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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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Free AccessKiwi Outperforms After RBNZ Raises OCR 50bps
NZD is the strongest performer in the G-10 space, bouncing after the RBNZ raised the OCR by 50bps to 5.25%. Markets had priced in a 25bp hike with only 1 economist of the 22 surveyed by Bloomberg looking for a 50bp hike.
- NZD/USD firmed to $0.6380 in the immediate aftermath of the decision being paring gains to sit ~0.5% higher at $0.6345/50. ANZ revised their terminal rate call up to 5.5% with a 25bp hike in May expected. Westpac also look for a 25bp hike in May noting that the RBNZ seems intent on getting the OCR to 5.5% the level they saw as sufficiently contractionary in February.
- AUD/USD dragged higher by the RBNZ and comments for RBA Gov Lowe noting that the tightening cycle isn't over, however the pair couldn't hold gains and now trades little changed.
- Yen has observed relatively narrow ranges, USD/JPY prints at ¥131.65/75. The final March print of Jibun Bank Services PMI printed this morning at 55.0 rising from 54.2. The Composite measure rose to 52.9 from 51.9 in March.
- Elsewhere in G-10 moves have had little follow through with ranges respected for the most part.
- Cross asset wise; 2 Year US Treasury Yields are ~+3bps and BBDXY is little changed as are E-minis.
- The final prints of EU, German and French Services PMI headline in Europe today. Further out there is a slew of US data including ADP Employment, Trade Balance, Services PMI and ISM Services survey.
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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.