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The New Zealand bonds closed mixed Wednesday, following a subdued trading week that releases data of less economic significance. However, a heavy sell-off in the global bond market has limited the slight losses in yields.
At the time of closing, the yield on the benchmark 10-year bond, which moves inversely to its price, fell 1 basis point to 2.81 percent, the yield on 7-year note also slipped 1 basis point to 2.71 percent while the yield on short-term 2-year note ended 4-1/2 basis points higher at 2.01 percent.
Remarks from the European Central Bank Governor Mario Draghi were seen as signalling a change in its super-easy policy stance. He added that any change in the bank’s stance, which includes sub-zero rates and massive bond purchases, should be gradual.
"The NZD/USD underperformed overnight despite the USD depreciating against most in the G10. A further unwinding of long positions could see the move extend lower," Financial Express reported, citing Con Williams, Economist, ANZ Research.
Meanwhile, the New Zealand’s benchmark S&P/NZX 50 Index closed nearly flat at 7,642.49 while at 05:00GMT, the FxWirePro's Hourly NZD Strength Index remained neutral at -63.55 (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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