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The New Zealand bonds rallied at the time of closing Friday amid a silent trading session that witnessed data of little economic significance. Also, investors have largely shrugged off the decline in the country’s Q2 terms of trade, pushing bond prices higher.
At the time of closing, the yield on the benchmark 10-year Treasury note, which moves inversely to its price, slid 1 basis point to 2.89 percent, the yield on 7-year note also fell 1 basis point to 2.73 percent and the yield on short-term 2-year too ended 1 basis point lower at 2.03 percent.
New Zealand's terms of trade rose in the second quarter by less than expected, data from Statistics New Zealand showed on Friday, but still reflected the country's strong trading position.
The improvement in the terms of trade stemmed from a 2.4 percent rise in export prices, largely due to higher meat and dairy prices, while import prices increased 0.9 percent.
Meanwhile, the NZX 50 index closed 0.06 percent higher at 7,821.98, while at 06:00GMT, the FxWirePro's Hourly NZD Strength Index remained highly bearish at -142.33 (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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