MNI BRIEF: China June CPI Hits Three Month Low

RBNZ MPC SAYS OCR "HAS SIGNIFICANTLY REDUCED CPI"

MNI: RBNZ LEAVES OCR AT 5.5%

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

Headline CPI Ticks Down To 0.2% Y/Y, PPI In Line

CHINA JUNE FOOD PRICES -2.1% Y/Y VS -2.0% Y/Y MAY

CHINA JUNE CPI +0.2% Y/Y VS MEDIAN +0.4%; MAY +0.3% Y/Y: NBS

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Yields Firm At the Front End Following US Lead, Retail Sales Fall Doesn't Impact

NEW ZEALAND

NZGB yields are holding higher in the first part of Friday trade. Moves are being led by the front end, which is consistent with US yield moves from Thursday trade, where the 2yr rose nearly 5bps to 4.71%. Better initial jobless claims data helped, along with the Fed's Harker warning against cutting rates too soon.

  • The NZ 2yr is around 1.4bps higher, last near 4.93%. The 10yr around 0.5bps higher, last near 4.78%.
  • In the swap space, we are generally firmer in yield terms as well. The 2yr +5bps to 5.17%, which is very close to mid Feb highs. The 10yr swap rate is seeing a more muted session so far, steady around 4.615%.
  • There hasn't been reaction to the weaker than expected NZ retail sales volume data for Q4. In q/q terms we fell 1.9%, against a -0.2% forecast. Q3 was also revised lwoer to -0.8% (versus an initial flat outcome). In y/y terms we are down -4.1%.
  • This comes ahead of next Wednesday's RBNZ meeting. Market pricing (OIS based) looks at around 30% priced for a 25bps hike.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

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.