Nick Smyth
AUD has outperformed after a marginally better than expected CPI release; NZDAUD drifted back to 0.9500; NZD is again broadly unchanged against the USD; 10 year Treasury yield is 1bp higher than this time yesterday, at 2.73%
31st Jan 19, 7:50am
AUD has outperformed after a marginally better than expected CPI release; NZDAUD drifted back to 0.9500; NZD is again broadly unchanged against the USD; 10 year Treasury yield is 1bp higher than this time yesterday, at 2.73%
Currency moves have been reasonably modest, but the NZDAUD has pushed up to near 18 month highs after a disappointing NAB business survey; NZD is little changed against the USD; US Treasury yields are modestly lower overnight
30th Jan 19, 8:02am
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Currency moves have been reasonably modest, but the NZDAUD has pushed up to near 18 month highs after a disappointing NAB business survey; NZD is little changed against the USD; US Treasury yields are modestly lower overnight
US Treasury yields fell modestly and the Japanese yen outperforming; NZD is unchanged this week, and continues to hover close to its year-to-date highs; USD indices are broadly flat on the day
29th Jan 19, 8:00am
US Treasury yields fell modestly and the Japanese yen outperforming; NZD is unchanged this week, and continues to hover close to its year-to-date highs; USD indices are broadly flat on the day
Global equities and bond yields lower; most major currencies haven’t showed a lot of movement; commodity currencies are slightly weaker, except the NZD which has managed to hold its ground, while GBP is the strongest of the majors
23rd Jan 19, 7:44am
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Global equities and bond yields lower; most major currencies haven’t showed a lot of movement; commodity currencies are slightly weaker, except the NZD which has managed to hold its ground, while GBP is the strongest of the majors
NZD has tracked sideways overnight after drifting lower during the Wellington public holiday; IMF downgraded its growth forecasts for 2019 to 3.5%; GBP has been the strongest major overnight
22nd Jan 19, 8:21am
NZD has tracked sideways overnight after drifting lower during the Wellington public holiday; IMF downgraded its growth forecasts for 2019 to 3.5%; GBP has been the strongest major overnight
US equities have managed to inch a little higher overnight; NZD has underperformed again, as the market awaits CPI data next week; domestic rates ticked up yesterday, led by the front-end of the curve
18th Jan 19, 8:10am
US equities have managed to inch a little higher overnight; NZD has underperformed again, as the market awaits CPI data next week; domestic rates ticked up yesterday, led by the front-end of the curve
Better than expected earnings from US banks helping to support equity markets; GBP has bounced strongly from yesterday morning’s lows; NZD has underperformed overnight and the NZ 2 year swap rate made a fresh low yesterday
17th Jan 19, 7:46am
Better than expected earnings from US banks helping to support equity markets; GBP has bounced strongly from yesterday morning’s lows; NZD has underperformed overnight and the NZ 2 year swap rate made a fresh low yesterday
Currency eyes are on the UK parliamentary Brexit vote and the expected failure. But China policy moves and tax cuts are driving the improved risk sentiment, even overshadowing negative ECB comments
16th Jan 19, 8:15am
Currency eyes are on the UK parliamentary Brexit vote and the expected failure. But China policy moves and tax cuts are driving the improved risk sentiment, even overshadowing negative ECB comments
Equities modestly lower after weak Chinese trade data. Little movement in currencies or global rates. NZ 2y swap makes a record low
15th Jan 19, 8:06am
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Equities modestly lower after weak Chinese trade data. Little movement in currencies or global rates. NZ 2y swap makes a record low
Positive vibes from expectations of a US-China trade deal, and a more dovish Fed have overshadowed the US shutdown impacts keeping markets positive. US inflation data helped as well. Eyes on Brexit vote
14th Jan 19, 8:09am
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Positive vibes from expectations of a US-China trade deal, and a more dovish Fed have overshadowed the US shutdown impacts keeping markets positive. US inflation data helped as well. Eyes on Brexit vote
Fed’s Powell reiterates “patience” message. Market movements modest. NZD little changed
11th Jan 19, 8:22am
Fed’s Powell reiterates “patience” message. Market movements modest. NZD little changed
Global equity markets are sinking deeper into the red, the US yield curve flattens further and the USD has weakened overnight, reversing some of its post-Fed gains yesterday; NZD is higher in overnight trading but still 1% down since this time yesterday
21st Dec 18, 7:54am
Global equity markets are sinking deeper into the red, the US yield curve flattens further and the USD has weakened overnight, reversing some of its post-Fed gains yesterday; NZD is higher in overnight trading but still 1% down since this time yesterday
USD has drifted a little lower ahead of the FOMC announcement as has the US 10-year rate; NZD is little changed; AUD is little changed as well, seeing NZD/AUD steady around 0.9550; NZ 5 and 10-year swap rates fell by 2bps to 2.32% and 2.74% respectively
20th Dec 18, 8:03am
