Nick Smyth
US equities have recovered strongly after yesterday’s rout, putting some modest upward pressure on US Treasury yields, while the USD remains well bid; NZD has remained tightly range-bound; NZ rates fell yesterday
26th Oct 18, 7:48am
US equities have recovered strongly after yesterday’s rout, putting some modest upward pressure on US Treasury yields, while the USD remains well bid; NZD has remained tightly range-bound; NZ rates fell yesterday
US equities continue to fall, putting downward pressure on global rates; a hawkish Bank of Canada saw a stronger CAD, but otherwise the USD is generally stronger, seeing the NZD weaken a little
25th Oct 18, 7:53am
US equities continue to fall, putting downward pressure on global rates; a hawkish Bank of Canada saw a stronger CAD, but otherwise the USD is generally stronger, seeing the NZD weaken a little
Global equities have slumped again and US Treasury yields have followed the move lower; NZD has largely trade sideways in an approximate 0.6535-0.6570 range; GBP saw a spike up to 1.3040
24th Oct 18, 7:50am
Global equities have slumped again and US Treasury yields have followed the move lower; NZD has largely trade sideways in an approximate 0.6535-0.6570 range; GBP saw a spike up to 1.3040
Commodity currencies are underperforming and US equities in are negative territory; NZD had run up through 0.66 over the weekend, supported by a more positive vibe around China; UST yields remain tightly range-bound
23rd Oct 18, 8:18am
Commodity currencies are underperforming and US equities in are negative territory; NZD had run up through 0.66 over the weekend, supported by a more positive vibe around China; UST yields remain tightly range-bound
JPY is outperforming while the NZD continues to remain uncorrelated with risk appetite; US and German 10-year rates are lower; outlook for China remains a concern
19th Oct 18, 7:59am
JPY is outperforming while the NZD continues to remain uncorrelated with risk appetite; US and German 10-year rates are lower; outlook for China remains a concern
Against a backdrop of a stronger USD the NZD is slightly weaker this morning; European rates lower; US Treasuries are fairly flat; EUR is down 0.5% to 1.1510, not helped by Italy’s budget woes remaining a focus
18th Oct 18, 8:01am
Against a backdrop of a stronger USD the NZD is slightly weaker this morning; European rates lower; US Treasuries are fairly flat; EUR is down 0.5% to 1.1510, not helped by Italy’s budget woes remaining a focus
NZD has sustained the gains made after stronger-than-expected CPI data yesterday; a lack of pulse is evident in bond markets, with UST yields little changed; EUR is flat while GBP has tracked higher
17th Oct 18, 7:37am
NZD has sustained the gains made after stronger-than-expected CPI data yesterday; a lack of pulse is evident in bond markets, with UST yields little changed; EUR is flat while GBP has tracked higher
UST yields are trading a very tight range, while the USD has weakened across the board and the NZD has been the strongest of the majors, currently up 0.6% to around 0.6550, local rates market saw modest falls in rates across the curve
16th Oct 18, 8:00am
UST yields are trading a very tight range, while the USD has weakened across the board and the NZD has been the strongest of the majors, currently up 0.6% to around 0.6550, local rates market saw modest falls in rates across the curve
Currency markets were tightly range-bound on Friday, with only some weakness in GBP of note; US 10-year Treasuries followed the ups and downs of S&P futures during the day, seeing the yield down at 3.13% at the low and closing at 3.16%
15th Oct 18, 7:57am
Currency markets were tightly range-bound on Friday, with only some weakness in GBP of note; US 10-year Treasuries followed the ups and downs of S&P futures during the day, seeing the yield down at 3.13% at the low and closing at 3.16%
US 10-year Treasury yields are flat to down slightly; NZD has ended up one of the better performers as short-positions were likely pared; the weaker USD since this time yesterday likely reflects a reduction in long positioning
12th Oct 18, 7:46am
US 10-year Treasury yields are flat to down slightly; NZD has ended up one of the better performers as short-positions were likely pared; the weaker USD since this time yesterday likely reflects a reduction in long positioning
Movements in currency and bond markets have been well contained, with the NZD tracking sideways and the US 10-year rate up 2bps; local 2-year swap rate unchanged at 2.03%; EUR has risen alongside GBP to reach 1.1530
11th Oct 18, 7:57am
Movements in currency and bond markets have been well contained, with the NZD tracking sideways and the US 10-year rate up 2bps; local 2-year swap rate unchanged at 2.03%; EUR has risen alongside GBP to reach 1.1530
Economic data flow has been light and markets have just been drifting, largely sideways; US 10-year rate nudged lower; NZD has maintained a tight trading range around 0.6430-0.6460 USD; NZDAUD had a peek below 0.91 yesterday
10th Oct 18, 7:38am
Economic data flow has been light and markets have just been drifting, largely sideways; US 10-year rate nudged lower; NZD has maintained a tight trading range around 0.6430-0.6460 USD; NZDAUD had a peek below 0.91 yesterday
NZD hit a fresh multi-year low of 0.6425; AUD found support after reaching a fresh low just above 0.7040 and sits this morning at 0.7070; Italy remains a worry for markets; Treasury futures show the implied 10-year rate down a few basis points
9th Oct 18, 7:47am
