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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 has remained largely stable today in the lead-up to the RBNZ policy decision (Wed) with BBG consensus expecting a 25bp hike to 5.0%.
- Market pricing for the April meeting indicates an expected tightening of 27bp.
- Despite the central bank's belief that monetary policy is currently in a "contractionary territory", it may stress the potential need for further rate hikes to achieve its 1-3% inflation target.
- A recent Reuters poll suggested there is a split among economists as to whether another 25bp hike will occur in May. RBNZ dated OIS currently prices a terminal rate of 5.27% in July.
Figure 1: RBNZ Dated OIS: Today Vs. Friday
Source: MNI – Market News / Bloomberg
Figure 2: OCR & RBNZ Dated OIS
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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