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NZGBs: Cheaper Start, Q1 GDP Headlines Weekly Docket

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NZGBs have opened dealing ~1bp cheaper across the major benchmarks, this occurred after US Tsys were moderately pressured on Friday with the curve bear steepening.

  • Swap rates are little changed at Monday's open.
  • RBNZ dated OIS are little changed across the meetings with an expected terminal rate of 5.63%.
  • May Card Spending is on the wires this morning. There is no estimate for the print and the prior reads were 1.0% M/M (Total) and 0.8% M/M (Retail).
  • Looking ahead, Q1 GDP headlines the week's docket. The market is expecting a fall of 0.1% M/M and a rise of 2.6% Y/Y.

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