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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: Outperforms The $-Bloc, Consumer Confidence Tomorrow
NZGBs closed at or near session bests, with benchmark yields 4-6bp lower, despite an improvement in business sentiment. With US tsys little changed in Asia-Pac dealing, the catalyst for afternoon strengthening appears to have been solid digestion of weekly supply. Cover ratios across the lines showed a 2.00x to 3.00x range with the longer-dated (May-31 and May-41) issues leading, albeit slightly less than the last time out. The bond lines are 1-2bp richer in post-auction trade.
- The local market’s resilience sees NZGBs outperform the $-bloc with the NZ-US and NZ-AU 10-year yield differentials respectively 3bp and 2bp tighter.
- Swap rates are 4-5bp lower.
- RBNZ dated OIS pricing is flat to 3bp softer across meetings, with May'24 leading.
- The business confidence index rose to -3.7 in August, its highest since June 2021, from -13.1 in July, according to ANZ Bank NZ. Business activity outlook rose to 11.2 from 0.8 in July. Inflation expectations eased to 5.06% from 5.14%. “Many firms appear to have been pleasantly surprised at how well demand has held up' and the Reserve Bank has stopped raising the OCR, which may be creating a sense that the worst is over”: ANZ
- Tomorrow the local calendar sees ANZ Consumer Confidence data.
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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.