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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.
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Free AccessNZGBS: Cheaper, Narrow Ranges, NZ Govt. Budget Next Thursday
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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Sign up now for free trial access to this content.
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.