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The Australian bonds jumped at the start of the trading week Monday as investors are hoping for a tad lower reading of the country’s consumer price-led inflation index (CPI) for the second-quarter of this year, scheduled to be released on July 26. Also, the Reserve Bank of Australia (RBA) Governor Philip Lowe’s speech, due on the same day will add further direction to the debt market.
The yield on the benchmark 10-year Treasury note, which moves inversely to its price, slumped nearly 3-1/2 basis points to 2.68 percent, the yield on 15-year note also plunged 3-1/2 basis points to 2.98 percent and the yield on short-term 2-year traded 1-1/2 basis points lower at 1.84 percent by 04:00 GMT.
Australia's core inflation rate is expected to have stayed below target for a sixth straight quarter through April-June, a reminder of just why interest rates in the country are at record lows and set to remain there for months to come, Nasdaq reported.
Analysts polled by Reuters forecast consumer prices (CPI) rose around 0.4 percent in the second quarter, from the first, which would nudge the annual pace up a tick to 2.2 percent. Analysts estimate underlying inflation rose around 0.5 percent in the quarter, which would keep the annual pace stuck around 1.75 percent.
"We expect the Q2 CPI to confirm that inflationary pressures have stabilised, although we continue to see only a very gradual lift from here. Indeed, on our forecasts, core inflation is set to remain below 2 percent until late 2018," the report said, citing, Jo Masters, Senior Economist, ANZ Research.
Meanwhile, the ASX 200 index fell 0.35 percent to 5,621.50 by 04:10GMT, while at 04:00GMT, the FxWirePro's Hourly AUD Strength Index remained neutral at -40.35 (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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