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Free AccessNZGBS: Closed On A Weak Note, Pressured By JGBs, US NFP Due
NZGBs closed on a weak note, with benchmark yields 2-5bps higher led by the 10-year. This move came despite weak Q3 Manufacturing Activity data, which printed -2.8% q/q versus +0.2% prior.
- The key driver of today’s session has been spillover softness from global markets, particularly JGBs. The JGB curve has bear-steepened, with yields 1-7bps higher, following higher-than-expected labour and real cash earnings data. Today’s move extends the sell-off sparked by yesterday’s poor 30-year auction result.
- Cash US tsys are 1bp cheaper across benchmarks so far in the Asia-Pac session, ahead of this evening’s Non-Farm Payrolls release.
- Swap rates closed 2-8bps higher, with the 2s10s steeper.
- RBNZ dated OIS pricing closed 1-2bps firmer for meetings beyond July’24. Terminal OCR expectations remain at 5.54% but the market now has two 25bp rate cuts fully priced by Nov’24.
- On Monday, the local calendar sees Card Spending Retail and Net Migration data.
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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.