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The New Zealand government bonds gained at the time of closing Wednesday as the country’s rate of unemployment unexpectedly rose during the fourth quarter of 2016. Also, China, Hong Kong and Malaysian markets remain closed on account of Lunar New Year holidays that further lent a slight dull sentiment towards trading.
The yield on the benchmark 10-year bond, which moves inversely to its price, fell 1 basis point to 3.38 percent at the time of closing, the yield on 7-year note also dipped nearly 1 basis point to 3.00 percent and the yield on short-term 2-year note too trickled 1 basis point to 2.32 percent.
The unemployment rate rose to 5.2 percent in the December quarter, against analysts’ expectations for a small fall. The December quarter saw firm growth in employment and hours worked, slightly better than expectations. Wage inflation remained muted, as expected. However, today’s data have limited implications for the Reserve Bank of New Zealand (RBNZ).
Lastly, the RBNZ is expected to hold its first monetary policy meeting of 2017 on February 9. It is widely expected to maintain the official cash rate (OCR) at a historic low of 1.75 percent amid stronger than expected lift in inflation was more broad-based than widely anticipated.
Meanwhile, the New Zealand’s benchmark S&P/NZX 50 Index closed 0.07 percent higher at 7,055.50, while at 5:00 GMT, the FxWirePro's Hourly NZD Strength Index remained neutral at -58.40 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
