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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.
BONDS
NZGBs richen 7-8bp after Q1 CPI data prints a downside surprise, +1.2% Q/Q & 6.7% Y/Y versus expectations of +1.5% Q/Q and 6.9% Y/Y. CPI Tradeable decelerated to +0.7% Q/Q versus +1.4% previously, but Non-Tradeable CPI accelerated to +1.7% Q/Q versus +1.5% in Q4. Rents increased 4.3% in the 12 months to March 2023 after 4.4% in Q4.
- Swap rates are 8-10bp richer post-data with the curve unchanged.
- RBNZ dated OIS pricing softens 4-7bp across meetings after the CPI data with 20bp of tightening priced for the May meeting versus 24bp pre-data.
- Terminal OCR expectations fall to 5.51% versus 5.57% before the data.
Figure 1: RBNZ Dated OIS: Post-Data Vs. Pre-data
Source: MNI – Market News / Bloomberg
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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