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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI: China CFETS Yuan Index Up 0.01% In Week of Nov 29
MNI BRIEF: Japan Q3 Capex Up Q/Q; GDP Revised Lower
Cheaper, Commodity Prices Lower, S&P Comfortable With Credit Rating
NZGBs closed on a weak note, with benchmark yields 4-7bp higher. The hasn’t been much in the way of domestic drivers to highlight other than the commodity price index (see below).
- Swap rates are 1-5bp higher, with implied swap spreads tighter.
- RBNZ dated OIS pricing is flat to 2bp softer across meetings.
- NZ Finance Minister Robertson has defended the central bank’s dual mandate as “normal” and not something that’s caused inflation or interest rates to be unnecessarily high. “The BoE, the US Fed and the RBA all have forms of mixed mandates,” Robertson said. (See link)
- NZ's commodity export prices fell 2.9% m/m (-14.2% y/y) in August versus -2.6% in July, according to ANZ. Dairy prices led m/m decline, falling 8.7%. Global demand for dairy products is weak, led by softer demand from China. At the same time, the supply of dairy products from NZ is lifting which is putting downward pressure on prices: ANZ.
- S&P Global Ratings is “reasonably comfortable” with NZ’s AA+ sovereign credit rating, Melbourne-based credit analyst Martin Foo said Tuesday in an interview broadcast by Newshub. (See link)
- Tomorrow the local calendar sees Volume of All Buildings. for Q2.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.