Australia 10-Year Bond Yield Hits 4-Month High
On Thursday, Australia's 10-year government bond yield ascended to approximately 4.59%, reaching its highest point in four months. This increase followed unexpectedly strong labor market data. In April, the Australian economy created 89,000 jobs, significantly surpassing the anticipated 20,000 and exceeding March's upwardly revised figures of 36,400. Meanwhile, the unemployment rate remained stable at 4.1%, consistent with forecasts. Additionally, data released on Wednesday indicated stronger-than-expected wage growth. These developments suggest that Australia's labor market remains robust, reducing the immediacy for the Reserve Bank of Australia to cut interest rates in the near future. The recent de-escalation of trade tensions between the US and China has also alleviated global recession fears, diminishing the necessity for aggressive monetary policy adjustments domestically. Nevertheless, markets anticipate a 25 basis point reduction in the central bank's 4.10% cash rate in the upcoming week.
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