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New Zealand government bonds closed mixed Tuesday amid a muted trading session that witnessed no data of any major economic significance. Investors will now be focusing on the country’s GlobalDairyTrade (GDT) price auction, scheduled to be released.
The yield on New Zealand’s benchmark 10-year Treasury note, which moves inversely to its price, rose 1/2 basis point to 2.74 percent, the yield on the long-term 30-year note slid 1/2 basis point to 3.34 percent and the yield on short-term 2-year closed 1-1/2 basis points higher at 1.89 percent.
Dairy product prices declined at the latest Global Dairy Trade auction, while whole milk powder posted an unexpected increase amid data showing challenging weather conditions continue to weigh on production.
The GDT price index fell 1.2 percent from the previous auction two weeks ago. The average price was US$3,632 a tonne. Some 18,635 tonnes of product was sold, down from 19,292 tonnes two weeks ago.
Meanwhile, the NZX 50 index closed 0.13 percent higher at 8,329.93, while at 06:00GMT, the FxWirePro's Hourly NZD Strength Index remained highly bullish at 159.25 (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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