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The New Zealand bonds closed higher Thursday after the Reserve Bank of New Zealand (RBNZ) remained on hold at its monetary policy meeting, concluded late yesterday.
At the time of closing, the yield on the benchmark 10-year note, which moves inversely to its price, slumped 3 basis points to 2.683 percent, the yield on the long-term 20-year note plunged nearly 4-1/2 basis points to 2.985 percent and the yield on short-term 2-year closed 1/2 basis point lower at 1.770 percent.
The RBNZ left the OCR unchanged and repeated the key phrases about the OCR outlook.
The central bank expects to keep the OCR on hold, but the risks are tilted to the downside. The detail of today’s press release mentioned only downside risks. Although that was more dovish than the August press release, it was in line with other RBNZ communications. The RBNZ has not changed its view despite a raft of stronger economic data recently.
Meanwhile, the NZX 50 index closed 0.68 percent lower at 9,286.40, while at 06:00GMT, the FxWirePro's Hourly NZD Strength Index remained neutral at 15.02 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
