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The New Zealand bonds plunged Monday as investors wait to watch the Reserve Bank of New Zealand (RBNZ) Governor Graeme Wheeler’s speech, alter this week amid a muted trading session.
At the time of closing, the yield on the benchmark 10-year bond, which moves inversely to its price, jumped 3-1/2 basis points to 2.86 percent, the yield on 7-year note also climbed 3-1/2 basis points to 2.74 percent while the yield on short-term 2-year note traded 1 basis point lower at 1.96 percent.
In New Zealand’s latest 2017 Budget, unveiled today by the country’s MoF, the Government has introduced a Family Incomes Package to support those on lower and middle incomes. This includes an adjustment to tax thresholds, an increase in Working for Families, as well as increases in accommodation support. Spending is being increased in a range of areas, including public and social services, as well as much needed infrastructure investment.
Meanwhile, the New Zealand’s benchmark S&P/NZX 50 Index closed 0.39 percent lower at 7,412.74 while at 05:00GMT, the FxWirePro's Hourly NZD Strength Index remained neutral at 71.59 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
