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Free AccessNZGBS: Closed Richer, Light Local Calendar Until Thursday
NZGBs closed near the session’s best levels, 2-3bps richer, after subdued trading.
- The previously outlined Trade Balance data failed to be a market-mover despite total exports hitting a record monthly high.
- Domestic spending on all cards fell 0.6% m/m, -0.1% y/y, in May according to RBNZ data.
- NZ-US and NZ-AU 10-year yield differentials closed ~2bp tighter and flat respectively.
- Swap rates are 3-4bps lower.
- RBNZ dated OIS pricing is slightly softer for 2025 meetings. A cumulative 30bps of easing is priced by year-end.
- “Investors are pricing in more rate cuts through end-2025 for New Zealand than Australia, but that divergence won’t last, according to a note Friday from Goldman Sachs strategists led by George Cole.” About 120bp of cuts are priced for the RBNZ through the end of next year vs ~50bp for the RBA, Goldman says (per BBG).
- Tomorrow, the local calendar is empty, with the next data release being Consumer and Business Confidence on Thursday.
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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.