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Australia Australia, New Zealand dollars edge up as RBA says to buy more bonds

09:15  04 august  2020
09:15  04 august  2020 Source:   reuters.com

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Learn More . ANZ:AUASE. Australia & New Zealand Banking Group Ltd. Aussie Bonds Await RBA ’s Return as Yields Edge Up on Supply. Australia and New Zealand Banking Group Limited is an international bank with activities in general banking , mortgage and installment lending, life

The Australian and New Zealand dollars had their backs to the wall on Wednesday as the mounting economic toll of the coronavirus drove funds to safe Markets still think it highly unlikely the Reserve Bank of Australia ( RBA ) would act as soon as its next policy meeting on March 3, but futures <0#YIB

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SYDNEY (Reuters) - The Australian and New Zealand dollars edged higher on Wednesday as progress on a COVID-19 vaccine buoyed U.S "The long end is extremely attractive on an FX hedged basis - the pick up over foreign bonds is at or near record wides thanks to falling AUD hedge costs."

a necklace with a dark background: New Zealand and Australia one dollar coins are seen in a picture illustration © Reuters/David Gray New Zealand and Australia one dollar coins are seen in a picture illustration

By Wayne Cole

SYDNEY (Reuters) - The Australian and New Zealand dollars edged higher on Tuesday and bonds got a boost after the Reserve Bank of Australia (RBA) said it would again step into the market to buy government debt to keep yields down near its target.

The Aussie dollar inched up to $0.7134 , though remains short of a 17-month peak of $0.7227 touched last week. Immediate support comes in around $0.7077 and $0.7040. The kiwi dollar firmed to $0.6617 , again short of a recent seven-month top of $0.6716. Support lies at $0.6575 and $0.6504.

The RBA surprised nobody by keeping rates steady at 0.25% at its August policy meeting, but did please debt traders by announcing it would buy bonds on Wednesday in the first purchase in months.

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Australian Bonds Rally as RBA Lays Out Roadmap for Rate Cuts, QE. Still, investors have reason to question whether the RBA will limit itself to government bonds if it’s forced to The debt- buying programs of the European Central Bank have mutated since the initial foray in 2010, expanding to

Hedge funds are resuming bearish bets on the kiwi as the Reserve Bank of New Zealand ’s Aug. A month later traders were scrambling to keep up with a rout in the currency after it slashed its 7: RBA statement on monetary policy, Australia home loans, Japan labor cash earnings and household

Back in March, the bank committed to buying as many bonds as needed to keep three-year yields near 0.25%. Since then it has rarely had to act, but yields have drifted a little higher in the last few weeks.

"Given this, tomorrow the Bank will purchase AGS in the secondary market to ensure that the yield on 3-year bonds remains consistent with the target," RBA Governor Philip Lowe said. "Further purchases will be undertaken as necessary."

In response, three-year bond futures firmed 2 ticks to 99.720, while the 10-year contract rose 3 ticks to 99.1550.

The RBA also reiterated that the COVID-19 economic downturn had not been as severe as first feared, but cautioned the new lockdown in Victoria state would have a major impact on growth.

Domestic data out on Tuesday showed retail sales had bounced again in June, but volumes were still down a steep 3.4% for the second quarter as a whole in the second largest drop on record.

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(Bloomberg) -- Australia ’s central bank staff will be working around the clock to factor in the latest After an initial flurry of activity -- injecting liquidity, cutting rates, setting the yield target and buying Friday’s release “will be one of the most eagerly anticipated RBA publications of this year,” said Josh

Australia ’s central bank joined the international fold with the announcement it will enter the By targeting a flat yield curve over three years, the RBA is hoping to put more cash into the pockets of What Bloomberg’s Economists Say “The RBA ’s response to the growing economic and financial

The outlook has been further darkened by the tightening lockdown which will hammer the service sector even as it fuels online spending.

"We estimate the total potential hit to GDP will be at least A$10 billion ($7.13 billion), or more than 2% of national quarterly GDP; and probably closer to $16 billion, or 3.5% of GDP," said UBS economist George Tharenou.

"There is downside risk to the outlook."

That in turn will eat into tax revenue and likely prompt yet more stimulus spending, so lifting the already massive A$240 billion of bonds the government plans to sell in 2020/21.

(Editing by Lincoln Feast.)


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