Yields Edge Lower, Conway To Speak Tuesday

NZGBs yield opened lower across benchmarks and continued to grind lower over the day finishing 2-4bps lower. A risk off tone has pushed yields on longer date bonds back to levels from early January, the 10y now trades at 4.479%. There has been very little in the way of local headlines, NZ will look to sell 84, 164 & 350-day Bills on Tuesday, while Conway to also speak.

• (Bloomberg) -- RBNZ Paper Suggests Use of Smaller Suite of Labor Indicators (See link).
• NZGBs yields closed lower today, with the curves bull flattening. The 2y is -2.7bps to 4.581%, while the 10y is -3.5bps to 4.521%
• Swap rates are 1-4bps lower today, while the 2s10s curve is flatter
• The NZ trade weight Index is just off earlier lows, down 0.14% to 70.56, while the AU-NZ 2yr swap is just off monthly highs at -0.8425, the NZD has managed to get back above 0.6000, trading at 0.6008, while Equities are up 0.82%.
• The NZ commodity price Index dipped for the first time since Earlier January now at 116.48, from 116.79 a yearly high after Milk prices fell slightly.
• RBNZ dated OIS is unchanged this morning with a cumulative 71bps of easing is priced by year-end.
• Today, the calendar is light. Upcoming RBNZ's Conway speaks about Feb MPS on Tuesday