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NZGBS: Late Bullish Flurry After A Subdued Session

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NZGBs closed with a late bullish flurry after a subdued local session ahead of a busy week of central bank meetings, including the FOMC, BoJ, BoE and the RBA. With the local market closed at the time of the RBA & BoJ decision and statement, any reaction is likely to be reflected in early dealings tomorrow.

  • (Bloomberg) -- A range of indicators released over the past fortnight “confirm New Zealand is in the midst of a severe economic slowdown,” the Treasury Dept. says in a Fortnightly Economic Update. Data “implies there was another quarter of roughly flat GDP in December and ongoing declines on a per capita basis”. (See link)
  • Cash US tsys were little changed in today’s Asia-Pac session ahead of the BoJ’s Policy Decision.
  • Swap rates closed flat to 3bps lower, with the 2s10s curve steeper.
  • RBNZ dated OIS pricing closed little changed for meetings out to August and 2bps softer beyond. A cumulative 58bps of easing is priced by year-end.
  • Tomorrow, the local calendar will see Q1 Westpac Consumer Confidence and Q4 Current Account Balance data, ahead of Q4 GDP on Thursday.
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NZGBs closed with a late bullish flurry after a subdued local session ahead of a busy week of central bank meetings, including the FOMC, BoJ, BoE and the RBA. With the local market closed at the time of the RBA & BoJ decision and statement, any reaction is likely to be reflected in early dealings tomorrow.

  • (Bloomberg) -- A range of indicators released over the past fortnight “confirm New Zealand is in the midst of a severe economic slowdown,” the Treasury Dept. says in a Fortnightly Economic Update. Data “implies there was another quarter of roughly flat GDP in December and ongoing declines on a per capita basis”. (See link)
  • Cash US tsys were little changed in today’s Asia-Pac session ahead of the BoJ’s Policy Decision.
  • Swap rates closed flat to 3bps lower, with the 2s10s curve steeper.
  • RBNZ dated OIS pricing closed little changed for meetings out to August and 2bps softer beyond. A cumulative 58bps of easing is priced by year-end.
  • Tomorrow, the local calendar will see Q1 Westpac Consumer Confidence and Q4 Current Account Balance data, ahead of Q4 GDP on Thursday.