Gold Falls Below $4,000 as Strong Dollar and Fed Rate Hike Expectations Weigh on Prices 
Asian Markets Rally as Micron and Qualcomm AI Outlook Lifts Global Tech Stocks 
Japan Manufacturing Growth Accelerates in June as Orders Surge Despite Iran War Cost Pressures 
Oil Prices Drop as Middle East Supply Recovery Eases Market Concerns 
Malaysia Central Bank Moves to Support Ringgit Amid Foreign Fund Outflows 
US Dollar Climbs to One-Year High as Fed Rate Hike Expectations Surge 
South Korea Remains MSCI Emerging Market Despite Reform Progress 
Wall Street Ends Mixed as Tech Stocks Struggle Ahead of Micron Earnings 
Japan Signals Preference for Low Interest Rates as BOJ Policy Debate Intensifies 
Australian government bonds remained flat during Asian session Friday amid a muted trading day that witnessed data of little economic significance. Investors will now remain focussed on the United States’ gross domestic product (GDP) for the second quarter of this year, scheduled to be released today by 12:30GMT for further direction in the debt market.
The yield on Australia’s benchmark 10-year note, which moves inversely to its price, slipped nearly 1 basis point to 1.232 percent, the yield on the long-term 30-year bond traded flat at 1.893 percent and the yield on short-term 2-year hovered around 0.884 percent by 04:55GMT.
US equity market retreated from a record high on mixed earnings report. The ECB was the main focus as it kept its benchmark interest rate unchanged but signalled that monetary stimulus may come. However, the outgoing President Draghi voiced concerns saying that the “outlook is getting worse and worse”, OCBC Treasury Research reported.
Regarding the U.S. Q2 GDP, consensus expectations are for a slowdown to 1.8 percent from 3.1 percent, the prior quarter. However, consensus also expect that personal consumption growth could pick-up to 4.0 percent from 0.9 percent in Q1 2019, the report added.
Meanwhile, the S&P/ASX 200 index remained tad 0.23 percent higher at 6,735.50 by 05:00GMT.
