New Zealand's Bonds Surge, Currency Sinks as Virus Case Found - Bloomberg

New Zealand’s benchmark bond yield tumbled with the currency as the discovery of a local virus case prompted the government to impose a lockdown and damped speculation of an imminent rate hike.

New Zealand’s dollar slid as much as 1.6% to 69.07 U.S. cents, while the benchmark 10-year bond yield dropped as much as 10 basis points to 1.72%, the steepest decline since March. Prime Minister Jacinda Ardern announced a three-day lockdown after the country reported the first community case of Covid since February.

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