FOMC
US 10-year Treasuries traded as low as 2.75% but are currently near their high for the day at 2.79%; NZ rates were higher across the curve yesterday in the order of 2-4bps
5th Apr 18, 7:49am
US 10-year Treasuries traded as low as 2.75% but are currently near their high for the day at 2.79%; NZ rates were higher across the curve yesterday in the order of 2-4bps
US-China trade war has heated up but the market is taking this in its stride; most currencies have shown only modest changes since this time yesterday; NZD is the exception, up 0.7% since 7am yesterday
5th Apr 18, 7:45am
US-China trade war has heated up but the market is taking this in its stride; most currencies have shown only modest changes since this time yesterday; NZD is the exception, up 0.7% since 7am yesterday
NZD is up 0.7% to 0.7260, with much of that gain seen after the NZ close; AUD has lagged the move higher in commodity currencies; benchmark NZ 10-year bond fell to as low as 2.70% yesterday, a level not seen since June last year
4th Apr 18, 8:04am
NZD is up 0.7% to 0.7260, with much of that gain seen after the NZ close; AUD has lagged the move higher in commodity currencies; benchmark NZ 10-year bond fell to as low as 2.70% yesterday, a level not seen since June last year
US equities pummelled, China hits US products with new tariffs; US ISM weaker; currency alignments avoid the fallout with the NZD just a little softer
3rd Apr 18, 8:02am
US equities pummelled, China hits US products with new tariffs; US ISM weaker; currency alignments avoid the fallout with the NZD just a little softer
USD firms but other safe haven currencies fall away. Positive sentiment emerging from NAFTA talks for a change. Latest NZ business confidence data didn't move local markets
29th Mar 18, 8:23am
USD firms but other safe haven currencies fall away. Positive sentiment emerging from NAFTA talks for a change. Latest NZ business confidence data didn't move local markets
UST yield curve its flattest since 2007 as yields drop, then recover. Drop in tech stocks triggered the realignment
29th Mar 18, 8:12am
UST yield curve its flattest since 2007 as yields drop, then recover. Drop in tech stocks triggered the realignment
Portfolio cleanup moves may be behind some chunky bond market realignments as data or policy news don't give clues
28th Mar 18, 8:18am
Portfolio cleanup moves may be behind some chunky bond market realignments as data or policy news don't give clues
JPY and CHF are the outperformers, although still down against the USD on the day; EUR has fallen back to just above 1.2400 USD; NZD is a little weaker than this time yesterday, in line with the appreciation in the USD overnight
28th Mar 18, 7:48am
JPY and CHF are the outperformers, although still down against the USD on the day; EUR has fallen back to just above 1.2400 USD; NZD is a little weaker than this time yesterday, in line with the appreciation in the USD overnight
USD at one-month lows as equities stage recovery in expectation of deal with China. Willams at NY Fed not dollar-supportive. NZD firm against USD, AUD. Record UST issuance
27th Mar 18, 8:16am
USD at one-month lows as equities stage recovery in expectation of deal with China. Willams at NY Fed not dollar-supportive. NZD firm against USD, AUD. Record UST issuance
US equities fall sharply. UST yields fall. China threatens UST demand but options limited. Local focus shifts to arrival of RBNZ governor Orr and the new Policy Targets Agreement
26th Mar 18, 8:17am
US equities fall sharply. UST yields fall. China threatens UST demand but options limited. Local focus shifts to arrival of RBNZ governor Orr and the new Policy Targets Agreement
Market selloff affects bonds but yields stay within six week range. NZ rates accept no-surprise RBNZ OCR review with local tightening a distant prospect
23rd Mar 18, 8:16am
Market selloff affects bonds but yields stay within six week range. NZ rates accept no-surprise RBNZ OCR review with local tightening a distant prospect
USD has shown a mild but broadly based recovery overnight; GBP slightly softer against both the USD and EUR post BoE announcement; NZD trades this morning at 0.7225 USD
23rd Mar 18, 7:54am
USD has shown a mild but broadly based recovery overnight; GBP slightly softer against both the USD and EUR post BoE announcement; NZD trades this morning at 0.7225 USD
US monetary policy remains on a clear tightening path; UST 10 yr yields 3 bps higher on the announcement; USD was already on a weaker path in overnight trading and has made modest losses since the announcement; FOMC sees the NZD back above the 0.72 mark
22nd Mar 18, 8:14am
US monetary policy remains on a clear tightening path; UST 10 yr yields 3 bps higher on the announcement; USD was already on a weaker path in overnight trading and has made modest losses since the announcement; FOMC sees the NZD back above the 0.72 mark
Markets expect a +25 bps US Fed rate hike tomorrow but unsure of whether two or three more will follow in 2018. Local rates slipped
