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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.
STIR
NZ STIR is firmer after ANZ announces a change to its monetary policy outlook with the RBNZ now expected to raise the OCR to a terminal rate of 5.75%. A 25bp hike to 5.50% is expected next Wednesday but they attach a 20% chance of a 50bp hike. This follows the release of Westpac’s updated call of a 6.0% OCR peak earlier in the week.
- RBNZ dated OIS is 2-8bp firmer with meetings beyond July leading.
- 25bp of tightening is priced for the upcoming May 24 meeting.
- Terminal OCR expectations sit at 5.68% versus 5.60% at yesterday’s close and 5.51% at the end of last week.
- A cumulative 46bp of easing is priced off the terminal rate by Feb’24.
Figure 1: RBNZ Dated OIS: Today Vs. Yesterday
Source: MNI – Market News / 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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