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NZGBS Close Cheaper Post Strong Consumer Confidence

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NZGBs closed flat to 2.5bps cheaper, as yields rose post strong Consumers confidence data which showed the Index rise to 92.2 from 87.9 although we have reversed about half of the move to closed the week with the 10yr at 4.27%

  • New Zealand's August consumer confidence index rose to 92.2, up 4.3 points. While sentiment about family finances over the past year remained unchanged at -18.0, expectations for finances in the year ahead dropped by 3 points to 17.0. Optimism about the economy one year ahead improved significantly, rising by 14 points to -18.0.
  • Building permits rose 26.2% m/m in July ended four months of declines.
  • Cash US tsys are little changed so far today, ranges have been extremely tight while volumes have been well below recent averages, yields are flat to 0.5bps higher.
  • NZGB curve has flattened today, yields are flat to 3bps higher. The 2yr is +2.7bps at 4.133%, while the 10yr is flat at 4.303%.
  • Swap rates closed flat to 2bps higher.
  • RBNZ dated OIS is pricing in 30bps of cuts for the October meeting, and 72bps of cuts by the November meeting
  • Looking ahead to next week we have Terms of Trade Index on Monday, and ANZ Commodity Prices on Tuesday.
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NZGBs closed flat to 2.5bps cheaper, as yields rose post strong Consumers confidence data which showed the Index rise to 92.2 from 87.9 although we have reversed about half of the move to closed the week with the 10yr at 4.27%

  • New Zealand's August consumer confidence index rose to 92.2, up 4.3 points. While sentiment about family finances over the past year remained unchanged at -18.0, expectations for finances in the year ahead dropped by 3 points to 17.0. Optimism about the economy one year ahead improved significantly, rising by 14 points to -18.0.
  • Building permits rose 26.2% m/m in July ended four months of declines.
  • Cash US tsys are little changed so far today, ranges have been extremely tight while volumes have been well below recent averages, yields are flat to 0.5bps higher.
  • NZGB curve has flattened today, yields are flat to 3bps higher. The 2yr is +2.7bps at 4.133%, while the 10yr is flat at 4.303%.
  • Swap rates closed flat to 2bps higher.
  • RBNZ dated OIS is pricing in 30bps of cuts for the October meeting, and 72bps of cuts by the November meeting
  • Looking ahead to next week we have Terms of Trade Index on Monday, and ANZ Commodity Prices on Tuesday.