The Australian dollar rose to US66.12¢, inching closer to a peak of US66.67¢ touched earlier this month, after a strong job report. It had already rallied after the Federal Reserve surprised some by keeping its three rate cut projections this year when traders had speculated fewer moves. The $A is now up 0.3 per cent on the day. Bond yields rallied with the three-year government rate up 5 basis points to 3.68 per cent and the 10-year also rose 5 basis points to 4.09 per cent.
Three-year futures retreated 6 basis points to 96.35 as traders pared back expectations of rate cuts by the Reserve Bank. They imply a 66 per cent chance of a move in August, from 80 per cent before the report. They remain fully priced for lower rates in September but reduced the total amount of cuts for the year to 37 basis points, from 45 basis points. This would still be equivalent to one rate cut in 2024 and a strong probability of a follow up move by Christmas.
Source: Financial Digest (financialdigest.net)
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