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NZGB Post Data Weakness Extends

BONDS

NZGBS continued to cheapen in the wake of the release of the domestic labour market report, with the major benchmarks ultimately going out 12-14bp cheaper as the curve bear steepened.

  • Swap rates lagged the move in yields resulting in some tightening of swap spreads.
  • A reminder that the domestic data saw firmer than expected employment growth and average hour earnings, although the unemployment rate held steady as participation jumped.
  • Elsewhere, RBNZ Deputy Governor Hawkesby flagged that the data was in line with the Bank’s own expectations, while highlighting the need to slow demand against the backdrop of a “very hot” labour market.
  • RBNZ dated OIS firmed at the margins post data, with ~71bp of tightening now priced for this month’s meeting, while a terminal OCR of ~5.25% is now priced.
  • Looking ahead, Thursday’s domestic docket will be headlined by the latest round of NZGB supply (’28, ’33 & ’51 paper will be auctioned).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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