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The New Zealand government bonds slumped Tuesday after data showed that the country’s housing prices rose at the fastest pace in ten months. Also, investors await the GlobalDairyTrade (GDT) Price Index figure, which is scheduled to be released on September 6.
The yield on the benchmark 10-year bond, which moves inversely to its price, rose 2-1/2 basis points to 2.335 percent, the yield on 7-year note also jumped 2-1/2 basis points to 2.040 percent and the yield on 5-year note climbed 1 basis point to 1.905 percent by 4:00 GMT.
In terms of recent economic data release, New Zealand’s August QV house prices increased 14.6 percent y/y, from +14.1 percent in July. Prices were up 6 percent in the past 3 months, while Auckland house prices rose +15.9 percent y/y and +6.1 percent in the past 3 months. The strong performance of housing prices has been thought to be a constraint on RBNZ easing.
In addition, the trading volumes were thin as the US market was closed Monday on account of Labour Day.
Meanwhile, the New Zealand’s benchmark S&P/NZX50 Index up 10.51 points to 7,502.54 by 4:20 GMT.
