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The New Zealand bonds ended higher Tuesday as investors wait to watch the country’s GlobaldairyTrade (GDT) price auction, scheduled to be held later today amid a silent trading week.
At the time of closing, the yield on the benchmark 10-year bond, which moves inversely to its price, slumped 2-1/2 basis points to 3.02 percent, the yield on 7-year note also plunged 2-1/2 basis points to 2.92 percent and the yield on short-term 2-year note ended 4 basis points lower at 2.08 percent.
The NZIER Quarterly Survey of Business Opinion for the June quarter generally pointed towards continued firm economic conditions. After adjusting for normal seasonal variations, a net 18 percent of businesses reported that trading conditions have improved over the past three months, and a net 23 percent expect that they will continue to. Both of those results are down a little from the levels seen earlier this year. Nevertheless, trading conditions remain healthy, consistent with solid economic growth through mid-2017.
In the last GDT price auction on June 21, dairy prices fell 0.8 percent, the first fall since early March, driven by a 3.3 percent drop in whole milk powder prices. However, skim milk powder prices rose 1.4 percent, and fat products continued to reach new highs.
Meanwhile, the New Zealand’s benchmark S&P/NZX 50 Index closed 0.42 percent higher at 7,620.64 while at 06:00GMT, the FxWirePro's Hourly NZD Strength Index remained neutral at 1.34 (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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