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The New Zealand bonds ended on the upside after the Reserve Bank of New Zealand (RBNZ) remained unchanged in its monetary policy decision, revealed early today while maintaining a balanced outlook of the economy.
At the time of closing, the yield on the benchmark 10-year bond, which moves inversely to its price, slumped 3-1/2 basis points to 2.75 percent, the yield on 7-year note plunged 3 basis points to 2.66 percent and the yield on short-term 2-year note traded 2-1/2 points lower at 1.96 percent.
Initial and continuing jobless claims continue to signal healthy labor markets. For the week ending June 17, initial jobless claims edged higher to 241 (+3k), rising a little more than expected 240k. This takes the four-week moving average to 245k, in line with levels recorded in early April of this year. Continuing claims for the week ending June 10 edged higher to 1944k from an upwardly revised 1936k.
Yesterday, the RBNZ once again left the Official Cash Rate (OCR) unchanged at 1.75 percent. As expected, the RBNZ seems to have taken developments over the last six weeks as neutral for monetary policy, and today’s statement ended on the same note as the last several statements: "Monetary policy will remain accommodative for a considerable period. Numerous uncertainties remain and policy may need to adjust accordingly".
Meanwhile, the New Zealand’s benchmark S&P/NZX 50 Index closed 0.13 percent lower at 7,553.64 while at 06:00GMT, the FxWirePro's Hourly NZD Strength Index remained neutral at 18.24 (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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