Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
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The New Zealand government bonds closed slightly higher as investors covered previous short positions at the end of the trading session on Thursday.
The yield on the benchmark 10-year bond, which moves inversely to its price, closed 1/2 basis point lower at 3.22 percent, the yield on 7-year note dipped nearly 1 basis point to 2.82 percent and the yield on 5-year note also slid nearly 1 basis point to 2.21 percent.
Moreover, the Kiwi bonds have been closely following developments in oil markets because of their impact on inflation expectations, which are well below the Reserve Bank of New Zealand's target. Crude oil prices rallied after OPEC agreed to output cuts in OPEC ministerial gathering at Vienna yesterday. The International benchmark Brent futures rose 1 percent to $52.33 and West Texas Intermediate (WTI) jumped 0.79 percent to $49.83 by 04:40 GMT.
The Organization of the Petroleum Exporting Countries (OPEC) has agreed to cut production by roughly 1.2 Mb/d to 32.5, which equates to a 4.5-4.6 percent cut per member country. We believe the outcome is consistent with our view of what OPEC production levels were expected to be in 2017 irrespective of the deal reached yesterday, reported Barclays in its research note.
In other words, the meeting is highly unlikely to substantially affect the oil market balance. Compared with our assessment of OPEC supply last month, we have adjusted our first-quarter of 2017 production estimate lower by 350 kb/d, which will result in a slightly steeper draw than our balances were forecasting, they added.
On Wednesday, the RBNZ in its Financial Stability report mentioned that the country’s financial system is sound but continues to face risks and the banking system has strong capital and funding buffers, profits remain high. The central added that the financial markets have remained volatile due to political uncertainty and house price inflation in Auckland has softened but it is uncertain if it will be sustained.
Also, in the press conference, Governor Graeme Wheeler said that the RBNZ will hold its policy rate steady for the foreseeable future to curb property bubble. Also, added that the December consumer inflation to revive, rising above 1 percent mark.
Meanwhile, the New Zealand’s benchmark S&P/NZX50 Index closed up 35.79 points to 6,932.74. While at 05:00 GMT, the FxWirePro's Hourly New Zealand Dollar Strength Index steadily approaches bullish trend, currently at +73.37 (higher than +75 represent a bullish trend).
