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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.
NZD
NZD/USD overnight volatility sits at 12.235% as option markets price in a $0.6161-$0.6259 range today.
- Overnight implied volatility sits well below levels seen in the aftermath of the SVB crisis (~25%) in March. We also sit below the levels seen before Aprils RBNZ meeting (16.07%).
- Overnight risk reversals are skewed to the downside, however we sit well above levels seen pre-SVB crisis and within the yearly range.
- On the wires shortly the Q1 employment survey will close, the market sees the unemployment rate ticking higher to 3.5% from 3.4% with wage growth expected to remain at 1.1% Q/Q. Further out the Fed is expected to lift rates 25bps.
Fig1: NZD/USD Overnight Implied Volatility
Source: MNI/Bloomberg
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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