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NZGBS: Subdued Session Ahead Of Fed Speak Later Today & NFP Tomorrow

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NZGBs closed 1-2bps cheaper across benchmarks after dealing in relatively narrow ranges. Today’s domestic data drop (CoreLogic House Prices, Home Building Approvals and ANZ Commodity Prices) failed to be market moving, as expected.

  • NZ's Commodity Export Prices fell 1.3% m/m in March versus a revised +3.6% in February. Dairy prices fell 4.3% m/m.
  • The weekly bond auction scheduled for today was cancelled due to yesterday’s issuance of the new May-35 bond.
  • Cash US tsys are dealing flat to 2bps cheaper in today’s Asia-Pac session.
  • Later today the US calendar sees Weekly Jobless Claims and Trade Balance data alongside a heavy spate of Fed speakers: Philly Fed Harker, Richmond Fed Barkin, Chicago Fed Goolsbee, Cleveland Fed Mester, MN Fed Kashkari, StL Fed Musalem and Fed Gov Kugler. US Non-Farm Payrolls data is due on Friday.
  • Swap rates are 2-3bps higher, with the 2s10s curve flatter.
  • RBNZ dated OIS pricing is little changed. A cumulative 69bps of easing is priced by year-end.
  • Tomorrow, the local calendar is empty.
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NZGBs closed 1-2bps cheaper across benchmarks after dealing in relatively narrow ranges. Today’s domestic data drop (CoreLogic House Prices, Home Building Approvals and ANZ Commodity Prices) failed to be market moving, as expected.

  • NZ's Commodity Export Prices fell 1.3% m/m in March versus a revised +3.6% in February. Dairy prices fell 4.3% m/m.
  • The weekly bond auction scheduled for today was cancelled due to yesterday’s issuance of the new May-35 bond.
  • Cash US tsys are dealing flat to 2bps cheaper in today’s Asia-Pac session.
  • Later today the US calendar sees Weekly Jobless Claims and Trade Balance data alongside a heavy spate of Fed speakers: Philly Fed Harker, Richmond Fed Barkin, Chicago Fed Goolsbee, Cleveland Fed Mester, MN Fed Kashkari, StL Fed Musalem and Fed Gov Kugler. US Non-Farm Payrolls data is due on Friday.
  • Swap rates are 2-3bps higher, with the 2s10s curve flatter.
  • RBNZ dated OIS pricing is little changed. A cumulative 69bps of easing is priced by year-end.
  • Tomorrow, the local calendar is empty.