Euro
Solid gains in US equities again and US 10-year rate up through 3.5%. Currency moves modest but JPY notably weaker again
24th Jan 23, 7:43am
Solid gains in US equities again and US 10-year rate up through 3.5%. Currency moves modest but JPY notably weaker again
Equities higher, global rates higher and commodity currencies outperform. JPY underperforms on higher rates backdrop. NZ rates higher bouncing off multi-month low
23rd Jan 23, 7:30am
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Equities higher, global rates higher and commodity currencies outperform. JPY underperforms on higher rates backdrop. NZ rates higher bouncing off multi-month low
US reaches debt ceiling and US Treasury begins special measures to keep paying the bills. Notable falls in US and Australian rates yesterday on weaker data drag down NZ rates. NZ 10-year NZGB closes at lowest level since August
20th Jan 23, 8:12am
US reaches debt ceiling and US Treasury begins special measures to keep paying the bills. Notable falls in US and Australian rates yesterday on weaker data drag down NZ rates. NZ 10-year NZGB closes at lowest level since August
Very weak US retail sales and industrial production play to theme of economic recession; Soft PPI plays to theme of weaker inflationary pressure. As a spoiler on the inflation outlook, oil prices continue to recover with IEA forecasting record demand
19th Jan 23, 8:05am
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Very weak US retail sales and industrial production play to theme of economic recession; Soft PPI plays to theme of weaker inflationary pressure. As a spoiler on the inflation outlook, oil prices continue to recover with IEA forecasting record demand
ECB mulls lower pace of rate hikes. US data weak. Eyes on Bank of Japan. NZ QSBO points to a deep local recession
18th Jan 23, 7:46am
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ECB mulls lower pace of rate hikes. US data weak. Eyes on Bank of Japan. NZ QSBO points to a deep local recession
A strong start to the year for investors, with large gains in equities and meaty falls in global/domestic rates. USD starts the year on the backfoot; NZD/USD modestly higher for the year so far but underperforms on all the key crosses
17th Jan 23, 7:59am
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A strong start to the year for investors, with large gains in equities and meaty falls in global/domestic rates. USD starts the year on the backfoot; NZD/USD modestly higher for the year so far but underperforms on all the key crosses
US Treasury rates higher. German business confidence higher, NZ consumer confidence low, but NZ rates market outperforms
20th Dec 22, 7:57am
US Treasury rates higher. German business confidence higher, NZ consumer confidence low, but NZ rates market outperforms
US Services PMI slumps further into contractionary territory, raising the market's recession concerns. Markets brush off hawkish Fed speak, but not ECB
19th Dec 22, 7:22am
US Services PMI slumps further into contractionary territory, raising the market's recession concerns. Markets brush off hawkish Fed speak, but not ECB
Equity markets spooked by hawkish Fed and ECB policy updates despite dialled-down 50bps hikes. Safe haven flows drive lower US 10-year rate and USD surges. Strong NZ GDP catches rates market off guard; NZ rates driven much higher
16th Dec 22, 8:03am
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Equity markets spooked by hawkish Fed and ECB policy updates despite dialled-down 50bps hikes. Safe haven flows drive lower US 10-year rate and USD surges. Strong NZ GDP catches rates market off guard; NZ rates driven much higher
Another downside US CPI miss. Market pares Fed rate hike expectations. UST yields lower across the curve
14th Dec 22, 7:52am
Another downside US CPI miss. Market pares Fed rate hike expectations. UST yields lower across the curve
Risk appetite weaker ahead of a very busy week. COVID unleashed in China, straining hospitals - short-term economic hit but improved medium-term outlook
13th Dec 22, 7:52am
Risk appetite weaker ahead of a very busy week. COVID unleashed in China, straining hospitals - short-term economic hit but improved medium-term outlook
Higher-than-expected US PPI release gets market nerves running ahead of crucial CPI data tomorrow night. Global rates rebound strongly and equity markets fall
12th Dec 22, 7:43am
Higher-than-expected US PPI release gets market nerves running ahead of crucial CPI data tomorrow night. Global rates rebound strongly and equity markets fall
Bond yields and equities rebound modestly overnight, USD weaker. NZ curve flattening continues - 2y10y swap curve approaching record levels of inversion
