Yuan
Lower US inflation expectations support US Treasuries and rates nudge down. USD broadly weaker; NZD pushes up. Markets await China/US trade negotiation news
10th Jun 25, 8:22am
Lower US inflation expectations support US Treasuries and rates nudge down. USD broadly weaker; NZD pushes up. Markets await China/US trade negotiation news
US labour market data shows resilience despite the elevated policy uncertainty. Treasury yields sharply higher as Fed easing expectations are trimmed. Further signs of an easing in US-China trade tensions supports risk sentiment
9th Jun 25, 7:41am
US labour market data shows resilience despite the elevated policy uncertainty. Treasury yields sharply higher as Fed easing expectations are trimmed. Further signs of an easing in US-China trade tensions supports risk sentiment
Trump and Xi speak. Trump says the call "a very positive conclusion"; China readout not as positive. ECB cuts as expected but signals being close to the end of the easing cycle. US initial jobless claims rise to highest level since October
6th Jun 25, 7:57am
Trump and Xi speak. Trump says the call "a very positive conclusion"; China readout not as positive. ECB cuts as expected but signals being close to the end of the easing cycle. US initial jobless claims rise to highest level since October
Weaker than expected data supports rally in US treasuries. US Services ISM contracts. Equity markets less impacted with the S&P500 modestly higher and global stocks reaching a record high
5th Jun 25, 7:48am
Weaker than expected data supports rally in US treasuries. US Services ISM contracts. Equity markets less impacted with the S&P500 modestly higher and global stocks reaching a record high
US equities are stronger, supported by the JOLTs report, which showed resilience in the labour market. US treasuries reversed course after the report, pushing up yields across the curve, and the 10-year rate is up slightly
4th Jun 25, 7:42am
US equities are stronger, supported by the JOLTs report, which showed resilience in the labour market. US treasuries reversed course after the report, pushing up yields across the curve, and the 10-year rate is up slightly
US manufacturing ISM softer than expected reflecting the uncertain economic backdrop. Crude oil prices climbed more than 2% despite news that OPEC+ had agreed to increase oil output
3rd Jun 25, 7:28am
US manufacturing ISM softer than expected reflecting the uncertain economic backdrop. Crude oil prices climbed more than 2% despite news that OPEC+ had agreed to increase oil output
Further macro uncertainty after a US court invalidated Trump’s ‘liberation day’ tariffs. An initial S&P500 rally following the decision faded. Soft US economic data brought lower US Treasury yields and a weaker US dollar
30th May 25, 7:43am
Further macro uncertainty after a US court invalidated Trump’s ‘liberation day’ tariffs. An initial S&P500 rally following the decision faded. Soft US economic data brought lower US Treasury yields and a weaker US dollar
Global rates higher with spillover from a poor ultra-long bond auction in Japan, but the UST 10-yr rate hasn’t pushed much higher. The NZD sustained the modest gain seen after the RBNZ’s new neutral bias, following its rate cut
29th May 25, 7:41am
Global rates higher with spillover from a poor ultra-long bond auction in Japan, but the UST 10-yr rate hasn’t pushed much higher. The NZD sustained the modest gain seen after the RBNZ’s new neutral bias, following its rate cut
US equities surge, encouraged by de-escalation of US-EU trade tensions while US consumer confidence rebounds sharply. Japan's move to address issues with its ultra-long bond market supports global rates market, with rates falling around the globe
28th May 25, 8:00am
US equities surge, encouraged by de-escalation of US-EU trade tensions while US consumer confidence rebounds sharply. Japan's move to address issues with its ultra-long bond market supports global rates market, with rates falling around the globe
Trump backtracks on Friday's threat to impose 50% tariff on EU. Euro Stoxx 600 index up 1%, S&P500 futures up 1.3%; US 10-year Treasury future unchanged, reversing move in NZ session
27th May 25, 7:41am
Trump backtracks on Friday's threat to impose 50% tariff on EU. Euro Stoxx 600 index up 1%, S&P500 futures up 1.3%; US 10-year Treasury future unchanged, reversing move in NZ session
Trump threatened aggressive tariffs on the EU contributing to volatility in risk sensitive assets. S&P500 partially recovers from initial losses. Euro Stoxx down close to 2% and German bunds rally. US dollar broadly weaker
26th May 25, 7:20am
Trump threatened aggressive tariffs on the EU contributing to volatility in risk sensitive assets. S&P500 partially recovers from initial losses. Euro Stoxx down close to 2% and German bunds rally. US dollar broadly weaker
US PMIs resilient despite economic uncertainty. Euro-area PMIs soft. US dollar makes broad based gains. Modest increase in the NZGB borrowing programme forecast at the Budget
23rd May 25, 7:50am
US PMIs resilient despite economic uncertainty. Euro-area PMIs soft. US dollar makes broad based gains. Modest increase in the NZGB borrowing programme forecast at the Budget
Growing fiscal concerns and a weak UST 20-auction contributed to a large rise in long end treasury yields. Surge in yields weigh on US equities. UK CPI higher than expected. GBP/USD reached a 3-year high with less BOE easing priced
22nd May 25, 7:39am
Growing fiscal concerns and a weak UST 20-auction contributed to a large rise in long end treasury yields. Surge in yields weigh on US equities. UK CPI higher than expected. GBP/USD reached a 3-year high with less BOE easing priced
The RBA cut rates by 25bp to 3.85% as expected and moved to a more dovish stance. The market priced additional easing and NZD/AUD gained. A weak government bond auction contributed to a surge in long end JGB yields
21st May 25, 7:55am
The RBA cut rates by 25bp to 3.85% as expected and moved to a more dovish stance. The market priced additional easing and NZD/AUD gained. A weak government bond auction contributed to a surge in long end JGB yields
Initial weak risk sentiment linked to the US credit rating downgrade reverses. US 30-year yields reached 5.04%, the highest level since late 2023, before retracing. US dollar broadly weaker
20th May 25, 7:46am
Initial weak risk sentiment linked to the US credit rating downgrade reverses. US 30-year yields reached 5.04%, the highest level since late 2023, before retracing. US dollar broadly weaker