Slightly Richer, RBNZ Released Analytic Note, Conway To Speak Tuesday

In local morning trade, NZGBs are lower across benchmarks, with yields 1-3bps lower. A risk off tone has pushed yields on longer date bonds back to levels from earlier January, the 10y now trades at 4.512%. US Treasury yields were 4-8bps lower across the curve on Friday in what was a very light day for eco data, while the move looks to have been help by a large buy of 35,000 SFRM4 (3M Jun'24 SOFR futures).

• (Bloomberg) -- RBNZ Paper Suggests Use of Smaller Suite of Labor Indicators (See link)
• Swap rates are flat to 1.5bps lower this morning, while the 2s10s curve is flatter
• The NZ trade weight Index made new yearly lows down 0.15% to 70.55, while the AU-NZ 2yr swap is just off monthly highs at -0.85, the NZD is now below 0.6000 falling 0.90% on Friday while Equities are down 0.34%.
• RBNZ dated OIS is unchanged this morning with a cumulative 71.5bps of easing is priced by year-end.
• Today, the calendar is light. Upcoming RBNZ's Conway speaks about Feb MPS on Tuesday