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New Zealand bonds closed Monday’s session on a lower note amid a muted trading session that witnessed data of no major economic significance. Also, investors shall keep a close eye on the country’s employment report for the second quarter of this year, besides the trade balance for the month of June, both scheduled to be released on July 24 by 22:45GMT respectively.
At the time of closing, the yield on the benchmark 10-year note, which moves inversely to its price, jumped nearly 2-1/2 basis points to 2.83 percent, the yield on the long-term 20-year note also surged 2-1/2 basis points to 3.13 percent and the yield on short-term 2-year closed 1-1/2 basis points higher at 1.86 percent.
As U.S. President Donald Trump continued to pile up the heat on key trading partners, with the latest accusation of China and EU of "manipulating their currencies and interest rates lower" and renewed his threat to eventually slap up to USD500 billion of tariffs on Chinese imports. US Treasury Secretary Mnuchin reiterated the call for trade on "fair and reciprocal terms" and also warned that "there’s no question that the weakening of the currency creates an unfair advantage for them…we’re going to very carefully review whether they have manipulated the currency", which clearly raises the stakes for the next semi-annual foreign-exchange policy report in October.
Wall Street closed on a lacklustre note on Friday with the 10-year UST bond yield higher and the USD weaker on prospects of a prolonged trade and now possibly currency war. Market players will likely closely monitor China’s policy reaction, especially on the RMB front in the interim.
Meanwhile, the NZX 50 index closed 0.93 percent lower at 8,872.56, while at 06:00GMT, the FxWirePro's Hourly NZD Strength Index remained neutral at 21.15 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
