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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: Closed At The Session’s Cheapest Levels, Q1 CPI Next Wednesday
NZGBs closed at the session’s cheapest levels, with benchmark yields 7-9bps higher. The NZGB 10-year underperformed its $-bloc counterparts, with the NZ-US and NZ-AU yield differentials 3bps wider at +27bps and +53bps respectively.
- Softer domestic data (Manufacturing PMI, Retail Card Spending and Food Prices) failed to support the market during the session.
- Cash US tsys are dealing 1-2bps richer in today's Asia-Pac session after finishing Thursday with a slight twist-steepening.
- Swap rates closed 8bps higher.
- For meetings beyond July, RBNZ dated OIS pricing is 2-8bps firmer today and 10-22bps firmer compared to levels before the RBNZ Decision on Wednesday.
- While the RBNZ maintained its tightening bias, the primary impetus behind this shift was a substantial reduction in market expectations for easing by the US Federal Reserve. This adjustment followed the release of stronger-than-expected US CPI data earlier in the week.
- Next week, the local calendar sees the Performance Services Index and Net Migration data on Monday ahead of REINZ House Sales, Non-Resident Bond Holdings and Q1 CPI data on Wednesday.
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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.