Credit Ratings
Market selloff affects bonds but yields stay within six week range. NZ rates accept no-surprise RBNZ OCR review with local tightening a distant prospect
23rd Mar 18, 8:16am
Market selloff affects bonds but yields stay within six week range. NZ rates accept no-surprise RBNZ OCR review with local tightening a distant prospect
USD has shown a mild but broadly based recovery overnight; GBP slightly softer against both the USD and EUR post BoE announcement; NZD trades this morning at 0.7225 USD
23rd Mar 18, 7:54am
USD has shown a mild but broadly based recovery overnight; GBP slightly softer against both the USD and EUR post BoE announcement; NZD trades this morning at 0.7225 USD
Gareth Vaughan hopes UDC will be allowed to stick to its knitting whatever eventuates from ANZ's attempts to sell the finance company
22nd Mar 18, 10:16am
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Gareth Vaughan hopes UDC will be allowed to stick to its knitting whatever eventuates from ANZ's attempts to sell the finance company
US monetary policy remains on a clear tightening path; UST 10 yr yields 3 bps higher on the announcement; USD was already on a weaker path in overnight trading and has made modest losses since the announcement; FOMC sees the NZD back above the 0.72 mark
22nd Mar 18, 8:14am
US monetary policy remains on a clear tightening path; UST 10 yr yields 3 bps higher on the announcement; USD was already on a weaker path in overnight trading and has made modest losses since the announcement; FOMC sees the NZD back above the 0.72 mark
Markets expect a +25 bps US Fed rate hike tomorrow but unsure of whether two or three more will follow in 2018. Local rates slipped
21st Mar 18, 8:42am
Markets expect a +25 bps US Fed rate hike tomorrow but unsure of whether two or three more will follow in 2018. Local rates slipped
NZD trades this morning just under the 0.72 mark and lower on all the key crosses; USD strengthened; EUR is on the soft side, down to 1.2260, reflecting flows more than fundamentals
21st Mar 18, 8:21am
NZD trades this morning just under the 0.72 mark and lower on all the key crosses; USD strengthened; EUR is on the soft side, down to 1.2260, reflecting flows more than fundamentals
US equities are much weaker, driven by the tech sector; in currencies GBP leads the way while the AUD has underperformed; NZD drifted lower before being supported by USD weakness; local swap rates up 1-2 bps across the curve
20th Mar 18, 8:31am
US equities are much weaker, driven by the tech sector; in currencies GBP leads the way while the AUD has underperformed; NZD drifted lower before being supported by USD weakness; local swap rates up 1-2 bps across the curve
NZD and AUD ended last week on a soft note, with the NZD down 0.8% and AUD down 1.1%; USD indices were slightly up for the day; UST 10yr yield up to 2.84%; NZ rates fell 4-5bps for government bonds and 1-2bps for swaps
19th Mar 18, 8:18am
NZD and AUD ended last week on a soft note, with the NZD down 0.8% and AUD down 1.1%; USD indices were slightly up for the day; UST 10yr yield up to 2.84%; NZ rates fell 4-5bps for government bonds and 1-2bps for swaps
The Bloomberg dollar index is up 0.4% on the day; GBP has outperformed overnight; UST 10 year yield, at 2.82%, remains near to its recent lows; NZD has fallen down to 0.7275 USD; local swaps curve flattened sharply
16th Mar 18, 8:16am
The Bloomberg dollar index is up 0.4% on the day; GBP has outperformed overnight; UST 10 year yield, at 2.82%, remains near to its recent lows; NZD has fallen down to 0.7275 USD; local swaps curve flattened sharply
FX markets have been reasonably stable, with the Bloomberg DXY around 0.15% lower on the day; AUD is stronger on the day, helped by higher iron ore futures; NZD traded a very narrow range between 0.7318 and 0.7349
15th Mar 18, 8:09am
FX markets have been reasonably stable, with the Bloomberg DXY around 0.15% lower on the day; AUD is stronger on the day, helped by higher iron ore futures; NZD traded a very narrow range between 0.7318 and 0.7349
US 10 year bond yield fell 3bps to 2.81%, near the low of its recent 2.80% – 2.95% trading range; heavy short positioning among speculative investors appears to be keeping bond yields contained for the moment
15th Mar 18, 8:03am
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US 10 year bond yield fell 3bps to 2.81%, near the low of its recent 2.80% – 2.95% trading range; heavy short positioning among speculative investors appears to be keeping bond yields contained for the moment
US 10 year bond yield fell 3bps immediately after the US core CPI release; USD is generally weaker overnight, with the Bloomberg DXY near to a two-week low; NZD is the best performing currency over the past 24 hours
14th Mar 18, 8:28am
US 10 year bond yield fell 3bps immediately after the US core CPI release; USD is generally weaker overnight, with the Bloomberg DXY near to a two-week low; NZD is the best performing currency over the past 24 hours