NZD hit a fresh multi-year low of 0.6425; AUD found support after reaching a fresh low just above 0.7040 and sits this morning at 0.7070; Italy remains a worry for markets; Treasury futures show the implied 10-year rate down a few basis points
US jobs data keeps Fed on track for 'normalisation' of their policy rate. USD falls, NZD falls even more to multi-year lows. EU Brexit offer to be backed-stopped with tough no-deal plans
8th Oct 18, 7:45am
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US jobs data keeps Fed on track for 'normalisation' of their policy rate. USD falls, NZD falls even more to multi-year lows. EU Brexit offer to be backed-stopped with tough no-deal plans
US Treasury yields have stabilized somewhat overnight; global bond yields have continued to rise, although NZ rates continue to lag the moves elsewhere; NZD fell to its lowest level since March 2016
5th Oct 18, 8:03am
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US Treasury yields have stabilized somewhat overnight; global bond yields have continued to rise, although NZ rates continue to lag the moves elsewhere; NZD fell to its lowest level since March 2016
USD is stronger across the board on the back of US data; this has pushed the NZD back down towards 0.6535; the 10 year US Treasury yield moved to its highest level since 2011
4th Oct 18, 8:06am
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USD is stronger across the board on the back of US data; this has pushed the NZD back down towards 0.6535; the 10 year US Treasury yield moved to its highest level since 2011
Fed sees further gradual rate hikes as the best way forward; there has been more upward pressure on Italian yields overnight; USD and US Treasury yields have risen marginally; NZD has drifted lower
3rd Oct 18, 8:20am
Fed sees further gradual rate hikes as the best way forward; there has been more upward pressure on Italian yields overnight; USD and US Treasury yields have risen marginally; NZD has drifted lower
US and Canada have come to a last minute deal on a revised NAFTA agreement; S&P500 has moved close to a record high, although Treasury yields have been little moved; NZD is again little changed
2nd Oct 18, 8:08am
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US and Canada have come to a last minute deal on a revised NAFTA agreement; S&P500 has moved close to a record high, although Treasury yields have been little moved; NZD is again little changed
Italy rejects fiscal discipline, set to clash with EU. Risk aversion rises. Euro falls. NZ Govt bond yields fall. US inflation edges up. NAFTA deal close
1st Oct 18, 7:49am
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Italy rejects fiscal discipline, set to clash with EU. Risk aversion rises. Euro falls. NZ Govt bond yields fall. US inflation edges up. NAFTA deal close
USD is stronger across the board which sees the NZD down to its lowest level this week around 0.6620; US 10-year rates are steady at 3.05%; German CPI figures that were much higher than expected
28th Sep 18, 7:27am
USD is stronger across the board which sees the NZD down to its lowest level this week around 0.6620; US 10-year rates are steady at 3.05%; German CPI figures that were much higher than expected
Fed raised the Fed Funds range to 2-2.25%; the Fed’s projections showed that 12 of 16 members favoured another rate hike in December; US Treasury rates are slightly lower, while the USD is flat; NZD sits this morning at 0.6650
27th Sep 18, 7:45am
Fed raised the Fed Funds range to 2-2.25%; the Fed’s projections showed that 12 of 16 members favoured another rate hike in December; US Treasury rates are slightly lower, while the USD is flat; NZD sits this morning at 0.6650
US 10-year Treasuries have nudged up to fresh highs; NZD has traded in a less than 30pip range over the past 24 hours; GBP has been the best performing, up 0.5% to 1.3185
26th Sep 18, 7:35am
US 10-year Treasuries have nudged up to fresh highs; NZD has traded in a less than 30pip range over the past 24 hours; GBP has been the best performing, up 0.5% to 1.3185
NZD and AUD started the week on a slightly softer note, not helped by lingering US-China trade war concerns; GBP has recovered some of its big loss on Friday; Global rates are higher, with the market perceiving ECB Chair Draghi’s comments as more hawkish
25th Sep 18, 7:50am
NZD and AUD started the week on a slightly softer note, not helped by lingering US-China trade war concerns; GBP has recovered some of its big loss on Friday; Global rates are higher, with the market perceiving ECB Chair Draghi’s comments as more hawkish
US equities and Treasury yields were flat; GBP showed a chunky fall on Brexit worries; NZD traded in a tight trading range, meeting some resistance just shy of 0.67 and closing the week around 0.6680; AUD followed a similar path
24th Sep 18, 8:17am
US equities and Treasury yields were flat; GBP showed a chunky fall on Brexit worries; NZD traded in a tight trading range, meeting some resistance just shy of 0.67 and closing the week around 0.6680; AUD followed a similar path
JPY and USD under pressure, while the NZD has made further gains overnight, adding to the move after stronger than expected GDP figures; US Treasury rates have consolidated around recent highs; US data showed unemployment claims falling to a 48-year low
21st Sep 18, 8:07am
JPY and USD under pressure, while the NZD has made further gains overnight, adding to the move after stronger than expected GDP figures; US Treasury rates have consolidated around recent highs; US data showed unemployment claims falling to a 48-year low