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The New Zealand bonds gained at close as investors wait to read the Reserve Bank of New Zealand’s (RBNZ) monetary policy decision scheduled to be unveiled today by 21:00GMT. Further, the central bank Governor Wheeler’s speech, following the meeting, will add further guidance to the debt market.
The yield on the benchmark 10-year Treasury note, which moves inversely to its price, fell 1 basis point to 2.83 percent, the yield on 7-year note also slid 1 basis point to 2.68 percent and the yield on short-term 2-year too ended 1 basis point lower at 2.01 percent.
The Reserve Bank of New Zealand will be holding its monthly monetary policy later today. According to the economists' polls, the overnight cash rate of OCR is expected to remain unchanged at 1.75 percent at today's meeting.
Inflation in New Zealand continues to remain weak. The most recent data showed that consumer prices remained flat in the June quarter. The inflation data showed that prices remained subdued across the board. Despite the higher than expected prices in vegetables, the decline in fuel and grocery prices offset the price increase.
In the first quarter, New Zealand's economy grew at a pace of 0.5 percent on a seasonally adjusted quarterly basis. This was slightly higher than the 0.4 percent growth registered in the previous quarter (Q4 of 2016).
Despite the rather mixed picture, the RBNZ is unlikely to make any major alterations to its monetary policy. The lack of any big surprises from the labor market adds weight to the fact that the RBNZ will be keeping rates steady.
Meanwhile, the NZX 50 index remained 0.22 percent higher at close at 7,799.64 by 05:50 GMT, while at 05:00GMT, the FxWirePro's Hourly NZD Strength Index remained highly bearish at -123.74 (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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