-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessNZGBS: Post-RBNZ Rally Extends
NZGBs closed on a strong note, led by the short end, with yields 2-13bps lower. Today’s move extends the post-RBNZ rally in the 2-year NZGB to 25bps. By contrast, the 10-year yield is 8bps lower.
- Today’s supply sees mixed results, with cover ratios ranging from 1.59x (May-34) to 3.73x (May-41) across the bond lines.
- July monthly prices, which account for around 40% of the CPI basket, were mixed with most showing lower or steady inflation rates except food which picked up. The RBNZ revised down its Q3 CPI expectations to 2.3% y/y.
- The RBNZ noted some higher frequency indicators that it looks at. One of these indicators is card transactions and July printed today up 0.7% m/m to be down 0.8% y/y but retail fell 0.1% m/m and 3.9% y/y, the sixth consecutive monthly decline. July is in line with the RBNZ’s view of weak growth.
- Swap rates closed 6-14bps lower, with the 2s10s steeper.
- RBNZ dated OIS pricing is 18-31bps softer across meetings than pre-RBNZ Decision levels. Going into yesterday’s meeting the market had priced a 58% chance of a 25bp cut. The market now prices 39bps of easing for the next meeting, with a cumulative 82bps by November.
- Tomorrow, the local calendar will see BusinessNZ Manufacturing PMI, PPI and Non-Resident Bond Holdings data.
To read the full story
Sign up now for free trial access to this content.
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.