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The New Zealand bonds closed flat Tuesday as investors remained side-lined in any major trading activity and as market participants look forward to the release of the country’s trade balance for the month of July, scheduled on August 23.
At the time of closing, the yield on the benchmark 10-year Treasury note, which moves inversely to its price, slumped 3-1/2 basis points to 2.88 percent, the yield on 7-year note plunged 3 basis points to 2.73 percent and the yield on short-term 2-year ended 2-1/2 basis points lower at 2.04 percent.
New Zealand’s trade surplus widened more than expected last month to NZD242 million in June, from a revised NZD74 million surplus the month before, Statistics New Zealand said. The annual trade deficit stood stood at NZD3.66 billion in June, down from NZD3.8 billion the previous month. Annual exports were worth NZD4.7 billion for the month, down from NZD4.92 billion. Imports also fell to NZD4.46 billion compared to a year ago.
Lastly, the country has placed considerable emphasis on bolstering its trade with the rest of the world. The country more than doubled its exports between 1995 and 2016 and expects to bolster output even further over the next decade, according to Wellington’s Trade Agenda 2030.
Prices in the latest Global Dairy Trade (GDT) auction, the 4th sale of the 2017-18 season, fell 0.4 percent following a 1.6 percent decline at the previous sale. Whole Milk Powder prices fell 0.6 percent, following a 1.3 percent gain previously, although Skim Milk Powder prices rose 0.3 percent. There was a further small correction in butter prices which fell 1.3 percent.
Meanwhile, the NZX 50 index closed flat at 7,867.08, while at 05:00GMT, the FxWirePro's Hourly NZD Strength Index remained neutral at -18.78 (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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