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New Zealand government bonds slumped at the time of closing Tuesday, tracking a similar movement in the United States Treasuries after the US jobs market report released overnight cheered market participants, leading to confidence among investors on the economy's prospects and the likelihood that the Federal Reserve will be forced to increase rates at a fast pace.
Also, investors will be awaiting the country’s GlobalDairyTrade (GDT) price auction, scheduled to be released later today.
At the time of closing, the yield on the benchmark 10-year note, which moves inversely to its price, jumped 4 basis points to 2.81 percent, the yield on the long-term 20-year note climbed 5-1/2 basis points to 3.34 percent and the yield on short-term 2-year closed 1/2 basis point higher at 1.89 percent.
The U.S. economy added 223,000 jobs in May, data revealed Friday, leading government debt prices to fall; economists had been expecting payroll growth of 188,000 and the jobless rate to hold steady at 3.9 percent.
The closely watched average hourly earnings metric rose 0.3 percent, slightly warmer than expected, yielding an annualized rate of 2.7 percent, up one-tenth of a point from April. Central bankers have indicated that two more interest rate hikes are likely this year in addition to the one they approved in March.
Meanwhile, the NZX 50 index closed 1.40 percent higher at 8,757.04, while at 06:00GMT, the FxWirePro's Hourly NZD Strength Index remained neutral at 54.81 (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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