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NZGBS: Narrower Monthly Deficit But Annual At A Record

BONDS

The trade deficit narrowed to NZ$714mn in February from a negatively revised NZ2.113bn deficit in January with the decline in imports (-19.8% M/M) outstripping the decline in exports (-1.3% M/M).

  • The annual trade deficit however printed virtually in line with the revised record of -NZ$15.644bn in February.
  • Following on from the worse-than-expected Q4 current account deficit, the message from today’s data is that the situation is going to take some time before it improves. This storyline should not be music to the market’s ear after last week’s rating guidance from S&P.
  • The market’s reaction to data however has so far been fairly muted, with the focus seemingly on U.S Tsy futures and ACGBs ahead of the RBA Minutes for the March Meeting today (0030 GMT).
  • AU/NZ 10-year yield differential +3bp at -89bp versus the multi-decade low of around -100bp set last week.
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