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New Zealand government bonds jumped at the time of closing Thursday after the country’s gross domestic product (GDP) for the fourth quarter of last year disappointed market participants, although remaining unchanged from that in the third quarter of 2017.
At the time of closing, the yield on the benchmark 10-year Treasury note, which moves inversely to its price, slumped 4-1/2 basis points to 2.90 percent, the yield on 20-year also plunged 4-1/2 basis points to 3.40 percent and the yield on short-term 2-year too closed 2 basis points lower at 1.94 percent.
New Zealand’s GDP rose 0.6 percent in the December quarter, matching the pace seen in the September quarter. This result was lower than market forecasts, but below the market median of 0.8 percent and the Reserve Bank’s forecast of 0.7 percent.
The unusually hot and dry weather over the quarter was a drag on activity, with agricultural production down by 2.7 percent and food processing down 0.1 percent. This is unlikely to reverse in the next quarter, as milk collections so far this year have remained well down on last season, Westpac Research reported.
Meanwhile, the NZX 50 index closed 0.41 percent higher at 8,467.33, while at 06:00GMT, the FxWirePro's Hourly NZD Strength Index remained neutral at 3.41 (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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