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AUSTRALIAN BOND MARKET OPENS WEAKER - JUNE 1, 2006.
SYDNEY, June 1 Asia Pulse - The Australian bond market opened weaker, mirroring US Treasuries, which were sold-off following upbeat economic data and hawkish US Federal Reserve minutes.
At 0900 AEST the yield on the Commonwealth Government April 2015 bond was 5.747 per cent from yesterday's close at 5.705 and the yield on the August 2008 bond was at 5.715 per cent from 5.685.
On the Sydney Futures Exchange, the June 10-year bond futures contract price was at 94.245 from yesterday's close at 94.280 while the June three-year bond futures contract price was at 94.270 from 94.300.
ANZ senior interest rate strategist Sally Auld said US bond yields rose in overnight trading due to stronger than expected economic data, lack of month-end support and the Federal Open Market Committee (FOMC) May policy minutes.
A surprisingly strong reading of Midwest manufacturing showed economic growth is not slowing as much as analysts have been predicting.
The Chicago May purchasing management index was 61.5, well above economists' forecasts of 56.0 and up from 57.2 in April.
The release of the FOMC minutes exacerbated the sell-off.
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