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The New Zealand government bonds jumped at the time of closing Monday, tracking firmness in U.S. Treasuries after the President of the Federal Reserve of Cleveland, Loretta Mester remained hawkish comments over the state of the U.S. economy.
The yield on the benchmark 10-year bond, which moves inversely to its price, jumped 3-1/2 basis points to 3.32 percent at the time of closing, the yield on 7-year note also surged over 3 basis points to 2.89 percent and the yield on short-term 2-year note traded 3-1/2 basis points higher at 2.19 percent.
Cleveland Federal Reserve President Loretta Mester said on Monday she would be comfortable raising interest rates at this point if the economy maintained its current pace of performance.
"We did have a temporary oil price shock which held down inflation, we had the dollar appreciation which held down inflation. Those have passed through and the trend in inflation is, it's moving up," Reuters reported, citing Mester, during a Q&A session with the audience after her speech at a central banking seminar in Singapore.
Further, prices in the last Global Dairy Trade (GDT) auction rose 1.3 percent to USD3,537 following a 0.6 percent gain previously, but prices were still below the level seen at the end of 2016 due to a sharp price fall at the first auction in early January.
Meanwhile, the New Zealand’s benchmark S&P/NZX 50 Index closed 0.08 percent higher at 7,099.49, while at 04:00 GMT, the FxWirePro's Hourly NZD Strength Index remained neutral at 33.43 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
