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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI UST Issuance Deep Dive: Dec 2024
MNI US Employment Insight: Soft Enough To Keep Fed Cutting
MNI ASIA MARKETS ANALYSIS: Jobs Data Green Lights Rate Cuts
NZGBS: Closed On A Weak Note, Yields Pressured By GDP, Supply & US Tsys
NZGBs closed near session cheaps, with benchmark yields 5bps higher. Domestic and offshore factors were at play.
- On the home front, the NZ economy exited its technical recession, with Q1 GDP printing +0.2% q/q (+0.3% y/y) versus consensus expectations of +0.1% (+0.2%).
- The RBNZ forecast +0.2% q/q in its May Monetary Policy Statement. Accordingly, the result is unlikely to change the MPC’s wait-and-see stance.
- NZGBs extend losses after lacklustre weekly bond auctions. May-31 supply saw a cover ratio of 1.24x, down from 2.46x at the prior outing. The ratio for the May-34 bond fell to 1.85x from 2.60x prior.
- Cheaper cash US tsys, yields 2-3bps higher, in today’s Asia-Pac session after yesterday’s holiday was also a drag on the local market.
- Swap rates closed 4-6bps higher.
- RBNZ dated OIS pricing closed 3bps firmer for 2025 meetings. A cumulative 30bps of easing is priced by year-end.
- Tomorrow, the local calendar is empty.
- Today, the US calendar will see Weekly Claims, House Starts and Building Permits. The Bank of England will also make their policy announcement, with an on-hold decision likely.
To read the full story
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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.