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NZGBs Richer, Erase Earlier Move To Close At Session's Best

BONDS

NZGBs are richer today, erasing the earlier move to now trade at session's best levels. Yields initially traded 2-3bps higher, before reversing that move to trade 1-2bps lower on the day.

  • The 2yr yield is -1.7bps at 4.095%, while the 10yr is -0.8bps at 4.286%
  • Swap rates are 1-2bps lower, curve has flattened.
  • RBNZ dated OIS pricing is little changed heading into year-end today, while we have cooled into next year 8-10bps.
  • The New Zealand Treasury's latest update notes subdued economic activity but hints at a potential turning point as business optimism rises. While retail spending, employment, and construction remain weak, improved business confidence and expectations of further interest rate cuts offer some hope. However, vulnerable firms may continue to struggle if recovery is delayed.
  • New Zealand reported a trade deficit of NZ$874m for the June quarter. Total trade reached NZ$53.2b, with exports rising 1.6% to NZ$26.2b and imports up 0.7% to NZ$27b. Services exports grew by 11%, driven by travel services, while goods exports declined by 1.5%. China remains New Zealand's top trade partner, followed by the US and Australia.
  • Tomorrow we have ANZ Commodity Prices
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