The Australian bond market has opened weaker in quiet trade as the market awaits the release of the minutes of the Reserve Bank of Australia's (RBA) last board meeting.
At 0830 AEDT on Monday, the March 10-year bond futures contract was trading at 96.485 (implying a yield of 3.515 per cent), down from 96.500 (3.500 per cent) on Friday.
The March three-year bond futures contract was at 97.130 (2.870 per cent), down from 97.140 (2.860 per cent).
Westpac interest rate strategist Tim Jung said both the Australian and US bond markets were trading in a tight range with very little economic news to drive price action.
"The US market on Friday night didn't give us any real indications," he said.
"There's no real trends in play, so we're expecting a quiet start to the week."
The highlights of the week include the release on Tuesday of the minutes of the central bank's February board meeting and RBA governor Glenn Stevens' testimony to a parliamentary committee on Friday.
"Hopefully, with RBA minutes on Tuesday and Governor Stevens speaking on Friday we might get a little bit more direction," Mr Jung said.
