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AUSTRALIAN BOND MARKET OPENS FIRMER - SEPT 1, 2008.
SYDNEY, Sept 1 Asia Pulse - The Australian bond market has opened marginally firmer as dealers await the Reserve Bank of Australia's (RBA) interest rate decision tomorrow.
At 0830 AEST, the yield on the Commonwealth Government March 2019 bond was at 5.577 per cent, down from Friday's close of 5.743 per cent, while the June 2011 bond was at 5.642 per cent, unchanged from Friday's close.
On the Sydney Futures Exchange, the September 10-year bond futures contract was at 94.265, down from Friday's close of 94.280, while the September three-year contract was at 94.355, up from Friday's close of 94.350.
Westpac senior markets strategist Damien McColough said the local bond market was biding its time ahead of the central bank's board meeting tomorrow.
All of 17 economists surveyed by AAP expect the central bank to cut the official cash rate when the board meets tomorrow, and announces its decision at 1430 AEST.
The RBA is widely expected to cut interest rates by 25 basis points to seevn per cent, from 7.25 per cent.
"The RBA is the most important thing," he said.
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