AUSTRALIAN bond futures prices are slightly higher ahead of the release of the Reserve Bank of Australia's quarterly statement on monetary policy.
Westpac senior market strategist Damien McColough said it had been a relatively quiet night for the local bond market ahead of the release of the monetary policy statement at 1130 AEST.
The statement is expected to provide more insight into the RBA's decision to cut the cash rate to a record low of 2.75 per cent on Tuesday, as well as an update on its oulook for the Australian economy.
Mr McColough said the statement was likely to point to a more negative outlook compared to the previous statement in February, which would push bond prices higher.
"Bonds might be a little bit up because the statement will have a dovish tone to it," he said.
"But I don't think it will be a big move."
At 0830 AEST on Friday, the June 10-year bond futures contract was trading at 96.855 (implying a yield of 3.145 per cent), up from 96.845 (3.165 per cent) on Thursday.
The June three-year bond futures contract was at 97.450 (2.550 per cent), down from 97.440 (2.560 per cent).
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