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Why MNI
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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: Richer, Solid Takedown of Weekly Supply
NZGBs closed 3-4bp richer, well off session cheaps, as this week’s NZ$400 supply shows solid demand, particularly for the May-51 bond (cover ratio of 4.42x). The cash lines in the auction were 3-5bp lower in post-auction trading.
- In contrast to cash NZGBs, swap rates closed flat to 3bp lower with 10-year outpeforming.
- RBNZ dated OIS closed 1-5bp softer across meetings with 23bp of tightening priced for the upcoming May 24 meeting.
- REINZ House Price Index falls 12% y/y but showed some tentative signs of stabilisation.
- April Food Prices printed a relatively small increase of 0.5% m/m in April but the annual rate accelerated to +12.5% from 12.1%. The monthly increase was pulled lower by a 2.9% m/m decline in fruit and vegetable prices.
- Tomorrow sees the local calendar release April's Manufacturing PMI and March's Net Migration with the former likely to remain weak and the latter continuing to show post-border opening strength.
- The highlight however is likely to be the RBNZ’s Q2 Inflation Expectations. A lower-than-expected reading in Q1 saw RBNZ dated OIS scale back terminal OCR expectations.
- The global calendar delivers the BoE Rate Decision ahead of April’s US PPI 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.