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BONDS: NZGBS: Little Changed & Narrow Ranges Ahead Of US Payrolls

BONDS

NZGBs closed 1-2bps richer across benchmarks after dealing in narrow ranges ahead of US Non-Farm Payrolls data later today. 

  • Today’s US calendar will be dominated by payrolls (our preview is here). That said, we will also hear from the FOMC's Williams, Goolsbee and Waller, who are anticipated to provide a final steer on the rate outlook going into the pre-September meeting blackout starting this weekend.
  • Outside of the previously outlined Construction Work Done data, there hasn't been much by way of domestic drivers to flag.
  • The RBNZ said total reserve assets stood at NZ$32.57bn in August, compared with NZ$35.65bn in July.
  • Swap rates closed 2-3bps lower, with the 2s10s curve flatter.
  • RBNZ dated OIS pricing closed 1bp softer for 2025 meetings. A cumulative 77bps of easing is priced by year-end.
  • Next week, the local calendar is empty on Monday, ahead of Q2 Mfg Activity data on Tuesday and Net Migration on Wednesday. Assistant RBNZ Governor Karen Silk will speak at a conference hosted by KangaNews on Wednesday. 
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