USD has drifted a little lower ahead of the FOMC announcement as has the US 10-year rate; NZD is little changed; AUD is little changed as well, seeing NZD/AUD steady around 0.9550; NZ 5 and 10-year swap rates fell by 2bps to 2.32% and 2.74% respectively
BNZ interest rate strategist Nick Smyth has a crunch of the detail of the RBNZ's new bank capital proposals; says bank funding costs will increase but the RBNZ may offset future increases in lending rates with delays to OCR rises, or even cuts
19th Dec 18, 4:48pm
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BNZ interest rate strategist Nick Smyth has a crunch of the detail of the RBNZ's new bank capital proposals; says bank funding costs will increase but the RBNZ may offset future increases in lending rates with delays to OCR rises, or even cuts
After a couple of big daily falls US equities are up 0.8-1.2%; US bonds have rallied a little ahead of the US FOMC announcement tomorrow; CAD is softer as oil prices continue to fall, while the NZD has sustained the gains it saw in local trading yesterday
19th Dec 18, 7:50am
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After a couple of big daily falls US equities are up 0.8-1.2%; US bonds have rallied a little ahead of the US FOMC announcement tomorrow; CAD is softer as oil prices continue to fall, while the NZD has sustained the gains it saw in local trading yesterday
US equity benchmarks are down between 0.9% and 1.1%, following earlier falls in European equities; NZD is little changed; NZ rates drifted lower again yesterday, led by the 5-year point
18th Dec 18, 8:21am
US equity benchmarks are down between 0.9% and 1.1%, following earlier falls in European equities; NZD is little changed; NZ rates drifted lower again yesterday, led by the 5-year point
USD briefly made a fresh 18-month high, with strong US retail sales release; NZD was hit by the weaker Chinese data and the RBNZ’s announcement; there was only a modest decline in US rates, the 10 year Treasury yield down 2bps to 2.89%
17th Dec 18, 7:52am
USD briefly made a fresh 18-month high, with strong US retail sales release; NZD was hit by the weaker Chinese data and the RBNZ’s announcement; there was only a modest decline in US rates, the 10 year Treasury yield down 2bps to 2.89%
No fresh developments on the US-China trade front and no major economic data released; ECB said it would end its QE programme; NZD has been relatively stable; HYEFU was very similar to the May Budget
14th Dec 18, 8:14am
No fresh developments on the US-China trade front and no major economic data released; ECB said it would end its QE programme; NZD has been relatively stable; HYEFU was very similar to the May Budget
US equities have risen strongly overnight; GBP has also recovered sharply; NZD has fallen, despite a broadly weaker USD; NZ longer-dates government bond yields increased again yesterday
13th Dec 18, 8:12am
US equities have risen strongly overnight; GBP has also recovered sharply; NZD has fallen, despite a broadly weaker USD; NZ longer-dates government bond yields increased again yesterday
US and China have had high-level dialogue on trade; GBP remains weak amidst speculation; NZD is unchanged from this time yesterday, but higher on most of the crosses; NZ swap rates moved slightly lower again yesterday
12th Dec 18, 7:53am
US and China have had high-level dialogue on trade; GBP remains weak amidst speculation; NZD is unchanged from this time yesterday, but higher on most of the crosses; NZ swap rates moved slightly lower again yesterday
The British pound was hammered overnight; NZD has outperformed amidst the risk-off backdrop, and the NZDAUD has made a fresh 18-month high; US rates moves were calm in comparison to the volatility in the GBP and equity markets
11th Dec 18, 7:54am
The British pound was hammered overnight; NZD has outperformed amidst the risk-off backdrop, and the NZDAUD has made a fresh 18-month high; US rates moves were calm in comparison to the volatility in the GBP and equity markets
The risk-off backdrop pushed US bond yields lower; currencies saw relatively little movement, although the NZD drifted lower on the day; OPEC announced a larger than expected 1.2m barrels per day supply cut, which boosted oil prices
10th Dec 18, 8:07am
The risk-off backdrop pushed US bond yields lower; currencies saw relatively little movement, although the NZD drifted lower on the day; OPEC announced a larger than expected 1.2m barrels per day supply cut, which boosted oil prices
Safe-haven currencies like JPY and CHF outperform; commodity currencies have underperformed; global equity markets are a lot lower, while US 10 year rates are down to a fresh 3-month low
7th Dec 18, 8:02am
Safe-haven currencies like JPY and CHF outperform; commodity currencies have underperformed; global equity markets are a lot lower, while US 10 year rates are down to a fresh 3-month low
AUD and CAD are the weakest performers; GBP is better bid after a poor run recently; S&P futures are up 0.6%; NZ’s generic 10-year government bond yield closed at 2.47%, its lowest level in over two years
6th Dec 18, 8:13am
AUD and CAD are the weakest performers; GBP is better bid after a poor run recently; S&P futures are up 0.6%; NZ’s generic 10-year government bond yield closed at 2.47%, its lowest level in over two years
Equities and bond yields are lower and, overnight, commodity currencies have drifted lower, while JPY is the best performing major currency; Brexit woes continue to impair GBP
5th Dec 18, 8:21am
Equities and bond yields are lower and, overnight, commodity currencies have drifted lower, while JPY is the best performing major currency; Brexit woes continue to impair GBP