-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Chart Packs -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessNZD/USD 100pips Below Post RBNZ Highs
NZD/USD faltered much like the AUD in late Asia trading yesterday. The pair dipped to just under 0.6260 before support emerged. Note the 50-day MA comes in at 0.6262, while we currently track above 0.6280, with early session weakness in the NZD short-lived.
- After AUD, NZD was the worst performing G10 currency in the past 24 hours, losing 1% against the USD and generally underperforming on crosses. NZD/USD's post RBNZ bounce yesterday now seems a distance memory (just above 0.6380 was the high).
- RBNZ Governor Orr's testimony before parliament this morning didn't shed much fresh light on the outlook. The Governor stated that the domestic economy is in very good shape to withstand higher interest rates.
- The broad sell-side consensus is a further 50bps in tightening at the October meeting, which is line with market pricing (OIS currently tracking at +48bps). Beyond that, some analysts argue the pace of tightening could slow, although with the RBNZ forecast peak now above 4%, we will likely require clear evidence of slowing inflation/a weaker global backdrop for the RBNZ not to reach this level. OIS pricing for early 2023 sits above 4%.
- The domestic data calendar is empty today, with trade figures for July out tomorrow. Note we do have AU jobs data, which could influence sentiment in the AUD/NZD cross (last 1.1040/45).
- This is likely to leave NZD at the whim of offshore drivers. Onshore bond yields are tracking higher in early trade today but not the same degree as moves in core markets overnight. The 2yr NZ yield is +8bps to 3.51, the 10yr +12bp to 3.50%.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.