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New Zealand bonds closed mixed Tuesday, tracking similar movement in the United States Treasuries at the end of last week Friday, although markets remained closed at the start of this week in the U.S., on the observance of Memorial Day.
Also, investors remain focused to watch the Reserve Bank of New Zealand’s Governor Adrian Orr’s speech, scheduled to be held on May 30 for added insight into the country’s debt market.
At the time of closing, the yield on the benchmark 10-year note, which moves inversely to its price, slipped 1 basis point to 2.76 percent, the yield on the long-term 20-year note jumped 3 basis points to 3.29 percent and the yield on short-term 2-year closed 1 basis point lower at 1.89 percent.
Treasury prices rose on Friday, pulling yields down, to mark the largest weekly decline in 2 years, as lingering concerns over the composition of the new Italian government helped stoke appetite for U.S. government paper and other haven assets.
Overall, Treasuries rallied for the week following a dovish set of minutes from the Federal Reserve that saw investors cut back their expectations for a more aggressive rate increase trajectory.
Meanwhile, the NZX 50 index closed 0.11 percent lower at 8,635.86, while at 06:00GMT, the FxWirePro's Hourly NZD Strength Index remained neutral at 59.70 (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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