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Swaps rise recovering all of last week's decline following US Treasuries higher

Bonds
Swaps rise recovering all of last week's decline following US Treasuries higher

By Raiko Shareef

NZ interest rate markets appeared to still be in holiday mode yesterday, with trading volume relatively light.

The swaps curve moved higher to reflect Thursday’s 8 bp rise in US Treasuries, with a near-uniform 4 bp rise across the curve.

The 2-year swap closed the day 4 bps higher at 4.06%.

US Treasuries saw a much quieter session on Tuesday. Sporadic headlines implying that last week’s Ukraine accord is already being ignored saw Treasuries dip lower soon after the open.

Later, positive US data helped the US 10-year yield hit 2.74% in intra-day trading.

These moves have since been unwound, and the 10-year yield is currently unchanged from Thursday’s closing level at 2.72%.

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