AUSTRALIAN bond prices are higher, as the market awaits a key rates decision by the Reserve Bank of Australia (RBA), and the outcome of the US presidential election.
At 1630 AEDT on Monday, the December 10-year bond futures contract was trading at 96.920 (implying a yield of 3.080 per cent), up from 96.905 (3.095 per cent) on Friday.
The December three-year bond futures contract was at 97.420 (2.580 per cent), up from 97.410 (2.590 per cent).
Commonwealth Bank interest rate strategist Phillip Brown said a strong reading for US non-farm payrolls on Friday had failed to halt the rise upwards in global bond markets.
"The Americans had some really good employment data on Friday," he said.
"US bonds moved lower on that, but they weren't able to hold onto that move, because they were squaring up for this election on Tuesday."
Official data showed that 171,000 jobs were added to the US labour force in October, in the last reading before the election begins on Tuesday (US time).
Mr Brown said positive retail data also had little impact on the domestic bond market, which was waiting for a rate decision from the Reserve Bank of Australia (RBA) on Tuesday.
"That feeling is just dominating the market everywhere," he said.
"We had some good retail sales numbers today, but there wasn't much movement in markets, because everyone's waiting for tomorrow."
Economists are expecting the central bank to cut the cash rate by a quarter of a percentage point, bringing it to three per cent, following a cut by the same amount at its October 2 meeting.
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