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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 AccessMNI POLITICAL RISK - Trump Announces Raft Of Key Nominations
BRIEF: EU-Mercosur Deal In Final Negotiations - EC
NZGBS: Bull Steepens After Well-Received Supply
NZGBs closed 7-15 richer at session bests after weekly supply received a strong bid (cover 3.08-6.25x), with NZGB May-26 demand the strongest.
- Following the RBNZ’s 50bp hike yesterday, it seems that market participants are now taking the central bank's commitment to bring inflation back to its target range more seriously. However, this move has also raised concerns about over-tightening and a recession. The NZGB cash 2/10 curve steepened 5bp post-supply to be +8bp on the day. NZ/US and NZ/AU 10-year yield differentials were respectively 2bp and 4bp tighter on the day.
- 2s10s swap curve also bull steepened with rates 5-13bp lower, implying wider swap spreads.
- After shunting 20bp higher across meetings yesterday, RBNZ dated OIS pricing today closed 2-9bp softer across meetings with Feb-24 leading. 19bp of tightening was priced for the May meeting. 45bp of easing is priced for Feb-24 off a terminal OCR expectation of 5.45% (July).
- ANZ Commodity Price Index rose 1.3% M/M in March with the Meat, Skins and Wool category the star performer (+5.9%).
- With the global calendar light ahead of US Non-Farm Payrolls on Friday, the direction in the local market will likely remain a tussle between lower global rates and a hawkish RBNZ.
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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.