Australian bond futures prices are slightly higher in quiet Christmas holiday period trade.

National Australia Bank senior currency strategist Emma Lawson says there is very little to drive price movements on Australian and US bond markets.

“Another very quiet day is expected today, after yesterday’s inactivity,” she said.

“Balance sheet rebalancing continues and is likely to contribute to sudden, odd seeming, moves but there is likely little informational value in these.”

At 0830 AEDT on Tuesday, the March 2014 10-year bond futures contract was trading at 95.785 (implying a yield of 4.215 per cent), up from 95.770 (4.230 per cent) on Monday.

The March 2014 three-year bond futures contract was at 96.990 (3.010 per cent), up from 96.960 (3.040 per cent).

Ms Lawson said manufacturing data from the Chicago purchasing managers’ index (PMI) for December may give markets some direction when it is released on Tuesday night, Australian time.