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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: Little Changed, Subdued Trading Overnight, Real Retail Sales Due
In local morning trade, NZGBs are unchanged after a subdued overnight session. Newsflow remained quiet, with trading in US tsys light ahead of the Jackson Hole forum. The US 10-year yield achieved a fresh 16-year high of 4.36%, before finishing 1bp lower on the day at 4.32%. The curve has flattened, with the 2-year yield up 5bp, and back above the 5% threshold.
- There was little reaction to the economic data. Philly Fed non-manufacturing survey saw regional activity slip in August, falling to -13.1 vs +1.4 prior, while a drop in existing home sales -2.2% M/M (cons -0.2%) spurred some short covering.
- Trading desks are anticipating a hawkish tone from Fed Chair Powell at the economic summit in Jackson Hole that informally kicks off Thursday evening and runs through Saturday.
- Swap rates are 2bp lower.
- RBNZ dated OIS pricing is unchanged across meetings, with terminal OCR expectations at 5.71%.
- The RBNZ will be “mindful” of the depreciation in the NZ dollar, BusinessDesk reported citing RBNZ Chief Economist Conway. (See link)
- Today the local calendar sees Q2 Retail Sales Ex-Inflation. The expected softness in retail spending reflects that high inflation and interest rate rises have squeezed households' purchasing power.
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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.