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Articles by Bnzeconomists

NZD consolidates

Markets ignore the fall in business confidence as 'election uncertainty'; eyes on next dairy auction

The 2-10s curve at its lowest since November 2008

Rate curve near its flattest, corporates get option to extend durations

NZD finds footing after plunge

NZD has fallen 11% since June and observers see another 5% decline by the end of 2014

Bond markets ignore currency plunge

A lower currency may mean higher prices and a higher OCR track. Interest rate markets yet to adjust to new realities

Swap market unfazed by RBNZ statement

US and German bond spreads at widest point since 1989; NZ swap market relatively unaffected by RBNZ fighting talk

Commodity linked currencies bounce

NZ$ higher against majors; better-than-expected trade deficit offsets impact of Fonterra payout revision; German business survey results grim reading

Short-end of NZ swap curve attracts payers

NZ swap curve flattens further, LGFA tender more solid than expected, reduced demand for UST 5yr auction

China PMI pleasant surprise

Surprise that NZD has outpaced the AUD in the move downward; EU PMI's 'ugly reading'

Swap-bond spreads widen

Today's $270 mln LGFA bond tender may be a challenge for the market to digest, NZGBs may come under switching pressure

China weighs on commodities

NZD not being marked down like the AUD or CAD but much hinges on Fonterra's signals tomorrow. Eyes also on September PMIs for majors

Draghi prepares for full-blown QE

The pressure is rising in the eurozone for a major money-printing initiative. Bond yields reposition in expectation

NZD in mild relief rally

Don't expect NZD rally to extend materially as little reason to be bullish in a rising USD environment

US Treasury yields drift lower

Status quo with National re-elected; upcoming NZGB bond auction may get a demand boost; long yields may flatten

USD weaker overnight

NZD inching higher again, eyes on migration data and later today the first Scottish vote results

Swap curve steepens

Swap and bond yields rise, NZDMO gets 2027 tender away successfully, ECB's TLTRO poorly supported

USD volatile while Fed data absorbed

Weaker Q2 NZ-GDP data expected to weigh on the NZD which is drifting lower after the US Fed announcements

Fed forecasts show rate rises planned

Higher Fed Funds assumptions above market expectations, targeting 3.75% by end of 2017; new DMO bond auction today

NZ swaps and bonds down 2-5bps

RBA increasingly concerned about Aussie house price spike; observers not expecting changed Fed wording

'As good as it gets'

GDT auction relief and NZD benefits, also from a declining USD ahead of US Fed announcements and expected strong BOP data

NZD gains against the GBP

OECD calls on the ECB to do more to stimulate the beleaguered region, including large-scale bond purchases