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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: Subdued Open As U.S. Tsys Digest Fed Chair’s Testimony (Part II)
NZGBs open 1-2bp stronger with the 2/10 curve slightly flatter as U.S Tsys close weaker in NY trade but off yield highs set in Asia-Pac trade. In his second appearance before Congress Fed Chair Powell reiterated Tuesday's hawkish message but added a data dependency caveat citing the importance of non-farm payrolls this week and the CPI next. U.S Tsy yields moved 1-5bp higher on with the curve more inverted (in line to slightly richer vs. levels seen late in the NZ session on Weds). The cash NZ/US 10-year yield differential is 1bp narrower at +60bp.
- Swap rates are 3-4bp lower, implying tighter swap spreads, while the curve is little changed.
- RBNZ-dated OIS opens little changed across meetings. April meeting pricing shows ~45bp of tightening, with terminal OCR pricing now holding well above the RBNZ’s projected OCR peak of 5.50% at ~5.62%.
- RBNZ Deputy Governor Hawkesby will speak at a private event today, commenting on the recent monetary policy decision (no new information will be divulged).
- Total card Spending for February resided in negative territory, with Cyclone Gabrielle impacting the result.
- Further afield, China CPI and PPI data for February are slated for today.
To read the full story
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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.