The Australian bonds slumped Wednesday, tracking softness in the U.S. counterpart. Also, broad gains in equities led to the slide in the country’s money market.
The yield on the benchmark 10-year Treasury note, which moves inversely to its price, jumped 3 basis points to 2.74 percent, the yield on 15-year note also climbed a little over 2-1/2 basis points to 3.12 percent and the yield on short-term 2-year also traded 1 basis point higher at 1.76 percent by 04:30 GMT.
After three straight weeks of falls, consumer confidence rose 1.6 percent in the week ending March 26. The four week average continued to fall, however, and is now back to early 2016 levels and close to its long run average.
The pickup in confidence was broadly based with four out five sub-indices posting gains. Households’ views of the 12-month economic outlook rose 2.7 percent last week, after a 3.3 percent fall the previous week. Consumers were also more confident regarding future economic conditions, with the index rising a solid 2.8 percent.