By Raiko Shareef
NZ interest rates were effectively unchanged yesterday in a fairly quiet trading session.
There continues to be interest in receiving NZ swaps, as expectations for RBNZ rate hikes are pared.
This helped put very mild downward pressure on the mid-part of the NZ curve, but only to the tune of 0.5bps.
The 2-year swap rate was flat for the day at 4.07%.
Overnight, US rates started off the day on the front foot, with yields cautiously drifting higher.
But they were in full retreat after the disappointing US retail sales result, with the US 10-year bond rate falling from 2.46% down to 2.41%.
Other news:
*AU Westpac consumer confidence +3.8% m/m in Aug, improving on July’s +1.9%
*JP Q2 GDP not quite as bad as expected at -1.7% q/q vs -1.8% exp.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.