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SYDNEY, Dec 3 Asia Pulse - The Australian bond market opened marginally firmer today after US Federal Reserve chairman Ben Bernanke indicated another US interest rate cut was likely.
At 0830 AEDT, the yield on the Commonwealth Government February 2017 bond was 5.970 per cent, down from Friday's close of 5.995 per cent, while the August 2010 bond was at 6.470 per cent, down from Friday's close of 6.490.
On the Sydney Futures Exchange, the December 10-year bond futures contract price was at 94.035, up from Friday's close of 93.990, while the December three-year contract price was at 93.590, up from 93.560.
ANZ market strategist Patricia Gacis said Australian bond yields fell slightly, in line with US Treasury yields, after Dr Bernanke delivered a speech on Thursday night which suggested a 25 basis-point cut to the US federal funds rate was more likely than unlikely.
Dr Bernanke told the regional Charlotte Chamber of Commerce the US Federal Reserve was watching credit market turbulence closely.
The US central bank's Federal Open ...