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The New Zealand government bonds traded flat Tuesday as investors remain sidelined in any major trading activity amid a subdued session. Also, market participants are awaiting the GlobalDairyTrade (GDT) price auction, scheduled to be held later today for further direction in the bond market.
The yield on the benchmark 10-year bond, which moves inversely to its price hovered around 3.33 percent at the time of closing, the yield on 7-year note also trade flat at 2.89 percent and the yield on short-term 2-year note also traded 1/2 basis point lower at 2.20 percent.
Dairy prices fell 3.2 percent in the latest GlobalDairyTrade auction held last week, following modest rises in the previous two auctions. Within last night’s move, whole milk powder prices declined 3.7 percent to USD3,189/MT, the lowest level since Oct 2016, although prices are still 55 percent higher than mid-2016.
The NZ bonds have been closely following developments in oil markets because of their impact on inflation expectations. The International benchmark Brent futures moved lower by 0.12 percent to USD55.94 and West Texas Intermediate (WTI) fell 0.02 percent to USD53.19 by 05:10 GMT.
Meanwhile, the New Zealand’s benchmark S&P/NZX 50 Index closed 0.15 percent lower at 7,167.63, while at 05:00 GMT, the FxWirePro's Hourly NZD Strength Index remained highly bearish at -124.39 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
