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NZGBs: Marginally Richer Start, RBNZ Headlines Week

BONDS

NZGBs have opened dealing on Monday ~1bp richer across the major benchmarks, following US Tsys lead from Friday.

  • The local newsflow has been relatively limited this morning, the NZIER Shadow Board recommended that the OCR be held unchanged this week, 2 of the board said that the OCR should be hiked 25 bps with 6 members voting for unchanged.
  • August Building Permits fell 6.7% M/M, the prior read was revised lower to -5.4%.
  • RBNZ OIS price no change at this week's meeting, a terminal rate of 5.75% is seen in April 2024.
  • Looking ahead, the aforementioned RBNZ monetary policy decision headlines the week's docket.

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