Aust bonds firm after weak housing data AUSTRALIAN bond futures prices rose after building approvals for March fell to their lowest level in seven months. Approvals for the construction of new homes were down 5.5 per cent nationally in March, according to Australian Bureau of Statistics data released on Thursday. CMC Markets chief market strategist Michael McCarthy said there was a big reaction to the data as expectations increased for an interest rate cut by the Reserve Bank of Australia, which was weighing on market sentiment. "It looks like we're in the grip of rate-cut mania," he said. I think too, with the European Central Bank meeting tonight, there's a lot of talk about a rate cut there. At 1630 AEST on Thursday, the June 10-year bond futures contract was trading at 96.970 (implying a yield of 3.030 per cent), up from 96.900 (3.100 per cent) on Wednesday. The June three-year bond futures contract was at 97.490 (2.510 per cent), up from 97.430 (2.570 per cent). Mr McCarthy said markets would be focusing on Friday night's release of non-farm payroll data for April, the key measure of US employment growth.