Global government bond yields moved higher in July as stronger US economic data and diminishing global trade concerns saw investors favour shares. Chinese government bond yields were the notable exception with yields drifting lower given hopes for a further easing in monetary policy by China’s central bank.
Australia’s economic data releases have been generally positive with strong jobs growth as well as a revival in consumer sentiment and home building approvals. However Australia’s mild annual inflation at 2.1 % for the June 2018 quarter indicates that consumer price pressures are constrained. The RBA kept the cash interest rate on hold at 1.5 % in July.
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