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NZGBS: Richer, US Tsys Rally Lower Than Expected ULC, US Payrolls Later Today

BONDS

In local morning trade, NZGBs are 2-3bps richer after US tsys bull-steepened, with yields flat to 5bps lower.

  • US tsys rallied through technical resistance early in the NY session after lower-than-expected Unit Labor Costs (0.4% vs. 0.7% est). Weekly jobless claims were largely in line: (216k vs. 217k est) while Continuing Claims rose (1.906M vs. 1.880M est; prior down-revised to 1.898M from 1.905M)). Additional data: Nonfarm Productivity (3.2% vs. 3.1% est); Trade Balance (-$67.4B vs. -$63.5B est).
  • No new insight from Fed Chairman Powell on Thursday as he repeated yesterday's policy testimony to Congress.
  • The S&P 500 reset its record high and record closing high with a gain of 0.9%.
  • The market now awaits February US Non-Farm Payrolls later today.
  • Swap rates are 2bps lower.
  • RBNZ dated OIS pricing is unchanged across meetings. A cumulative 52bps of easing is priced by year-end.
  • Today, the local calendar is empty.
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