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NZGBS: Cheaper, But Muted Reaction To Employment Data

BONDS

NZGBs have cheapened as much as 5bp across benchmarks after the Q1 Employment Report. The report revealed stronger than anticipated employment growth of +0.8% Q/Q, surpassing the forecasted +0.5%, as well as an unemployment rate of 3.4%, which was below the expected rate of 3.5%.

  • However, the reaction to the report has been relatively subdued, likely due to several factors. Firstly, the market had already priced in a 24bp tightening in anticipation of the May meeting. Additionally, wage growth fell short of expectations, and global bond yields saw a general bid tone in overnight trade.
  • Overall, the Q1 Employment Report is unlikely to move the needle for the RBNZ at the May Meeting.
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