FxWirePro: Daily Commodity Tracker - 21st March, 2022 
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New Zealand government bonds ended lower Wednesday even as global dairy prices fell further at the country’s latest GlobalDairyTrade (GDT) auction. Also, investors are keen to watch the Reserve Bank of New Zealand’s (RBNZ) monetary policy decision, due to be unveiled today by 20:00GMT for added further direction to the debt market.
At the time of closing, the yield on the benchmark 10-year Treasury note, which moves inversely to its price, rose 1 basis point to 2.86 percent, the yield on 20-year jumped 2-1/2 basis points to 3.37 percent and the yield on short-term 2-year closed 1 basis point higher at 1.92 percent.
Dairy product prices declined at the Global Dairy Trade auction, while whole milk powder posted an unexpected increase amid data showing challenging weather conditions continue to weigh on production.
The GDT price index fell 1.2 percent from the previous auction two weeks ago. The average price was US$3,632 a tonne. Some 18,635 tonnes of product was sold, down from 19,292 tonnes two weeks ago.
Further, the Reserve Bank of New Zealand (RBNZ) is expected to again leave the Overnight Cash Rate (OCR) at 1.75 percent, and retain a cautiously upbeat stance at Grant Spencer’s last announcement as Acting Governor this week, according to a recent report from ANZ Research.
Developments since the February Statement won’t change the RBNZ’s assessment much, with the RBNZ not expecting to tighten monetary policy until the second half of 2019. OCR decisions have taken a bit of a back seat recently, with fiscal policy and potential changes to the PTA and Reserve Bank governance at the fore.
Meanwhile, the NZX 50 index closed 1.43 percent higher at 8,608.29, while at 04:00GMT, the FxWirePro's Hourly NZD Strength Index remained neutral at -63.32 (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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