Australian bonds have opened lower after the Reserve Bank of Australia (RBA) kept its official interest rate on hold.
At 0830 AEDT on Wednesday, the March 10-year bond futures contract was trading at 95.965 (implying a yield of 4.035 per cent), down from 96.015 (3.985 per cent) on Tuesday.
The March three-year bond futures contract was at 96.490 (3.510 per cent), down from 96.530 (3.470 per cent).
ICAP senior economist Adam Carr said the bond market had re-adjusted slightly after the strong sell-off sentiment which followed the RBA decision on Tuesday.
"There shouldn't be anything too major today, but in the context of yesterday's major news flow," he said we saw a very aggressive sell-off after the RBA decision".
"But I don't imagine we'll see much more. Yields could tick up a bit, but nothing major."
An absence of major domestic or global data would help the market remain quiet on Wednesday, Mr Carr said.
On Tuesday, the RBA surprised the market with its decision to keep the cash rate on hold at 4.25 per cent.
The market had been expecting a 25-basis-points cut.
In Europe, news of a further delay in the Greek debt crisis resolution would not weigh too heavily on sentiment, according to Mr Carr.
"People are very tired of hearing about Greece, and you can see that in market moves," he said.
"After they announced another delay, the market barely reacted, although when they announced that they had a final draft to discuss, that buoyed sentiment a bit."
Overnight, Greece announced it was unable to go through with a meeting on an austerity package.
