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AUSTRALIAN BOND MARKET OPENS FIRMER - JULY 3, 2006.
SYDNEY, July 3 Asia Pulse - The Australian bond market opened firmer today, following a strong US Treasuries session on Friday night as expectations for further US interest rate hikes dwindle.
At 0900 AEST, the yield on the Commonwealth Government April 2015 bond was 5.747 per cent from 5.770 per cent at Friday's close and the yield on the August 2008 bond was 5.755 per cent from 5.775 per cent.
On the Sydney Futures Exchange, the September 10-year futures contract price was at 94.235 from Friday's close of 94.215 while the September three-year contract price was at 94.230 from 94.210.
National Australia Bank (NAB) analysts said the rally in US Treasuries continued Friday night in the wake of the dovish US Federal Reserve (Fed) statement.
"Expectations for an August rate hike continue to dwindle, the September Fed Fund futures drifting back to an implied chance of an August hike around 65 per cent," NAB said.
Also a good inflation outcome for the core PCE deflator helped buoy the bond market, they said.
"A sigh of relief must have been audible through the halls of the ...
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