MNI: FED: NEED MORE FAVORABLE DATA ON INFLATION TO CUT

MNI INTERVIEW2: Europe Must Act To Boost Growth-ECB's Kazaks

MNI BRIEF: European Fiscal Board Calls For Fiscal Tightening

MNI NBP WATCH: Rates Held As 2024 Outlook Remains Hawkish

MNI BRIEF: ADP's Richardson Sees Pockets of Weakness in US Job Market

MNI BRIEF: NBP Holds Reference Rate At 5.75% As Expected

US Treasury Auction Calendar

US EIA:NAT GAS STORAGE +32 BCF TO 3,134 BCF JUN 28 WK

US EIA: CRUDE OIL STOCKS EX SPR -12.16M TO 448.5M JUN 28 WK

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

NZGBS: Subdued Dealings Ahead Of Key US Data

BONDS
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets

NZGBs closed near the session’s worst levels, with benchmarks flat to 3bps cheaper. Nevertheless, with the domestic calendar light, dealings have been subdued ahead of key US data.

  • There is a heavy US data drop in today’s shortened session ahead of tomorrow’s 4th of July holiday: Challenger Job Cuts, ADP Employment, Weekly Jobless claims, ISM Services, Factory/Durables Orders and June FOMC Minutes. Friday will see June Non-Farm Payroll data.
  • US tsys are little changed in today's Asia-Pac session after yesterday's Powell-induced rally.
  • NZ-US and NZ-AU 10-year yield differentials are little changed versus yesterday’s close.
  • NZ commodity export prices rose 1.5% from a month earlier in June (+7.4% y/y), with dairy seeing the largest increase (+2.2% m/m, +8.2% y/y).
  • The swaps curve has twist-steepened, with rates 2bps lower to 1bp higher.
  • RBNZ dated OIS pricing closed 2-4bps softer for meetings beyond July. A cumulative 36bps of easing is priced by year-end.
  • Tomorrow, the local calendar will see CoreLogic House Prices and the Government’s 11-month Financial Statements.
  • Tomorrow, the NZ Treasury plans to sell NZ$225mn of the 1.5% May-31 bond, NZ$175mn of the 4.25% May-34 bond and NZ$100mn of the 1.75% May-41 bond.
188 words

To read the full story

Close

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.

NZGBs closed near the session’s worst levels, with benchmarks flat to 3bps cheaper. Nevertheless, with the domestic calendar light, dealings have been subdued ahead of key US data.

  • There is a heavy US data drop in today’s shortened session ahead of tomorrow’s 4th of July holiday: Challenger Job Cuts, ADP Employment, Weekly Jobless claims, ISM Services, Factory/Durables Orders and June FOMC Minutes. Friday will see June Non-Farm Payroll data.
  • US tsys are little changed in today's Asia-Pac session after yesterday's Powell-induced rally.
  • NZ-US and NZ-AU 10-year yield differentials are little changed versus yesterday’s close.
  • NZ commodity export prices rose 1.5% from a month earlier in June (+7.4% y/y), with dairy seeing the largest increase (+2.2% m/m, +8.2% y/y).
  • The swaps curve has twist-steepened, with rates 2bps lower to 1bp higher.
  • RBNZ dated OIS pricing closed 2-4bps softer for meetings beyond July. A cumulative 36bps of easing is priced by year-end.
  • Tomorrow, the local calendar will see CoreLogic House Prices and the Government’s 11-month Financial Statements.
  • Tomorrow, the NZ Treasury plans to sell NZ$225mn of the 1.5% May-31 bond, NZ$175mn of the 4.25% May-34 bond and NZ$100mn of the 1.75% May-41 bond.