MNI BRIEF: Japan Nov CGPI Rises 3.7% Y/Y, Import Prices Drop

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

TRUDEAU SAYS IT LOOKS LIKE BOC WILL BE LOWERING RATE AGAIN

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI China Daily Summary: Tuesday, December 10

MNI: USDA: 2024/2025 CORN PRODUCTION EST 15.14B BSL

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

NZGBS: Richer Following U.S Tsys Lead

BONDS

NZGBs open 2-3bp richer in line with the stronger close in U.S. Tsys in NY trade ahead of the weekend. U.S Tsy yields closed 8-11bp lower after core PCE deflator data for February surprised on the downside. The NZ/US 10-year yield differential is 7bp wider at +70bp.

  • Swaps are 2-4bp stronger, implying slightly tighter long-end swap spreads, with the 2s10s curve 2bp flatter
  • RBNZ dated OIS is little changed across meetings ahead of the RBNZ policy decision on Wednesday. The April meeting is priced for 27bp of tightening, with terminal OCR expectations at 5.27%.
  • This week's highlight is the RBNZ rates decision meeting on Wednesday. BBG consensus expects a 25bp hike to 5.0%. Despite the RBNZ considering monetary policy to be in 'contractionary territory', it is likely to emphasise the potential need for further rate hikes to ensure that inflation returns to target.
  • Today, there is no major local data scheduled. In Australia, several economic indicators are set for release, including house prices, PMIs, dwelling approvals, housing finance, and the inflation gauge, ahead of the RBA's policy decision tomorrow.
  • In other news, the NZ Government responded to the Productivity Commission on Immigration, stating that the recommendations largely align with its objectives.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

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.