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Australian government bonds remained flat during Asian trading session Wednesday amid a silent trading session that witnessed data of little economic significance as investors attempt to re-gain their lost positions owing to weaker risk appetite as the United States and China engaged themselves in a trade war tussle.
The yield on Australia’s benchmark 10-year note, which moves inversely to its price, hovered around 1.644 percent, the yield on the long-term 30-year bond steadied at 2.289 percent while the yield on short-term 2-year slumped 4 basis points to 1.198 percent by 03:55GMT.
Global risk sentiments received a short reprieve as the US granted Huawei a 90-day relief period for certain US broadband companies using their equipment. Wall Street rose overnight, with the UST bond yields higher amid a bear-flattening bias on the back of slightly easing trade tensions while quickly digesting the OECD downgrade of 2019 global growth forecast from 3.3 percent to 3.2 percent, OCBC Daily Treasury Outlook reported.
Fed’s Bullard opined that the central bank may have “slightly overdone it” by hiking rates in December and “if anything we are a little restrictive”, but “I was pleased that the committee pivoted”, the report added.
Meanwhile, the S&P/ASX 200 index remained flat at 6,507.5 by 04:05GMT, while at 04:00GMT, the FxWirePro's Hourly AUD Strength Index remained neutral at -35.21 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
