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New Zealand government bonds ended Monday’s session on a weaker note as investors’ risk sentiments improved ahead of the GlobalDairyTrade price auction to be held on January 16 for further direction in the debt market.
At the time of closing, the yield on the benchmark 10-year Treasury note, which moves inversely to its price, jumped 2 basis points to 2.89 percent, the yield on 20-year climbed 2-1/2 basis points to 3.37 percent and the yield on short-term 2-year also ended 2-1/2 basis points higher at 2.00 percent.
Earlier estimates suggested that the economy had been growing by around 2.5-3 percent per annum in recent years. That was surprisingly modest growth given large increases in the population, implying that GDP per-capita had essentially stagnated. The updated GDP estimates highlight that the economy is starting from a stronger position than anticipated, and is better placed to weather the coming changes in the economic landscape.
Looking to the next few years, the New Zealand’s economy is in for a big shake-up, with earlier drivers of growth dissipating and significant changes in economic policy on the cards. We expect that these changes will see GDP growth slowing to around 2.6 percent by the end of 2018 before it reaccelerates through 2019 and 2020.
Meanwhile, the NZX 50 index closed 0.38 percent lower at 8,211.37, while at 06:00GMT, the FxWirePro's Hourly NZD Strength Index remained neutral at 15.91 (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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