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New Zealand bonds closed higher Wednesday as investors have largely shrugged-off the improvement in global dairy prices, albeit still in red, at the country’s latest GlobalDairyTrade (GDT) price auction, held overnight.
At the time of closing, the yield on the benchmark 10-year note, which moves inversely to its price, slid 1 basis point to 2.89 percent, the yield on the long-term 20-year note also slipped 1 basis point to 3.21 percent and the yield on short-term 2-year closed 1-1/2 basis points lower at 1.85 percent.
Global dairy prices dropped for the ninth time in 11 auctions last night, with the GDT price index falling 1.7 percent. The average price was US$3,222 a tonne. Some 25,454 tonnes of product was sold, down from 26,519 tonnes two weeks ago. However, it's not all bad news, as whole milk powder gained 1.5 percent.
"Ahead of the event, the NZX Dairy Derivatives market had expected a flat result for butter prices. This decline places Oceania as the cheapest source for butter," Otago Daily Times reported, citing Amy Castleton, AgriHQ dairy analyst.
Meanwhile, the NZX 50 index closed 0.37 percent lower at 8,946.10, while at 06:00GMT, the FxWirePro's Hourly NZD Strength Index remained neutral at 54.23 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
