MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI China Daily Summary: Wednesday, July 24

CBI Price Expectations for Three Months Ahead Lowest Since December 2020

MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

NZGBs Cheaper, Curve Bear-Flattened, RBNZ On Wednesday

BONDS
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets

NZGBs are 1-3bps cheaper, curve has bear-flattened largely mirroring moves made by US Tsys. The past week have seen yields move 12-17bps lower, the long-end saw the most support with the 20 & 30yr 16bps richer, the moves were driven largely from US Tsys as the market priced two 25bps cuts in by year-end, looking ahead to next week focus locally will be on the RBNZ who meet on Wednesday

  • US treasury futures have traded in tight ranges today, with volume slightly higher than normal although well down on Thursday volumes. Front-end futres are outperforming with the 2Y up (+ 00.75) at 101-25.125 while the 10Y contract is up (+ 01) at 109-16+. Earlier there was a large amount of Block SFRZ4 option buys for a total size of 52k.
  • The NZGB curve is has bear-flattened today, yields are 1-3bps higher with the 2Y +3bps at 4.669% and the 10Y is +2.6bps at 4.586%.
  • Swap rates are 1-2bps lower, curve steepened
  • (BBG) ANZ Sees RBNZ Holding Rate Until May 2025 on Sticky Inflation - (see link)
  • RBNZ dated OIS is 2-3bps weaker over the day and is now pricing a cumulative 47bps of easing into year-end
  • Looking Ahead: RBNZ on Wednesday
195 words

To read the full story

Close

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.

NZGBs are 1-3bps cheaper, curve has bear-flattened largely mirroring moves made by US Tsys. The past week have seen yields move 12-17bps lower, the long-end saw the most support with the 20 & 30yr 16bps richer, the moves were driven largely from US Tsys as the market priced two 25bps cuts in by year-end, looking ahead to next week focus locally will be on the RBNZ who meet on Wednesday

  • US treasury futures have traded in tight ranges today, with volume slightly higher than normal although well down on Thursday volumes. Front-end futres are outperforming with the 2Y up (+ 00.75) at 101-25.125 while the 10Y contract is up (+ 01) at 109-16+. Earlier there was a large amount of Block SFRZ4 option buys for a total size of 52k.
  • The NZGB curve is has bear-flattened today, yields are 1-3bps higher with the 2Y +3bps at 4.669% and the 10Y is +2.6bps at 4.586%.
  • Swap rates are 1-2bps lower, curve steepened
  • (BBG) ANZ Sees RBNZ Holding Rate Until May 2025 on Sticky Inflation - (see link)
  • RBNZ dated OIS is 2-3bps weaker over the day and is now pricing a cumulative 47bps of easing into year-end
  • Looking Ahead: RBNZ on Wednesday