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The New Zealand government bonds closed modestly firmer Monday as investors moved towards safe-haven buying following gains in the global debt market.
The yield on the benchmark 10-year bond, which moves inversely to its price, closed 1 basis point lower at 3.12 percent and the yield on short-term 2-year note fell 5-1/2 basis points to 2.12 percent.
The Kiwi bonds have been closely following developments in the U.S. debt market. The United States benchmark 10-year Treasury yield tumbled 4 basis points to 2.32 percent.
Crude oil prices fell after Saudi Arabia cancels its meeting with non-OPEC members, including Russia. The International benchmark Brent futures fell 0.45 percent to $48 and West Texas Intermediate (WTI) dipped 0.35 percent to $45.90 by 05:00 GMT.
Markets will mostly remain quiet next week with little in the way of market-moving news, and with no important data scheduled to be released. Thereby, investors will focus on the outcome of OPEC meeting scheduled to be held on November 30.
The Reserve Bank of New Zealand in its November monetary policy meeting released on November 10, lowered the official cash rate (OCR) once again by 25 basis points, after easing in August, a move is taken for the seventh time since June 2015, in an attempt to boost the slow-moving economy.
However, developments over the past few months have been positive for the New Zealand economy, and the downside risks to the RBNZ’s view have diminished. We expect that the OCR will remain on hold for an extended period. However, longer term rates look set to rise from here.
Lastly, investors also remain keen to focus on the upcoming RBNZ Governor Graeme Wheeler speech, in an attempt to estimate the RBNZ's most likely policy step.
Meanwhile, the New Zealand’s benchmark S&P/NZX50 Index closed up 3.34 points to 6,902.96. While at 05:00 GMT, the FxWirePro's Hourly New Zealand Dollar Strength Index remained slightly bullish at +96.64 (higher than +75 represent a bullish trend).
