Bonds
Long-end of the NZ interest rate curve drifts higher, US rates rise, European bond yileds also edge higher
5th Sep 14, 8:15am
by
By Raiko Shareef
NZ interest largely held their ground yesterday in a fairly quiet session.
The long-end of the curve drifted higher by 2 bps, but the 2-year swap yield was unchanged at 4.08%.
US bond yields rose in the overnight session, with the 10-year Treasury yield up 5 bps to 2.45%.
European bond yields also edged higher, with Germany’s 10-year note up 2 bps to 0.97%.
The ECB’s action overnight signalled a clear determination to spur inflation in the euro-zone, which likely contributed to the edge lower in bond values.
Other news:
* BoE keeps policy unchanged, no detail as per usual
* BoJ unchanged and surprisingly did not soften upbeat tone.
* US ADP employment 204k vs 220k exp.
* German factory orders +4.6% m/m vs +1.5% exp.
* BoE keeps policy unchanged, no detail as per usual
* BoJ unchanged and surprisingly did not soften upbeat tone.
* US ADP employment 204k vs 220k exp.
* German factory orders +4.6% m/m vs +1.5% exp.
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