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The New Zealand government bond yields ended lower on Wednesday after the data showed that country’s food prices rose in June, led by seasonal gains in vegetables. Also, investors cheered the end of political roadblocks in Britain, which boosted their appetite for riskier assets.
The yield on benchmark 10-year bond, which moves inversely to its price rose 1 basis point to 2.355 percent in the end session, the yield on 7-year note jumped 1 basis point to 2.100 percent and the yield on short-term 2-year note ended 1/2 basis point higher at 2.075 percent.
New Zealand June food prices rose 0.4 percent m/m, as compared to -0.5 percent in May. The food price index accounts for about 19 percent of the CPI, the Reserve Bank's mandated measure, and is typically seen as a barometer of wider inflation. Annual inflation rose at a 0.4 percent pace in the March quarter, and Statistics NZ will release data for the June quarter on July 18.
Reserve Bank of New Zealand Assistant Governor John McDermott said that the Reserve Bank regularly reviews and refines its monetary policy decision-making process to help it better handle economic uncertainty and improve the quality of policy decisions.
He further added that understanding weaker than expected inflation over a prolonged period is a strategic priority for the Reserve Bank of New Zealand.
On Tuesday, the New Zealand’s benchmark S&P/NZX 50 index inched up for the second day, gained 0.24 percent or 17.01 points to finish the session at a record high of 7079.46 (at record intraday level).
According to Reuters, the Britain's ruling Conservative Party elected Theresa May prime minister, filling a leadership vacuum created by David Cameron last month when he resigned after the surprise vote to leave the European Union.
In the early Asian session, the benchmark S&P/NZX 50 index rose 0.08 percent or 5.54 points to 7,085.00, after hitting a record of 7,088.920 the previous session. Lastly, it closed down 15.14 points to 7,064.32.
