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The New Zealand bonds slumped at the time of closing Friday as investors remained sidelined in any major trading activity amid a silent session that witnessed data of little economic significance. Also, investors are eyeing the GlobalDairyTrade (GDT) price auction, scheduled for early next week.
At the time of closing, the yield on the benchmark 10-year bond, which moves inversely to its price, surged 5 basis points to 2.79 percent, the yield on 7-year note jumped 3-1/2 basis points to 2.68 percent and the yield on short-term 2-year note ended 2 basis points higher 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.
Meanwhile, the New Zealand’s benchmark S&P/NZX 50 Index closed 0.48 percent higher at 7,552.75 while at 06:00GMT, the FxWirePro's Hourly NZD Strength Index remained neutral at 22.83 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
