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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 AccessNZGBS: Cheaper, Mixed Outcomes For Weekly Supply, US CPI Due
NZGBs closed 2-3bp weaker, mid-range, as global bonds braced for today’s US CPI data.
- US tsys are sitting at session lows in Asia-Pac trade, with no obvious headline driver. This leaves cash tsys ~1bp cheaper across the major benchmarks.
- In terms of the weekly supply, outcomes were varied. The auction of NZ$275 million worth of May-26 bonds and NZ$75 million of the 2.75% Apr-37 bonds witnessed decreased cover ratios (2.77x and 2.01x respectively). Conversely, the sale of NZ$150 million of May-32 bonds experienced an elevated cover ratio (3.01x). Nevertheless, the lines were 2-3bp richer in post-auction trading.
- Swap rates are 2-3bp higher with the 2s10s curve flatter.
- RBNZ dated OIS pricing is flat to 3bp softer, with '24 meetings leading.
- Tomorrow the local calendar sees July’s Manufacturing PMI and Food Price Index.
- In addition to US CPI data, the US calendar sees Initial Jobless Claims along with Fedspeak from SF Fed President Daly and Atlanta Fed President Bostic. There is also the latest 30-year supply.
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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.