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Richer Start, Mfg PMI On Tap

BONDS

NZGB's have opened dealing ~6bps richer across the major benchmarks. This comes after US Tys rallied overnight after another Weekly Jobless Claims prints was firmer than expected, US Tsy Yields finished 4-8bps richer across the curve.

  • RBNZ dated OIS have been stable, a peak rate of 5.60% is seen in late 2023. There are ~ 30bps of cuts priced in the first half of 2024.
  • A reminder that yesterday's GDP print confirmed that New Zealand has entered a technical recession with the economy shrinking 0.1% in Q1. Over the year 2.2% growth was observed, less than the expected 2.6%.
  • On the wires this morning we have May BusinessNZ Mfg PMI, there is no estimate and the prior read was 49.1.

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