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The New Zealand bonds ended lower on Thursday after the country’s gross domestic product (GDP) for the second quarter of this year, rose above market expectations, lending a weaker tone to debt prices.
At the time of closing, the yield on the benchmark 10-year note, which moves inversely to its price, jumped 2 basis points to 2.633 percent, the yield on the long-term 20-year note rose 1/2 basis point to 2.955 percent and the yield on short-term 2-year closed nearly 1 basis point higher at 1.740 percent.
The New Zealand economy fared substantially better in the June quarter, with a 1 percent rise in GDP following gains of 0.5-0.6 percent in each of the previous three quarters. Growth is still some way off the peaks seen in 2015-16, when the economy regularly grew by 1 percent or more each quarter. But the latest figures will help to soothe any concerns that the economy is heading into a slump, Westpac Research reported.
The June quarter result was ahead of the median market forecast of 0.8 percent growth, and even beat Westpac’s 0.9 percent forecast which was at the upper end of the range. What’s more, the details show that the growth was widespread across industries, with one-off gains playing less of a role than was expected. This bodes well for the sustainability of GDP growth over the second half of the year.
Meanwhile, the NZX 50 index closed 0.17 percent higher at 9,360.87, while at 07:00GMT, the FxWirePro's Hourly NZD Strength Index remained neutral at 59.10 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
