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NZGBS Trade Cheaper Early, Following Moves from US Tsys

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In local morning trade, NZGBS are 5-6bps higher following large moves in the US on Friday on the back of stronger Non farm payrolls.

  • There has been little else in the way of headlines, with the market now adjusting to the rate hike percentage.
  • NZGBs are performing better than another regional rate markets, with yields just 5-6bps higher.
  • Swaps are 1-8bps higher
  • RBNZ dated OIS pricing is little changed. A cumulative 24bps of easing is priced by year-end.
  • looking Ahead, REINZ House Sales, BusinessNZ Manufacturing PMI & Food Prices on Friday

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