The Australian bond market is firmer after weak European economic growth figures encouraged a move to safe haven assets.

Gross domestic product (GDP) for the 18 nation euro zone grew by 0.2 per cent in the March quarter, well short of market expectations of 0.4 per cent growth.

St George chief economist Besa Deda said there wasn’t much to lift the mood of financial markets overnight.

“Risk aversion took hold overnight,” she said.

“Eurozone GDP disappointed, the European Central Bank downgraded its inflation forecasts, and Greece was rumoured to be planning to tax foreign bondholders.”

At 0830 AEST on Friday, the June 2014 10-year bond futures contract was trading at 96.290 (implying a yield of 3.710 per cent), up from 96.245 (3.755 per cent) on Thursday.

The June 2014 three-year bond futures contract was at 97.180 (2.820 per cent), up from 97.160 (2.840 per cent).