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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.
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Free AccessNZGBS: Slight Twist-Flattening, Awaiting US Payroll Data
At the local close, NZGBs exhibited a slight twist-flattening of the curve, with yields 1bp higher to 2bps lower. With the domestic calendar empty today and cash tsys closed in Asia due to the observance of a national holiday in Japan, the local market largely drifted through the session ahead on US Non-Farm Payrolls later today.
- US tsy futures are dealing at 107-16+, +0-01 compared to the NY close. US equity futures sit lower as Apple’s Q4 sales outlook continues to weigh.
- Swap rates closed 1bp higher to 2bps lower, with the 2s10s curve flatter and implied swap spreads wider.
- RBNZ dated OIS pricing is little changed, with terminal OCR expectations at 5.56% (+6bps by Feb’24).
- In the final election result, the NZ Nationals need the support of 2 other parties to form government after losing 2 seats.
- Looking ahead to next week the docket is relatively light with Q4 Inflation Expectations the highlight. We also have October Mfg PMI and Card Spending.
- Next Thursday, the NZ Treasury plans to sell NZ$175mn of the 4.5% May-30 bond, NZ$225mn of the 2.0% May-32 bond and NZ$100mn of the 2.75% Apr-37 bond.
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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.