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New Zealand government bonds ended Wednesday’s session on a higher note after dairy product prices declined at the overnight GlobalDairyTrade auction, sliding for the first time this year after three consecutive increases.
At the time of closing, the yield on the benchmark 10-year Treasury note, which moves inversely to its price, slipped 1/2 basis point to 2.98 percent, the yield on 20-year also edged 1/2 basis point lower to 3.48 percent while the yield on short-term 2-year closed 2 basis points lower at 1.88 percent.
The GDT price index eased 0.5 percent on Wednesday morning from the previous auction two weeks ago. The average price was USD3623 (NZD5,072) a tonne. Some 20,256 tonnes of product was sold, down from 22,197 tonnes two weeks ago. Whole milk powder eked out a 0.3 percent gain to USD3246 a tonne.
Meanwhile, the NZX 50 index closed 1.26 percent higher at 8,200.27, while at 05:00GMT, the FxWirePro's Hourly NZD Strength Index remained neutral at 9.80 (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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