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Australia, NZ dollars play defence with bonds under siege
SYDNEY: The Australian and New Zealand dollars remained on the back foot on Tuesday as markets priced in an imminent US rate hike and more to come later, sending Aussie bond yields barrelling to fresh 15-year highs. Pressure on global bond markets was intense as Australian 10-year yields spiked 11 basis points (bps) to 5.394%, bringing the increase for the year so far to 60 bps. Yields on New Zealand’s 10-year paper have climbed 24 bps in just two sessions to reach 5.043%, peaks not seen since late 2023. Short-term swap rates have also surged, tightening financial conditions in the economy at ...
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