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New Zealand bonds jumped at the time of closing Thursday, tracking similar movement in the U.S. Treasuries in the overnight session after the Federal Reserve remained on hold at its monetary policy meeting concluded yesterday, as was widely anticipated but the underlying statement did point towards higher inflationary pressures ahead.
At the time of closing, the yield on the benchmark 10-year note, which moves inversely to its price, fell 1-1/2 basis points to 2.83 percent, the yield on the long-term 20-year note also slumped 1-1/2 basis points to 3.38 percent and the yield on short-term 2-year closed 1 basis point lower at 1.91 percent.
The Federal Open Market Committee (FOMC) noted that "overall inflation and inflation for items other than food and energy have moved close to 2 percent". That was an upgrade from the March meeting in which the FOMC said the indicators "have continued to run below 2 percent".
Meanwhile, the NZX 50 index closed 0.62 percent higher at 8,546.88, while at 06:00GMT, the FxWirePro's Hourly NZD Strength Index remained neutral at 33.78 (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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