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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: Impending RBNZ Decision Front & Centre
A twist flattening move became apparent in NZGBs as the day wore on, with the impulse from Monday’s U.S. Tsy trade and a light bid in global core FI markets during the Asia-Pacific session providing some support as NZGBs recovered from early session cheaps.
- That left the major NZGB benchmarks running 5.5 cheaper to 4.0bp richer at the bell, pivoting around 7s.
- Swap spreads were mixed across the curve, tightening in the front end but widening a little further out the curve.
- The 2/10-Year swap curve moved deeper into inverted territory, printing fresh cycle extremes in the process, representing the most inverted level witnessed since ’08.
- Local headline flow was light ahead of tomorrow’s RBNZ decision. A reminder that the majority of analysts look for a 75bp rate hike ahead of the Bank’s three-month hiatus, with just under 70bp of tightening priced into RBNZ dated OIS for the event. Terminal OCR pricing prints just above 5.15% (see our full preview of that event here)
- Early Wednesday trade may see some adjustment to RBA Governor Lowe’s dinner time address, if there is anything in the way of notable trans-Tasman impetus generated.
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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.