Markets were quiet ahead of the US CPI data release tonight; UST 10yr yields fell 2 bps to 2.88%; NZD increased from 0.7285 to 0.7323 during the local sesssion before falling back to 0.7300 overnight
13th Mar 18, 8:18am
Markets were quiet ahead of the US CPI data release tonight; UST 10yr yields fell 2 bps to 2.88%; NZD increased from 0.7285 to 0.7323 during the local sesssion before falling back to 0.7300 overnight
Non-farm payrolls showed the largest monthly gain in employment since mid-2016; the 10 year Treasury yield increased 3bps to 2.89%; commodity currencies were supported by bouyant risk appetite; NZD underperformed the rest of the commodity bloc
12th Mar 18, 8:19am
Non-farm payrolls showed the largest monthly gain in employment since mid-2016; the 10 year Treasury yield increased 3bps to 2.89%; commodity currencies were supported by bouyant risk appetite; NZD underperformed the rest of the commodity bloc
ASB's parent Commonwealth Bank of Australia loses opportunity for 'certain tax deductions' in New Zealand from its PERLS capital notes issues
9th Mar 18, 3:55pm
ASB's parent Commonwealth Bank of Australia loses opportunity for 'certain tax deductions' in New Zealand from its PERLS capital notes issues
Draghi in spotlight, damping down talk their dovish settings are ending. New NZGB issuance causes no surprises. Eyes now turn to Japan, then US payrolls
9th Mar 18, 8:01am
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Draghi in spotlight, damping down talk their dovish settings are ending. New NZGB issuance causes no surprises. Eyes now turn to Japan, then US payrolls
USD up as the US policy on steel and aluminium tariffs looks to be watered down; EUR has underperformed as the ECB dropped its easing bias; NZD nudge down to around 0.7260 on USD strength
9th Mar 18, 7:46am
USD up as the US policy on steel and aluminium tariffs looks to be watered down; EUR has underperformed as the ECB dropped its easing bias; NZD nudge down to around 0.7260 on USD strength
Two Fed members, including a dove, get more hawkish. Eyes turn to US jobs data and ECB policy settings
8th Mar 18, 8:45am
Two Fed members, including a dove, get more hawkish. Eyes turn to US jobs data and ECB policy settings
USD is flat to stronger against all the majors overnight; against the risk-off mood yesterday, the NZD held up pretty well, but drifted down to 0.7260 this morning; Brexit news continues to hang over GBP and EUR
8th Mar 18, 8:31am
USD is flat to stronger against all the majors overnight; against the risk-off mood yesterday, the NZD held up pretty well, but drifted down to 0.7260 this morning; Brexit news continues to hang over GBP and EUR
NZD has outperformed, trading at around 0.7300 USD; AUD has pushed up through 0.7800 USD; safe-havens such as CHF, JPY and USD have underperformed; US 10-year Treasury yield currently down 1 bp from the NZ close
7th Mar 18, 8:22am
NZD has outperformed, trading at around 0.7300 USD; AUD has pushed up through 0.7800 USD; safe-havens such as CHF, JPY and USD have underperformed; US 10-year Treasury yield currently down 1 bp from the NZ close
NZD was generally lower through the Asian session, finding some support just above the 0.72 mark; GBP has outperformed, seeing a lift after UK PM May spoke in Parliament; CAD has been a notable underperformer
6th Mar 18, 8:22am
NZD was generally lower through the Asian session, finding some support just above the 0.72 mark; GBP has outperformed, seeing a lift after UK PM May spoke in Parliament; CAD has been a notable underperformer
NZ Govt bond yields mirror gains in US rates but local swaps don't react. Eyes on Aussie data today and the RBA update
6th Mar 18, 8:07am
NZ Govt bond yields mirror gains in US rates but local swaps don't react. Eyes on Aussie data today and the RBA update
US equities managed to trend higher through the course of the day, ending up 0.5%; US 10-year yields reversed the previous day’s fall; USD remained on a softer trajectory; NZD closed the week at around 0.7240
5th Mar 18, 8:22am
US equities managed to trend higher through the course of the day, ending up 0.5%; US 10-year yields reversed the previous day’s fall; USD remained on a softer trajectory; NZD closed the week at around 0.7240
US equities have fallen again overnight; US Treasury yields declined slightly; USD is mixed overnight; NZD one of the stronger performing currencies; NZ swaps curve saw a notable flattening yesterday
2nd Mar 18, 8:18am
US equities have fallen again overnight; US Treasury yields declined slightly; USD is mixed overnight; NZD one of the stronger performing currencies; NZ swaps curve saw a notable flattening yesterday
Investors on the lookout for upside surprises in US inflation, payrolls. But equities hold as growth holds. Signs of heavy short positioning among speculative investors
1st Mar 18, 8:10am
Investors on the lookout for upside surprises in US inflation, payrolls. But equities hold as growth holds. Signs of heavy short positioning among speculative investors