By Raiko Shareef
NZ interests opened higher on the interim resolution of Greece’s funding crisis.
Overnight, Treasury yields slipped lower amidst data disappointments in the US and Europe.
In a similar fashion to Friday, local rates were let higher by the longer-end of the curve.
The optimism that drove Treasury yields higher late-session on Friday was at work here yesterday, with the 10-year swap yield closed 3 bps higher at 3.88%.
While some receiving interest was evident, it continues to be bested by the pipeline of local paying.
The US 10-year Treasury is off by 4 bps this morning, with US data disappointing overnight. The miss in existing home sales appears to have been driven by tight supply, rather than being affected by wintry conditions in the US.
Tonight, the data calendar is not inconsequential, but we expect market moves to be muted ahead of Fed Chair Yellen’s testimony to the US Senate Banking Panel.
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