The New Zealand government bonds ended lower on Tuesday after the benchmark stock index nudged further into record territory. Also, investors cheered the end of political roadblocks in Britain.
The yield on benchmark 10-year bond, which moves inversely to its price rose 4 basis points to 2.310 percent in the end session, the yield on 7-year note jumped 2-1/2 basis points to 2.060 percent and the yield on short-term 2-year note ended 3 basis points higher at 2.050 percent.
The New Zealand’s benchmark S&P/NZX 50 index inched up for a 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.
The Kiwi faced strong resistance around the 0.7300 level after rallying over the weekend due to a Reserve Bank of New Zealand speech alluding to concerns about rising house prices being a possible reason to hold rates, they added.
Lastly, investors will remain keen to focus on the Food price index (FPI) due at 22:45 GMT today.
