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New Zealand bonds jump at close tracking U.S. Treasuries after ECB's decision to stay on pat until mid-2017

New Zealand bonds closed Friday’s trading session on a higher note, tracking similar movement in the United States counterpart in the overnight session after the European Central Bank (ECB) announced in its monetary policy meeting, to keep benchmark interest rates on hold at least until mid-2019, sounding dovish in its statement.

At the time of closing, the yield on the benchmark 10-year note, which moves inversely to its price, slumped 5 basis points to 2.94 percent, the yield on the long-term rose 1/2 basis point to 3.33 percent and the yield on short-term 2-year too closed 1/2 basis point lower at 1.91 percent.

Though the ECB also outlined its plan to halt its quantitative easing policy by the end of 2018, many on Wall Street interpreted the central bank's rate forecast as more dovish than expected, pushing Treasury yields lower.

"The Governing Council expects the key ECB interest rates to remain at their present levels at least through the summer of 2019 and in any case for as long as necessary," CNBC reported, citing the ECB in its policy statement.

Meanwhile, the NZX 50 index closed 0.027 percent lower at 8,975.75, while at 06:00GMT, the FxWirePro's Hourly NZD Strength Index remained neutral at -36.12 (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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