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NZGBs: Steady Start, Consumer Confidence Rises In December

BONDS

NZGBs have opened dealing little changed across the major benchmarks in a steady start to Wednesday's dealing. On Tuesday US Tsys were flat, firming alongside JGBs before erasing gains after strong housing starts data.

  • 10-Year NZ US Swaps are stable in early dealing and last print at +59bps. We were as wide as +77bps last week.
  • On the wires early in today's session was December Consumer Confidence, which rose 1.3% to 93.1.
  • A reminder that AASB has brought forward rate cut projections for the RBNZ. The bank now sees the RBNZ cutting rates in August 2024.
  • On the wires today the NZ Government's Half-Year Economic and Fiscal Update crosses.
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