New Zealand bonds close narrowly mixed in silent trading session

New Zealand government bonds closed narrowly mixed Tuesday as investors remained side-lined in any major trading activity amid a muted week that is scheduled to witness data of minor economic significance.

At the time of closing, the yield on the benchmark 10-year Treasury note, which moves inversely to its price, jumped 4-1/2 basis points to 2.83 percent, the yield on 20-year slipped 1-1/2 basis points to 3.27 percent and the yield on short-term 2-year ended 1 basis point lower at 1.97 percent.

Looking at the longer-term trends in the housing market, a softening in conditions over the past year remains apparent. Despite their recent firming, sales are still well down on levels seen over the past year. Price growth has flattened off. And the stock of available listing continues to climb.

"We expect that the housing market will continue to slow over the coming year in response to concerns about changes in government policy and pressure on borrowing rates," Westpac Research commented in its latest report.

Meanwhile, the NZX 50 index closed 0.09 percent higher at 8,433.23, while at 06:00GMT, the FxWirePro's Hourly NZD Strength Index remained highly bullish at 158.70 (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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