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The New Zealand bonds slumped at the time of closing Monday after reading higher-than-expected retail sales for the second-quarter of this year. Also, investors will now be focusing on the GlobalDairyTrade price auction scheduled to be held on August 15 for further direction in the bond market.
New Zealand’s retail sales rose in the June quarter, benefitting from increased consumer spending during the World Masters Games and the Lions rugby tour. Sales volumes gained 2 percent in the three months ended June 30, 2017, following a 1.6 percent rise in the March quarter, Statistics New Zealand figures show. The value of retail sales rose 1.6 percent, compared to the record 2.5 percent increase in the March quarter.
Today's data show sales of electronic goods rose 5.2 percent, while motor vehicle and parts retailing gained 1.7 percent, tailing off after a 4.9 percent increase in the March quarter and a 4.1 percent increase in December 2016.
Meanwhile, the NZX 50 index rose 0.55 percent at close to 7,761.94, while at 06:00GMT, the FxWirePro's Hourly NZD Strength Index remained neutral at -71.56 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
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