet session light on data of great significance. With respect to data, markets were largely limited to import prices, increasing +0.3 percent m/m, +3.3 percent y/y in April and University of Michigan consumer sentiment holding unchanged at 98.8 in May.
In terms of Fed speakers, markets received commentary from St. Louis Fed President Bullard (non-voter) that indicated he saw it as unnecessary to press policy normalization to the point of inverting the yield curve since inflation and inflation expectations are either at or below target. This is not particularly new or shocking commentary from Bullard, who has reiterated this position since the dawn of time.
Markets in the U.S. now look ahead to a lighter flow of data in the week ahead, highlighted largely by retail sales data on Tuesday and housing starts/building permits on Wednesday. Additionally, markets receive a 10Yr TIPS auction on Thursday.
Meanwhile, the S&P/ASX 200 index traded 0.37 percent higher at 6,126.5 by 03:50 GMT, while at 03:00GMT, the FxWirePro's Hourly AUD Strength Index remained neutral at 36.78 (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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