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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 AccessMNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday
MNI ASIA MARKETS OPEN: Tsy Curves Reverse Course Ahead Wed CPI
NZGBS: Mid-Session Reversal On Aussie Data
NZGBs reversed morning weakness in line with the post-data rally in ACGBs. Trans-Tasman downside surprises in Q4 GDP and more importantly, monthly CPI, sparked a short-end led rally in ACGBs as it threw weight behind the RBA’s forecast that inflation peaked in Q422. NZGBs followed suit with yields 4-5bp lower at the close, versus 4-5bp higher in early trade. The 2/10 cash curve was 1bp steeper. There was no real reaction to firmer than expected Chinese PMI data.
- NZGBs added to yesterday’s outperformance versus U.S. Tsys with the NZ/US cash yield differential narrowing 9bp for the 2-year and 5bp for the 10-year. The NZ-AU 10-year differential did however widen 3bp, unwinding yesterday’s narrowing.
- Swaps close 4-7bp lower, implying a slight narrowing in swap spreads, with the 2s10s curve 1bp flatter.
- RBNZ dated OIS ignored trans-Tasman moves to close a little firmer across meetings. April meeting pricing remains at 38bp of tightening with terminal OCR pricing back close to the RBNZ’s projected OCR peak of 5.50% at 5.47%.
- Today's local data was weak. CoreLogic’s house price index sank -8.9% Y/Y, the steepest annual decline since 2009, while January Building Permits recorded another M/M fall. Some rebound had been expected after the sharp decline in multi-unit consents in December. Today’s data pre-dated much of the recent severe weather.
- Elsewhere, the Treasury announced the appointment of JLMs for the syndication of the new May-30 NZGB, with expectations for the launch to take place next week, subject to market conditions.
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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.