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New Zealand government bonds closed flat Wednesday after dairy prices slipped further in the latest GlobalDairyTrade (GDT) price auction, held overnight as an influx of supply from the country curbed buying.
At the time of closing, the yield on the benchmark 10-year Treasury note, which moves inversely to its price, hovered around 3.04 percent, the yield on 20-year flattened at 3.56 percent and the yield on short-term 2-year closed 1 basis point higher at 1.97 percent.
The Global Dairy Trade Price index fell 0.6 percent, with an average selling price of $3,593 per tonne, said auction platform GDT Events. The index had edged down 0.5 pct at the previous sale, snapping three consecutive auctions of gains. Whole milk powder (WMP), the most widely traded item, fell 0.8 percent after New Zealand dairy giant Fonterra increased the amount of powder on offer, though that was still a better result than the 2.5 percent drop expected by derivatives markets.
New Zealand, the world's largest dairy exporter, had suffered from curbed supply caused by unusually dry weather late last year, which had pushed up prices. Wetter weather in recent weeks led to a more favorable outlook for supply, which meant further price gains were likely to be muted.
Meanwhile, the NZX 50 index closed 0.58 percent higher at 8,327.66, while at 06:00GMT, the FxWirePro's Hourly NZD Strength Index remained highly bullish at 139.32 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
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