By Kymberly Martin
NZ swaps closed down a further 3-6 bps yesterday, following the lead from US yields on Friday night.
Last night, US 10-year yields pushed up to 2.33%.
There was little on the domestic agenda to impact on NZ yields yesterday. They simply took their cue from the strong post-US payrolls rally in US Treasuries.
NZGBs followed suit, with the yield on NZGB23s down 6bps, to 4.01%.
The NZ swap curve flattened a little as 10-year swap declined 6 bps to 4.42% while 2-year fell 3 bps to 3.90%.
It was a quiet night, with little in the way of data releases, and the US gearing up to celebrate Veteran’s Day today. However, US Treasury yields pushed a little higher across the curve as equities provided modest positive returns.
Today looks to be about as riveting as yesterday. The October ANZ truckometer will be released along with NZ electronic card spending data.
Across the Tasman, the NAB business confidence survey is due. In the early hours of tomorrow morning the US will auction 3-year bonds.
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