Yen
Market unprepared for a more hawkish tone from Powell, sending US short rates higher. NZD down to fresh low for 2023 as RBA and BofE give softer tightening signals
8th Mar 23, 7:55am
Market unprepared for a more hawkish tone from Powell, sending US short rates higher. NZD down to fresh low for 2023 as RBA and BofE give softer tightening signals
Hawkish ECB comments send European rates and euro higher. US 10-year yield back up at 3.96% after falling just below 3.9%. NZD rates lower on global forces
7th Mar 23, 7:52am
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Hawkish ECB comments send European rates and euro higher. US 10-year yield back up at 3.96% after falling just below 3.9%. NZD rates lower on global forces
Strong US ISM services print. But positive sign for bond market in that Treasury yields still finished the day down 10bps, back below 4%. Equities like the combo of robust data and lower rates, S&P up 1.6%
6th Mar 23, 7:44am
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Strong US ISM services print. But positive sign for bond market in that Treasury yields still finished the day down 10bps, back below 4%. Equities like the combo of robust data and lower rates, S&P up 1.6%
Strong Euro area CPI data and strong US labour market data pave the way for further upside pressure in global rates. US 10-year rate pushes up to 4.09%. Equity markets not too fussed by higher rates
3rd Mar 23, 7:48am
Strong Euro area CPI data and strong US labour market data pave the way for further upside pressure in global rates. US 10-year rate pushes up to 4.09%. Equity markets not too fussed by higher rates
Global rates lift on German inflation, US ISM; US 10-year hits 4%. US dollar lower. AUD held back by weaker GDP, CPI
2nd Mar 23, 7:59am
Global rates lift on German inflation, US ISM; US 10-year hits 4%. US dollar lower. AUD held back by weaker GDP, CPI
For a change, US data releases negatively surprise. Upside surprises to Euro area country CPIs drive European rates higher, spilling over into US Treasuries
1st Mar 23, 8:00am
For a change, US data releases negatively surprise. Upside surprises to Euro area country CPIs drive European rates higher, spilling over into US Treasuries
Markets take a breather from recent trends - US Treasury yields down slightly, US equities up modestly. EU and UK agree a new trade deal regarding Northern Ireland, paving the way for better relationship
28th Feb 23, 7:56am
Markets take a breather from recent trends - US Treasury yields down slightly, US equities up modestly. EU and UK agree a new trade deal regarding Northern Ireland, paving the way for better relationship
USD broadly stronger; NZD, AUD and JPY fall over 1% Friday night; NZD closes at 0.6165, below key support of 0.62 and below 200-day moving average. Strong US PCE deflators extend global rates sell-off
27th Feb 23, 7:33am
USD broadly stronger; NZD, AUD and JPY fall over 1% Friday night; NZD closes at 0.6165, below key support of 0.62 and below 200-day moving average. Strong US PCE deflators extend global rates sell-off
US equities a bit lower, yields down a touch, USD marginally higher. Oil prices lift
24th Feb 23, 7:52am
US equities a bit lower, yields down a touch, USD marginally higher. Oil prices lift
US 10-year rate falls to 3.90% after hitting fresh three-month high just under 3.97%. Large wage increases for Toyota and Honda set strong early pace for Japan wage rounds, exactly what the BoJ is looking for
23rd Feb 23, 7:51am
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US 10-year rate falls to 3.90% after hitting fresh three-month high just under 3.97%. Large wage increases for Toyota and Honda set strong early pace for Japan wage rounds, exactly what the BoJ is looking for
Stronger services PMIs suggest economies are more robust than previously believed. And play to theme of tighter for longer monetary policy. Global rates much higher, UST10s peak just under 3.95%
22nd Feb 23, 8:05am
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Stronger services PMIs suggest economies are more robust than previously believed. And play to theme of tighter for longer monetary policy. Global rates much higher, UST10s peak just under 3.95%
A big upside surprise in US PPI plays to theme of stronger for longer inflation, keeping pressure on Fed to raise rates further. US Treasury yields rise
17th Feb 23, 7:51am
A big upside surprise in US PPI plays to theme of stronger for longer inflation, keeping pressure on Fed to raise rates further. US Treasury yields rise
US data generally stronger than expected, including blockbuster retail sales report. Global yields higher, lead by the longer end
16th Feb 23, 8:09am
US data generally stronger than expected, including blockbuster retail sales report. Global yields higher, lead by the longer end
