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NZGBS: Bear-Steepening To End The Week, US Payrolls Watch

BONDS

NZGBs have bear-steepened into the close, with yields flat to 6bps higher. All benchmarks closed mid-range, with trading ranges relatively narrow in a data-light session. Local participants appear to have been content to take their directional lead from US tsys ahead of the release of US Non-Farm Payrolls data later today.

  • Bloomberg consensus sees nonfarm payrolls growth of 171k in December after November’s 199k was boosted by 38k workers returning from strikes. See MNI's NFP Preview here.
  • Cash US tsys are dealing little changed in today’s Asia-Pac session after yesterday’s 5-8bps cheapening.
  • Swap rates are 5-8bps higher, with implied swap spreads wider.
  • RBNZ dated OIS pricing is 2-9bps firmer across meetings beyond February. The cumulative easing by November 2024 has been scaled back to below 100bps (96bps).
  • Next week, the local calendar is relatively light again, with House Prices, Commodity Prices and Building Permits as the highlights.
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