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The New Zealand bonds closed higher Friday after the country’s dairy giant Fonterra lowered global milk price forecast for 2018-19, citing increased supply in Europe and the United States ahead of the GlobalDairyTrade (GDT) price auction, scheduled to be held early next week.
At the time of closing, the yield on the benchmark 10-year note, which moves inversely to its price, slipped 1-1/2 basis points to 2.560 percent, the yield on the long-term 20-year note fell 2 basis points to 2.875 percent and the yield on short-term 2-year closed 1 basis point down at 1.655 percent.
Chair John Monaghan said the US, Europe and Argentina boosted global supply over the past quarter, while at the same time demand waned in some emerging markets. That's still higher than AgriHQ's forecast for $6.43/kgMS, reports confirmed.
"These regions have a big influence on the supply and demand balance and therefore global prices," Monaghan said in a statement.
Meanwhile, the NZX 50 index closed 0.29 percent lower at 9,313.20, while at 06:00GMT, the FxWirePro's Hourly NZD Strength Index remained slightly bearish at -81.43 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
