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The New Zealand bonds ended Monday’s session on a flat tone as investors remain sidelined in any major trading activity amid lack of economically significant data.
At the time of closing, the yield on the benchmark 10-year Treasury note, which moves inversely to its price, hovered around 2.92 percent, the yield on 7-year note remained tad higher at 2.76 percent while the yield on short-term 2-year ended flat at 2.05 percent.
The New Zealand economy is transitioning in terms of its growth drivers. Erstwhile drivers (net migration, construction, tourism and housing) are all showing signs of peaking (or have peaked already). However, the record-high terms of trade, fiscal impulse, and buoyant household income growth will fill the void.
More onus will fall on productivity growth to lift too. Building consent data this week will likely remain capped, while our Business Outlook will provide its usual timely update on activity momentum. Overseas trade index figures should show the terms of trade reaching new all-time highs.
Meanwhile, the NZX 50 index closed 0.39 percent lower at 7,826.87, while at 06:00GMT, the FxWirePro's Hourly NZD Strength Index remained highly bearish at -116.57 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
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