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The New Zealand bonds ended tad higher Monday as investors await to watch the GlobalDairyTrade (GDT) price auction and retail sales for the second quarter of this year, both scheduled to be released on August 21.
At the time of closing, the yield on the benchmark 10-year note, which moves inversely to its price, remained tad lower at 2.600 percent, the yield on the long-term 20-year note also slipped nearly 1/2 basis point to 2.92 percent and the yield on short-term 2-year also closed 1/2 basis point lower at 1.72 percent.
Besides, the key focus for the week ahead is likely to be the Jackson Hole symposium where Fed chair Powell is speaking on Friday on “monetary policy in a changing economy” – given the generic title it is unclear at this juncture what (if any) specific elaboration on the balance sheet or interest rate trajectory or views on the US yield curve and/or Phillips curve may be covered.
Meanwhile, the NZX 50 index closed 0.62 percent higher at 9,109.15, while at 06:00GMT, the FxWirePro's Hourly NZD Strength Index remained slightly bullish at 84.87 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
