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NZGBS Cheaper, Curve Bear-Flattens, OIS Softens Ahead Of RBNZ Next Week

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In local morning trading, NZGBs are 2-5bps cheaper, curve has bear-flattened largely mirroring moves made by US Tsys on Thursday following comments from Cleveland Fed President Mester and mixed US data. Today focus will be on China data, while next week we have RBNZ on Wednesday

  • US treasury futures finished trading on Thursday near session lows, the 10Y contract was up (- 07+) at 109-14, while yields were 1-8bps higher.
  • US Data: Initial Claims 222k vs 220k est down from a revised 232k, continuing claims 1,794k vs 1,780k est, Housing starts 1,360k vs 1,421k up from a revised 1,287k and Building permits were 1,44k,vs 1,480k
  • Cleveland Fed Pres Mester - “I now believe that it will take longer to reach our 2% goal than I previously thought. Recent inflation readings suggest that risks to the inflation part of our mandate have risen,”
  • The NZGB curve is has bear-flattened this morning, following US yield curves, the 2Y -4.4bps at 4.683%, 10Y is +3.7bps at 4.597%.
  • Swap rates are unchanged this morning
  • RBNZ dated OIS is 1-5bps softer this morning heading into year-end with cumulative 45bps of easing now.
  • Looking Ahead: RBNZ on Wednesday
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In local morning trading, NZGBs are 2-5bps cheaper, curve has bear-flattened largely mirroring moves made by US Tsys on Thursday following comments from Cleveland Fed President Mester and mixed US data. Today focus will be on China data, while next week we have RBNZ on Wednesday

  • US treasury futures finished trading on Thursday near session lows, the 10Y contract was up (- 07+) at 109-14, while yields were 1-8bps higher.
  • US Data: Initial Claims 222k vs 220k est down from a revised 232k, continuing claims 1,794k vs 1,780k est, Housing starts 1,360k vs 1,421k up from a revised 1,287k and Building permits were 1,44k,vs 1,480k
  • Cleveland Fed Pres Mester - “I now believe that it will take longer to reach our 2% goal than I previously thought. Recent inflation readings suggest that risks to the inflation part of our mandate have risen,”
  • The NZGB curve is has bear-flattened this morning, following US yield curves, the 2Y -4.4bps at 4.683%, 10Y is +3.7bps at 4.597%.
  • Swap rates are unchanged this morning
  • RBNZ dated OIS is 1-5bps softer this morning heading into year-end with cumulative 45bps of easing now.
  • Looking Ahead: RBNZ on Wednesday