Global rates sell-off continues as market prices in tighter US policy trajectory. NZ rates and NZD weaker after inflation expectations fall. Market homes in towards picking 50bps hike next week
15th Feb 23, 7:28am
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Global rates sell-off continues as market prices in tighter US policy trajectory. NZ rates and NZD weaker after inflation expectations fall. Market homes in towards picking 50bps hike next week
No evident nerves ahead of Tuesday night's key US CPI release. EU commission upgrades outlook. Brutal sell-off in domestic rates market continues, back to pricing in an OCR peak around 5.5%
14th Feb 23, 8:07am
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No evident nerves ahead of Tuesday night's key US CPI release. EU commission upgrades outlook. Brutal sell-off in domestic rates market continues, back to pricing in an OCR peak around 5.5%
Global and NZ rates continue to rise, capping off a poor week for the bond market; NZ 2-year swap rate up over 40bps for the week. JPY volatile after reports of a surprise imminent BoJ Governor appointment
13th Feb 23, 7:28am
Global and NZ rates continue to rise, capping off a poor week for the bond market; NZ 2-year swap rate up over 40bps for the week. JPY volatile after reports of a surprise imminent BoJ Governor appointment
Further UST curve inversion sees 2s10s spread at the most inverted since 1981, warning of pending economic recession. NZ rates much higher, while another failed government bond tender sees NZGB curve flattening
10th Feb 23, 7:40am
Further UST curve inversion sees 2s10s spread at the most inverted since 1981, warning of pending economic recession. NZ rates much higher, while another failed government bond tender sees NZGB curve flattening
US equities lower as more central bank speakers talk higher rates. But US rates oscillate; US 10-year bond rates down a touch on the day
9th Feb 23, 7:54am
US equities lower as more central bank speakers talk higher rates. But US rates oscillate; US 10-year bond rates down a touch on the day
NZ rates much higher, playing catch-up to global moves since Friday night; more upside today to catch up with RBA market reaction
8th Feb 23, 7:53am
NZ rates much higher, playing catch-up to global moves since Friday night; more upside today to catch up with RBA market reaction
Strong US payrolls and ISM services reports Friday night rock the market. Market adds another full 25bps Fed hike into the mix and sends rates much higher
7th Feb 23, 7:57am
Strong US payrolls and ISM services reports Friday night rock the market. Market adds another full 25bps Fed hike into the mix and sends rates much higher
Powell not seen as pushing back overly hard on the market's more dovish policy outlook. This gives market vindication to the view the tightening cycle is drawing to a close. Big rally in rates and equity markets gets extended. ECB and BofE hike +50 bps
3rd Feb 23, 7:47am
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Powell not seen as pushing back overly hard on the market's more dovish policy outlook. This gives market vindication to the view the tightening cycle is drawing to a close. Big rally in rates and equity markets gets extended. ECB and BofE hike +50 bps
US wage inflation slows, lifting risk appetite. US equities lift, USD lower after earlier gains. NZD in mild dip overnight
1st Feb 23, 8:02am
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US wage inflation slows, lifting risk appetite. US equities lift, USD lower after earlier gains. NZD in mild dip overnight
Risk appetite weaker ahead of big week ahead filled with key economic releases, policy meetings and earnings reports. A big upside miss for Spanish CPI data drives higher European yields, spilling over elsewhere
31st Jan 23, 7:45am
Risk appetite weaker ahead of big week ahead filled with key economic releases, policy meetings and earnings reports. A big upside miss for Spanish CPI data drives higher European yields, spilling over elsewhere
Inflation heading in the right direction in the US; and the wrong direction in Japan. NZ rates reverse course after their falls post-CPI. Labour market data on Wednesday the next key local release
30th Jan 23, 7:58am
Inflation heading in the right direction in the US; and the wrong direction in Japan. NZ rates reverse course after their falls post-CPI. Labour market data on Wednesday the next key local release
US GDP up 2.9% but with a soft underbelly. US initial jobless claims push lower again. Modest gains for US equities. Treasury yields up 4bps for the day and USD modestly stronger
27th Jan 23, 7:52am
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US GDP up 2.9% but with a soft underbelly. US initial jobless claims push lower again. Modest gains for US equities. Treasury yields up 4bps for the day and USD modestly stronger