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NZGBS: Cheaper, Narrow Ranges, NZ Govt. Budget Next Thursday

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NZGBs closed 3-4bps cheaper after dealing in narrow ranges in today’s session. Outside of the previously outlined ANZ Consumer Confidence and Trade Balance data, there hasn't been much in the way of domestic drivers to flag.

  • Cash US tsys are dealing ~1bp richer in today’s Asia-Pac session after yesterday’s sell-off.
  • Swap rates closed 5-6bps higher, with the 2s10s curve unchanged.
  • RBNZ dated OIS pricing is 3-6bps firmer for meetings beyond October, with Mar-25 leading. A cumulative 21bps of easing is priced by year-end.
  • (AFR) The New Zealand central bank is leading the world with its unalloyed and politically independent commitment to crushing inflation by imposing a recession and driving up unemployment to put downward pressure on wage growth and rampant services costs. (See link)
  • Next week, the local calendar will see Filled Jobs on Tuesday, ANZ Business Confidence on Wednesday, and Building Permits and the NZ Government Budget on Thursday.
  • Looking ahead to Friday's US data calendar, the focus will be on Durables/Cap Goods and the latest UofM Sentiment.
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NZGBs closed 3-4bps cheaper after dealing in narrow ranges in today’s session. Outside of the previously outlined ANZ Consumer Confidence and Trade Balance data, there hasn't been much in the way of domestic drivers to flag.

  • Cash US tsys are dealing ~1bp richer in today’s Asia-Pac session after yesterday’s sell-off.
  • Swap rates closed 5-6bps higher, with the 2s10s curve unchanged.
  • RBNZ dated OIS pricing is 3-6bps firmer for meetings beyond October, with Mar-25 leading. A cumulative 21bps of easing is priced by year-end.
  • (AFR) The New Zealand central bank is leading the world with its unalloyed and politically independent commitment to crushing inflation by imposing a recession and driving up unemployment to put downward pressure on wage growth and rampant services costs. (See link)
  • Next week, the local calendar will see Filled Jobs on Tuesday, ANZ Business Confidence on Wednesday, and Building Permits and the NZ Government Budget on Thursday.
  • Looking ahead to Friday's US data calendar, the focus will be on Durables/Cap Goods and the latest UofM Sentiment.