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BONDS: NZGBS: Little Changed With US Tsys, Focus On US Payrolls Later Today

BONDS
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In local morning trade, NZGBs are slightly mixed with yield swings bounded by +/- 1bp. 

  • Overnight, US tsys finished 1-3bps richer after early weakness was pared. Without headline drivers, US tsys drifted away from lows with late moves in Gilts.
  • Trading desks noted modest short covering from proprietary/trading accounts looking to square up positions ahead of today’s October employment report at 0830ET, current survey estimate at +105k jobs vs. +254k in September.
  • The FOMC announces their next rate decision next Thursday, November 7 (dots not included).
  • House prices fell 0.5% in October from September for their eighth consecutive monthly decline, CoreLogic said Friday in Wellington. The number of houses available for sale is at a 10-year high, the volume of transactions is subdued and it is taking longer to sell a home, ANZ said in a separate report. (per BBG)
  • NZ home-building approvals rose 2.6% m/m in September versus a revised -5.2% in August
  • Swap rates are little changed.
  • RBNZ dated OIS pricing is flat to 3bps firmer, with late 2025 meetings leading. A cumulative 99bps of easing is priced by February, with 55bps by year-end.
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In local morning trade, NZGBs are slightly mixed with yield swings bounded by +/- 1bp. 

  • Overnight, US tsys finished 1-3bps richer after early weakness was pared. Without headline drivers, US tsys drifted away from lows with late moves in Gilts.
  • Trading desks noted modest short covering from proprietary/trading accounts looking to square up positions ahead of today’s October employment report at 0830ET, current survey estimate at +105k jobs vs. +254k in September.
  • The FOMC announces their next rate decision next Thursday, November 7 (dots not included).
  • House prices fell 0.5% in October from September for their eighth consecutive monthly decline, CoreLogic said Friday in Wellington. The number of houses available for sale is at a 10-year high, the volume of transactions is subdued and it is taking longer to sell a home, ANZ said in a separate report. (per BBG)
  • NZ home-building approvals rose 2.6% m/m in September versus a revised -5.2% in August
  • Swap rates are little changed.
  • RBNZ dated OIS pricing is flat to 3bps firmer, with late 2025 meetings leading. A cumulative 99bps of easing is priced by February, with 55bps by year-end.