Bonds
Global interest rates slightly softer as a mild risk-off tone pervades markets
24th Apr 14, 8:13am
by
By Raiko Shareef
The NZ interest rate curve took its cues from its Australian counterpart yesterday, with the latter rallying in light of the softer-than-expected inflation numbers.
As a result, NZ interest rates took a uniform 2bp step lower, with the 2-year swap rate closing at 4.04%.
With regard to the RBNZ today, should it choose to soften its tone in light of the elevated NZ TWI, local interest rates will likely rally further.
Global interest rates are slightly softer this morning as a mild risk-off tone pervades markets.
That, combined with softer US housing market data, has US 10-year Treasuries 3bps lower at 2.68%.
Other news:
* US Markit manufacturing PMI printed at 55.4, against expectations of 56.0.
* HSBC’s China flash PMI printed at 48.3 as expected, provoking little market reaction.
* US Markit manufacturing PMI printed at 55.4, against expectations of 56.0.
* HSBC’s China flash PMI printed at 48.3 as expected, provoking little market reaction.
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