9th Dec 22, 7:54am
Bond yields and equities rebound modestly overnight, USD weaker. NZ curve flattening continues - 2y10y swap curve approaching record levels of inversion
Canada hikes +50 bps and signals near end of tightening cycle. European data better than expected, supporting EUR. US dollar broadly weaker
8th Dec 22, 7:53am
Canada hikes +50 bps and signals near end of tightening cycle. European data better than expected, supporting EUR. US dollar broadly weaker
US equities fall further after rejection of brief move above its 200-day moving average. Brent crude goes sub USD80; falls in petrol prices will help rein in CPI inflation
7th Dec 22, 7:58am
US equities fall further after rejection of brief move above its 200-day moving average. Brent crude goes sub USD80; falls in petrol prices will help rein in CPI inflation
Good news is bad news - US Treasury yields much higher, US equities weaker, USD rebounds on surprisingly strong US ISM services index
6th Dec 22, 7:53am
Good news is bad news - US Treasury yields much higher, US equities weaker, USD rebounds on surprisingly strong US ISM services index
US nonfarm payrolls stronger than expected. Initial hawkish market reaction quickly faded. NZ rates sharply lower on Friday as market starts to question RBNZ's 5.5% terminal rate projection
5th Dec 22, 7:29am
US nonfarm payrolls stronger than expected. Initial hawkish market reaction quickly faded. NZ rates sharply lower on Friday as market starts to question RBNZ's 5.5% terminal rate projection
USD weaker and UST yields lower in the aftermath of Powell speech, which was less hawkish than feared. Global forces see lower NZ rates and paring of RBNZ rate hike expectations
2nd Dec 22, 7:52am
USD weaker and UST yields lower in the aftermath of Powell speech, which was less hawkish than feared. Global forces see lower NZ rates and paring of RBNZ rate hike expectations
US rates higher ahead of Powell, equities slightly lower. Optimism around an eventual end to the China zero-Covid policy continues to grow
1st Dec 22, 7:31am
US rates higher ahead of Powell, equities slightly lower. Optimism around an eventual end to the China zero-Covid policy continues to grow
Chinese assets rally as the authorities take steps to increase vaccination rates among the elderly, seen as another step towards eventually ending the zero-Covid policy. CNH appreciates more than 1%, Hang Seng surges 5%
30th Nov 22, 7:46am
Chinese assets rally as the authorities take steps to increase vaccination rates among the elderly, seen as another step towards eventually ending the zero-Covid policy. CNH appreciates more than 1%, Hang Seng surges 5%
Markets trade with a risk-off tone after the weekend anti-government protests in China. Market reaction relatively contained so far - police deter further protests and markets sense the inevitable end to the zero-Covid policy next year
29th Nov 22, 7:54am
Markets trade with a risk-off tone after the weekend anti-government protests in China. Market reaction relatively contained so far - police deter further protests and markets sense the inevitable end to the zero-Covid policy next year
Market moves subdued after the US Thanksgiving holiday. Markets unperturbed so far by news of rising Covid cases in China and further piecemeal restrictions by the authorities
28th Nov 22, 7:40am
Market moves subdued after the US Thanksgiving holiday. Markets unperturbed so far by news of rising Covid cases in China and further piecemeal restrictions by the authorities
Global equities higher, global rates lower, USD weaker. China's new COVID cases reach record high, but market unperturbed. NZ rates curve lower and flatten, retracing some of post-MPS move
25th Nov 22, 7:42am
Global equities higher, global rates lower, USD weaker. China's new COVID cases reach record high, but market unperturbed. NZ rates curve lower and flatten, retracing some of post-MPS move
Market more sensitive to weaker than stronger data releases. Softer US PMIs and higher jobless claims push US rates and USD lower. NZ rates curve much higher and flatter on hawkish RBNZ signals
24th Nov 22, 7:41am
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Market more sensitive to weaker than stronger data releases. Softer US PMIs and higher jobless claims push US rates and USD lower. NZ rates curve much higher and flatter on hawkish RBNZ signals
Risk appetites rise ahead of US Thanksgiving holiday, expecting Fed pivot. China's pandemic spreads. Eyes on RBNZ
23rd Nov 22, 7:49am
Risk appetites rise ahead of US Thanksgiving holiday, expecting Fed pivot. China's pandemic spreads. Eyes on RBNZ