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New Zealand government bonds ended Friday’s session on a tad lower note amid a muted trading day that witnessed little data of major economic significance. Also, investors are awaiting the country’s GlobalDairyTrade (GDT) price auction, scheduled to be held earlier next week 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, rose 1 basis point to 2.95 percent, the yield on 20-year also edged 1 basis point higher to 3.46 percent while the yield on short-term 2-year closed flat at 1.92 percent.
US president Trump’s plan to slap 25 percent of tariffs on steel and 10 percent on aluminum imports next week, which already prompted protests from Canada and the European Union, is likely to dampen global risk appetite today amid heightened prospects of a trade war. Wall Street closed lower amid a rerating of industrial stocks. This comes ahead of Chinese adviser Liu He’s meetings with US economic adviser Gary Cohn, Trade Rep Lighthizer and Treasury Secretary Mnuchin, and the risk of Chinese retaliation is hovering at the back of investors’ minds.
Fed Chair Powell’s testimony to the Senate Banking Committee flagged that "there’s no evidence the economy is currently overheating…we don’t see any strong evidence yet of a decisive move up in wages” and “by continuing to gradually raise interest rates over time, we’re trying to balance those two things and achieve inflation moving up to target but also make sure the economy doesn’t overheat".
Meanwhile, the NZX 50 index closed 0.65 percent lower at 8,288.42, while at 06:00GMT, the FxWirePro's Hourly NZD Strength Index remained slightly bullish at 85.18 (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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