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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 ASIA MARKETS OPEN: Tsy Curves Reverse Course Ahead Wed CPI
MNI ASIA MARKETS ANALYSIS:Waiting For Next Inflation Shoe Drop
Key Inter-Meeting Fed Speak – Dec 2024
US TREASURY AUCTION CALENDAR: Avg 3Y Sale
NZGBS: Late Session Bull Flattening
The NZGB 10-year benchmark closed at session bests despite weaker U.S Tsys in Asia-Pac trade. Without an obvious catalyst, late session strength in the long end appeared to be driven by the local market playing catch-up to U.S. Tsy strength ahead of the weekend. At the bell benchmark yields were 2-9bp lower with the 2/10 curve 7bp flatter and the NZ/US 10-year yield differential 4bp narrower at +60bp.
- 2s10s swaps curve bull steepened sharply into the close with rates flat to 10bp richer. The implied swap spread box curve flattened.
- RBNZ dated OIS closed little changed today with 28bp of tightening priced for Wednesday’s meeting and terminal OCR expectations at 5.28% (28bp of additional tightening assuming a 25bp hike this week).
- The RBNZ released a Debt-to-Income (DTI) framework that set the specifications that banks need to comply with if a DTI tool is activated. The publication does not immediately activate DTI restrictions.
- The local calendar is light ahead of the RBNZ decision on Wednesday with the NZIER Quarterly Business Opinion Survey tomorrow as the highlight.
- In Australia, the RBA policy is slated for tomorrow with a no-change outcome expected.
- Further afield, today’s calendar is scheduled to deliver final prints for March Manufacturing PMIs globally along with the ISM Manufacturing Survey.
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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.