The NZ dollar edged up on the first day of trading after global index publisher FTSE Russell included NZ government bonds in a major bond index.
The inclusion of New Zealand debt in a world bond benchmark has given the New Zealand dollar an edge.
The currency received a kick as passive offshore investors bought New Zealand dollar denominated securities to match the index. Bank of New Zealand estimates the move would bring around $NZ2 billion of inflows in the first month of inclusion, before doubling over the first quarter.: it rose between 0.1 per cent and 0.2 per cent against its Australian neighbour, the euro and yen.
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