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The New Zealand bonds remained strongly upbeat at the time of closing Thursday after investors poured into safe-haven assets on the back of lower-than-expected gross domestic product (GDP) for the first quarter of this year, which overshadowed the interest rate hike by the United States Federal Reserve.
At the time of closing, the yield on the benchmark 10-year bond, which moves inversely to its price, plunged 7-1/2 basis points to 2.74 percent, the yield on 7-year note slumped 6-1/2 basis points to 2.64 percent and the yield on short-term 2-year note also ended 1 basis point lower at 1.95 percent.
New Zealand’s Q1 GDP rose by 0.5 percent in the March quarter, the second quarter in a row of subdued growth. The main contributors were a rebound in dairy production and strong gains in consumer spending and business investment.
Quarterly GDP growth came in substantially lower than expected. The production measure of GDP rose by 0.5 percent in the March quarter, compared to a median forecast of 0.7 percent, the Reserve Bank’s forecast of 0.9 percent, and the Treasury’s forecast of 1.1 percent.
The Fed increased the target range for the federal funds rate 25 basis points, to 1.0-1.25 percent, and released updated policy normalisation principles and plans, including the operational details on reducing securities holdings.
"We maintain our view that the Fed will announce balance sheet runoff at the September meeting and increase the federal funds target another 25 bps in December. Risks to our outlook for monetary policy include persistent weakness in inflation, which could delay the next rate hike into 2018," Barclays Research commented in its latest report.
Meanwhile, the New Zealand’s benchmark S&P/NZX 50 Index closed 0.43 percent higher at 7,516.35 while at 06:00GMT, the FxWirePro's Hourly NZD Strength Index remained neutral at 42.33 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
