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Free AccessNZGBS: Short-End Closed On A Negative Note, 10Y Weaker But Off Cheaps
Short-end NZGBs closed on a weak note with the 2-year benchmark yield 9bp cheaper. The 10-year benchmark was also 4bp weaker on the day but finished off session cheaps after this week’s supply saw solid demand for the Apr-37 line (cover ratio of 3.16x). The line was 2.0bp richer in post-auction trade. The bid was less enthusiastic for the May-28 and May-32 lines with cover ratios of 2.68x and 2.36x respectively. Nonetheless, the lines were 1-1.5bp lower in post-auction trading.
- In the absence of domestic data, the local market seems to have been affected negatively by the post-employment data reaction in ACGBs. Furthermore, given the somewhat concerning Q2 core CPI print from yesterday, there is a possibility of follow-through selling in the market.
- Swap rates are 5-8bphigher with the 2s10s curve flatter and implied long-end swap spreads wider.
- RBNZ dated OIS pricing is 1-5bp firmer across meetings beyond October. Terminal OCR expectations sit at 5.70%, the highest since early July.
- The local calendar has no data tomorrow with the next data release on note being Trade Balance data on Monday.
- Later today, the US calendar delivers Weekly Jobless Claims Data along with the July Philly Fed and June Existing Homes Sales.
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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.