CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

NZGBS: Cheaper, Spillover Selling From ACGBs & US Tsys, Local Market Closed Tomorrow

BONDS

NZGBs closed cheaper but in the middle of today’s ranges, with yields 3-4bps higher across benchmarks. After opening weaker, the market cheapened further via spillover selling from ACGBs after Q1 CPI data printed higher than expected across all measures. ACGBs are currently dealing 9-13bps cheaper after the data.

  • Cheaper US tsys in today’s Asia-Pacific session also likely weighed on the local market. Cash US tsys are dealing 1-2bps cheaper, with a slight flattening bias.
  • There hasn’t been much in the way of domestic drivers to flag, outside of the previously outlined Trade Balance data.
  • Solid demand metrics at today’s weekly supply, brought forward from its normal Thursday slot due to tomorrow's holiday, likely assisted the move away from session cheaps. The cover ratios for the Apr-29 and May-34 lines, 1.96x and 4.16x respectively, improved versus the previous outings.
  • Swap rates closed 4-5bps higher, with the 2s10s curve steeper.
  • RBNZ dated OIS pricing closed 1-3bps firmer for meetings beyond May, with Nov-24 leading. A cumulative 51bps of easing is priced by year-end.
  • Tomorrow, the NZ and Australian markets are closed for the ANZAC day holiday.
  • Later today, the US calendar will see Durable/Capital Goods and Tsy Auctions. PCE Deflator data is due on Friday.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

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.