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The New Zealand government bonds traded mixed Wednesday as investors wait to watch the country’s fourth-quarter gross domestic product (GDP), scheduled to be released on March 16.
The yield on the benchmark 10-year bond, which moves inversely to its price rose 1 basis point to 3.38 percent, while the yield on 7-year note dipped nearly 1 basis point to 2.93 percent while the yield on short-term 2-year note also traded 1 basis point lower at 2.18 percent by 04:10GMT.
The rate of quarterly GDP growth is expected to soften a touch in Q4, partly related to temporary weather influences. Tight supply (rather than meaningfully softer demand) conditions are dominating. The current account deficit should remain at a historically comfortable level, ANZ research reported.
"We estimate that GDP rose by a modest 0.5 percent in the December quarter, following 1.1 percent growth in September. Construction is again expected to be one of the strongest sectors, with primary production and manufacturing likely to be the most significant drags on growth," Westpac commented in its recent research publication.
Meanwhile, the New Zealand’s benchmark S&P/NZX 50 Index traded 0.72 percent lower at 7,125.22 by 04:10GMT, while at 04:00 GMT, the FxWirePro's Hourly NZD Strength Index remained slightly bullish at 86.57 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
