RBA Cuts Rate by 25 bps to 1.00% Record Low Second Month In A Row

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    The Reserve Bank of Australia cut interest rates…



    [b]Australia – CBA Markit Services PMI June 52.6 (prior 53.3)
    Australia – CBA Markit Composite June 52.5 (prior 53.1)
    These compare to earlier release Australia Services PMI 52.2 for June (prior 52.5)


    The end of the second quarter saw Australia’s service sector on a stronger footing, with business activity expanding at the fastest rate so far this year, supported by solid order book growth.

    The strengthening of demand conditions was accompanied by rising backlogs, jobs growth and greater business confidence. On the price front, cost inflation intensified, prompting firms to raise service fees


    Australian Bond Yields Hit all-time lows After Latest US China Tariffs

    Three year yields fell as much is 10 basis points to 0.73%. For perspective that is more than 25 basis points below the RBA’s 1% cash rate.

    10 year yields fell 13 basis points to 1.08%.

    Both 3 and 10yr hit all-time lows.

    For the US on Thursday,
    2 year yields fell -13.6 basis points
    10 year yields declined by -11.8 basis points to 1.8969%.
    10 year currently trading at 1.9038% while the 2 year is at 1.738%.

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