Bonds up after ECB inaction
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Australian bond futures prices are slightly higher, following a disappointing meeting of the European Central Bank (ECB)
At 1630 AEST on Friday, the September 10-year bond futures contract was trading at 96.975 (implying a yield of 3.025 per cent), up from 96.940 (3.060 per cent) on Thursday.
The September three-year bond futures contract was at 97.450 (2.550 per cent), up from 97.390 (2.610 per cent).
Deutsche Bank bond trader Andrew Bryan said bond prices had strengthened after the ECB failed to take decisive action at its meeting overnight.
"The meeting was disappointing, as you can see from the market reaction, but the movement's haven't been particularly big," he said.
"The rhetoric from the ECB was certainly stronger than it has been in the past, but there's the risk that politicians won't accept what they need to do.
"So we've got a muddle through approach at the moment."
With US non-farm payrolls data out on Friday night, the market would continue to be dominated by global factors, Mr Bryan said.