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JGB TECHS

(Z1) Bearish Trend Condition

AUSSIE 10-YEAR TECHS

(Z1) Bearish Price Sequence

AUSSIE 3-YEAR TECHS

(Z1) Off Recent Highs

US 10YR FUTURE TECHS

(Z1)‌‌ Support Appears Exposed

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ANZ, ASB & BNZ have all adjusted their RBNZ calls in the wake of the latest quarterly labour market data out of New Zealand, joining Westpac in calling for 3x 25bp hikes during the remainder of '21 i.e. a hike at each of the August, October & November meetings. Note that the OIS strip now prices 30bp of tightening come the end of the Bank's August meeting, effectively equating to a 20% chance of 50bp hike. The OIS strip now prices ~67bp of cumulative tightening through the end of the Bank's November meeting, with ~95bp of cumulative tightening priced through the end of the Bank's July '22 gathering.