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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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Free AccessNZGBS: Held Haven Bid Into The Close
NZGBs have held the Middle East conflict-induced haven bid for global bonds into the close, with benchmark yields 6-7bps lower, after dealing in a narrow range for the local session. With the local calendar empty today, local participants have been on headlines and US Tsys watch.
- US Tsys are holding close to session lows, however, there has been little follow-through on the initial move lower as of yet. There has been little in the way of meaningful macro news flow. Cash US Tsys sit 13-15bps richer across the major benchmarks after yesterday's Columbus Day holiday.
- Swap rates are 6-9bps lower, with the 2s10s curve slightly steeper.
- RBNZ dated OIS pricing is 1-5bps softer across meetings, with Jul'24 leading. Terminal OCR expectations soften to 3.70% from 3.73%.
- Bloomberg reports that NZ will change its dairy export quota allocations to be based on each company’s share of volume, says Agriculture Minister Damien O’Connor. (See link)
- Tomorrow, the local calendar sees Net Migration data, ahead of Food Prices on Thursday and Business NZ Mfg PMI and Card Spending on Friday.
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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.