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Cheaper Start, BusinessNZ Mfg PMI Lowest Since 2021

BONDS

NZGBs have opened dealing 2-11bps cheaper across the major benchmarks on Friday, the curve has bear steepened. Spillover pressure from US Tsys is weighed which extended losses after poor demand in the 30-Year Bond Auction after initial pressure was seen after Chair Powell noted that the Fed won't hesitate to tighten if needed. Whilst participants interpreted Powell's remarks as hawkish they were very much in line with last week's post-FOMC press conference.

  • 10 NZ US Swap Spread printed their narrowest level since early February (+37bps) before trimming losses to sit at +49bps.
  • RBNZ dated OIS remain stable, a terminal rate of 5.55% is seen in February with ~40bps of cuts by October 2024.
  • BusinessNZ Mfg PMI for October printed at 42.5 this morning, the prior read was revised lower to 45.1. This is the lowest reading since August 2021 and marks the 8th consecutive month of contraction.
  • The local docket is empty for the remainder of Friday's session.
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