21st Mar 18, 8:42am
Markets expect a +25 bps US Fed rate hike tomorrow but unsure of whether two or three more will follow in 2018. Local rates slipped
NZD trades this morning just under the 0.72 mark and lower on all the key crosses; USD strengthened; EUR is on the soft side, down to 1.2260, reflecting flows more than fundamentals
21st Mar 18, 8:21am
NZD trades this morning just under the 0.72 mark and lower on all the key crosses; USD strengthened; EUR is on the soft side, down to 1.2260, reflecting flows more than fundamentals
US equities are much weaker, driven by the tech sector; in currencies GBP leads the way while the AUD has underperformed; NZD drifted lower before being supported by USD weakness; local swap rates up 1-2 bps across the curve
20th Mar 18, 8:31am
US equities are much weaker, driven by the tech sector; in currencies GBP leads the way while the AUD has underperformed; NZD drifted lower before being supported by USD weakness; local swap rates up 1-2 bps across the curve
NZD and AUD ended last week on a soft note, with the NZD down 0.8% and AUD down 1.1%; USD indices were slightly up for the day; UST 10yr yield up to 2.84%; NZ rates fell 4-5bps for government bonds and 1-2bps for swaps
19th Mar 18, 8:18am
NZD and AUD ended last week on a soft note, with the NZD down 0.8% and AUD down 1.1%; USD indices were slightly up for the day; UST 10yr yield up to 2.84%; NZ rates fell 4-5bps for government bonds and 1-2bps for swaps
The Bloomberg dollar index is up 0.4% on the day; GBP has outperformed overnight; UST 10 year yield, at 2.82%, remains near to its recent lows; NZD has fallen down to 0.7275 USD; local swaps curve flattened sharply
16th Mar 18, 8:16am
The Bloomberg dollar index is up 0.4% on the day; GBP has outperformed overnight; UST 10 year yield, at 2.82%, remains near to its recent lows; NZD has fallen down to 0.7275 USD; local swaps curve flattened sharply
FX markets have been reasonably stable, with the Bloomberg DXY around 0.15% lower on the day; AUD is stronger on the day, helped by higher iron ore futures; NZD traded a very narrow range between 0.7318 and 0.7349
15th Mar 18, 8:09am
FX markets have been reasonably stable, with the Bloomberg DXY around 0.15% lower on the day; AUD is stronger on the day, helped by higher iron ore futures; NZD traded a very narrow range between 0.7318 and 0.7349
US 10 year bond yield fell 3bps to 2.81%, near the low of its recent 2.80% – 2.95% trading range; heavy short positioning among speculative investors appears to be keeping bond yields contained for the moment
15th Mar 18, 8:03am
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US 10 year bond yield fell 3bps to 2.81%, near the low of its recent 2.80% – 2.95% trading range; heavy short positioning among speculative investors appears to be keeping bond yields contained for the moment
US 10 year bond yield fell 3bps immediately after the US core CPI release; USD is generally weaker overnight, with the Bloomberg DXY near to a two-week low; NZD is the best performing currency over the past 24 hours
14th Mar 18, 8:28am
US 10 year bond yield fell 3bps immediately after the US core CPI release; USD is generally weaker overnight, with the Bloomberg DXY near to a two-week low; NZD is the best performing currency over the past 24 hours
Markets were quiet ahead of the US CPI data release tonight; UST 10yr yields fell 2 bps to 2.88%; NZD increased from 0.7285 to 0.7323 during the local sesssion before falling back to 0.7300 overnight
13th Mar 18, 8:18am
Markets were quiet ahead of the US CPI data release tonight; UST 10yr yields fell 2 bps to 2.88%; NZD increased from 0.7285 to 0.7323 during the local sesssion before falling back to 0.7300 overnight
Non-farm payrolls showed the largest monthly gain in employment since mid-2016; the 10 year Treasury yield increased 3bps to 2.89%; commodity currencies were supported by bouyant risk appetite; NZD underperformed the rest of the commodity bloc
12th Mar 18, 8:19am
Non-farm payrolls showed the largest monthly gain in employment since mid-2016; the 10 year Treasury yield increased 3bps to 2.89%; commodity currencies were supported by bouyant risk appetite; NZD underperformed the rest of the commodity bloc
Draghi in spotlight, damping down talk their dovish settings are ending. New NZGB issuance causes no surprises. Eyes now turn to Japan, then US payrolls
9th Mar 18, 8:01am
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Draghi in spotlight, damping down talk their dovish settings are ending. New NZGB issuance causes no surprises. Eyes now turn to Japan, then US payrolls
USD up as the US policy on steel and aluminium tariffs looks to be watered down; EUR has underperformed as the ECB dropped its easing bias; NZD nudge down to around 0.7260 on USD strength
9th Mar 18, 7:46am
USD up as the US policy on steel and aluminium tariffs looks to be watered down; EUR has underperformed as the ECB dropped its easing bias; NZD nudge down to around 0.7260 on USD strength