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The New Zealand bonds ended the session higher Monday after investors poured into safe-haven assets, following acting Prime Minister Bill English’s comments that it could take until the end of the week to confirm the country’s next government following an inconclusive election last month.
At the time of closing, the yield on the benchmark 10-year Treasury note, which moves inversely to its price, fell 1 basis point to 2.94 percent, the yield on 7-year note also slipped 1 basis point to 2.94 percent and the yield on short-term 2-year too ended a basis point lower at 2.06 percent.
The country has been in political limbo since Sept. 23 when neither the National Party, which has led the government since 2008 nor the Labour Party, won enough seats to form a government. That left the nationalist New Zealand First Party in a position to determine the next government and leader Winston Peters spent five days last week holding negotiations with both major parties.
The political uncertainty has knocked 2.2 percent off the New Zealand dollar since the vote last month and recent surveys have shown it is weighing on business sentiment and economic activity. Growth in New Zealand’s services sector slipped in September as the inconclusive election hit sales activity, a survey showed on Monday.
NZ First’s policies are more aligned with those of Labour - both favors curbing immigration and foreign ownership, renegotiating certain trade deals and changes to the central bank’s approach to monetary policy, Reuters reported.
Meanwhile, the NZX 50 index closed 0.02 percent higher at 8,090.73, while at 05:00GMT, the FxWirePro's Hourly NZD Strength Index remained slightly bullish at 86.80 (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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