THE Australian bond market has opened firmer, tracking the move in US Treasuries during the offshore session.
Weak US retail sales and consumer confidence data, coupled with a negative finish for US stocks on Wall Street, prompted investors to pour into US Treasuries during Friday night's (AEST) session and Australian bond futures contracts followed suit.
At 0830 AEST on Monday, the June 10-year bond futures contract was trading at 96.755, implying a yield of 3.245 per cent, up from Friday's close of 96.700 (3.300 per cent).
The June three-year bond futures contract was at 97.280 (2.720 per cent), up from 97.220 (2.780 per cent) previously.
"US Treasuries rallied in the belly and long end of the curve on Friday night, following weaker-than-expected data," ANZ said in a research note.
"Australian bond futures also rallied, outperforming US Treasuries at the short end of the curve."
US retail sales fell 0.4 per cent in March, well below market expectations of an 0.1 per cent decline.
Also, a closely watched private sector survey of US consumer confidence surprisingly tumbled to a nine-month low.
In economics news on Monday, the Australian Bureau of Statistics will release housing finance figures for February.
Chinese industrial production, gross domestic product and retail sales figures are also due for publication on Monday.
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