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New Zealand government bonds jumped at the time of closing Wednesday, tracking a solid jump in dairy product prices at Fonterra's GlobalDairyTrade auction amid concerns about a decline in the country’s supply following dry weather conditions.
At the time of closing, the yield on the benchmark 10-year Treasury note, which moves inversely to its price, slumped 2 basis points to 2.89 percent, the yield on 20-year also plunged 2 basis points to 3.36 percent and the yield on short-term 2-year ended 1 basis point lower at 2.00 percent.
The GDT price index rose 4.9 percent from the previous auction two weeks ago. The average price was USD3310 (NZD4634) a tonne. Some 23,319 tonnes of product was sold, down from 25,400 tonnes two weeks ago. Whole milk powder climbed 5.1 percent to USD3010 a tonne.
Further, at the latest GDT auction, butter jumped 8.8 percent to USD4897 a tonne, while skim milk powder rallied 6.5 percent to USD1818 a tonne.
Meanwhile, the NZX 50 index closed 0.57 percent higher at 8,297.67, while at 05:00GMT, the FxWirePro's Hourly NZD Strength Index remained highly bearish at -164.47 (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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