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NZGBs Cheaper In Early Morning Trade, RBNZ On Wednesday

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In local morning trading, NZGBs are 2-2.5bps cheaper. There was little in the way of market headlines post the Asia session on Friday, Fed Gov Michelle Bowman reiterated her stance for keeping rates on hold for the time being. Today, the local calendar is empty with focus turning to the RBNZ on Wednesday, regionally China reports 1 & 5yr LPRs.

  • US treasury futures finished trading on Thursday near session lows, the 10Y contract was down (- 09+) at 109-16, while yields were 2-5bps higher.
  • US Data: The Conference Board leading indicator fell by more than expected in April, -0.6% M/M (cons -0.3) after -0.3% in March.
  • The NZGB curve is little changed this morning, the 2Y +2.2bps at 4.691%, 10Y is +2.3bps at 4.609%.
  • Earlier, shadow board members (who comprise of 9 private sector economists, business people and academics) recommended the RBNZ keep rates on hold due to annual CPI rising and the persistence of high domestic inflation remaining a concern.
  • Swap rates are flat to 1.5bps higher
  • RBNZ dated OIS is unchanged this morning and 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 2-2.5bps cheaper. There was little in the way of market headlines post the Asia session on Friday, Fed Gov Michelle Bowman reiterated her stance for keeping rates on hold for the time being. Today, the local calendar is empty with focus turning to the RBNZ on Wednesday, regionally China reports 1 & 5yr LPRs.

  • US treasury futures finished trading on Thursday near session lows, the 10Y contract was down (- 09+) at 109-16, while yields were 2-5bps higher.
  • US Data: The Conference Board leading indicator fell by more than expected in April, -0.6% M/M (cons -0.3) after -0.3% in March.
  • The NZGB curve is little changed this morning, the 2Y +2.2bps at 4.691%, 10Y is +2.3bps at 4.609%.
  • Earlier, shadow board members (who comprise of 9 private sector economists, business people and academics) recommended the RBNZ keep rates on hold due to annual CPI rising and the persistence of high domestic inflation remaining a concern.
  • Swap rates are flat to 1.5bps higher
  • RBNZ dated OIS is unchanged this morning and heading into year-end with cumulative 45bps of easing now.
  • Looking Ahead: RBNZ on Wednesday