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Australian government bonds slightly gained during Asian trading session Friday following disappointment in the country’s producer price inflation (PPI) data for the first quarter of this year, which added to hopes of a rate cut by the Reserve Bank of Australia (RBA) over the coming months.
The yield on Australia’s benchmark 10-year note, which moves inversely to its price, edged tad lower to 1.793 percent, the yield on the long-term 30-year bond slipped 1 basis point to 2.431 percent and the yield on short-term 2-year hovered around 1.330 percent by 04:50GMT.
Global risk appetite may take a breather today. Overnight, both the S&P500 and 10-year UST bond yield (2.53 percent) was little changed, OCBC Treasury Research reported.
US-Japan trade talks have begun in hope of an “early” agreement, but Japanese Finance Minister Aso opined that “we can’t agree to any talk of linking currency and trade policy”. Meanwhile, North Korean’s Kim Jong Un hinted at US’ bad faith at the second summit with Trump.
Asian markets may tread water today, awaiting for further cues from US’ Q1 GDP print tonight, the report added.
Meanwhile, the S&P/ASX 200 index traded tad lower at 6,362.50 by 04:55GMT, while at 04:00GMT, the FxWirePro's Hourly AUD Strength Index remained highly bearish at -173.80 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
