Jason Wong

Commodity currencies, including the NZD, underperformed on Friday; NZD was down against all key crosses, making fresh lows against the EUR and GBP; JPY was the best performing major

Commodity currencies, including the NZD, underperformed on Friday; NZD was down against all key crosses, making fresh lows against the EUR and GBP; JPY was the best performing major

NZD sits at 0.6860 USD after testing support at 0.6820-0.6840; equities rebound after five consecutive daily falls; UST rates 2-3 bps higher across the curve; local swap rates lower at the long end

NZD sits at 0.6860 USD after testing support at 0.6820-0.6840; equities rebound after five consecutive daily falls; UST rates 2-3 bps higher across the curve; local swap rates lower at the long end

NZD remains steady at around 0.6875 USD after rising to 0.6920 last evening on the back of USD weakness; UST 10yr yields fell to 2.32% before CPI data helped it get back to 2.34%; lower global rates placed downward pressure on the local swap curve

NZD remains steady at around 0.6875 USD after rising to 0.6920 last evening on the back of USD weakness; UST 10yr yields fell to 2.32% before CPI data helped it get back to 2.34%; lower global rates placed downward pressure on the local swap curve

US rates follow EU rates higher, with UST10yr back at 2.40%. NZ bond markets settles. Eyes on US CPI.

US rates follow EU rates higher, with UST10yr back at 2.40%. NZ bond markets settles. Eyes on US CPI.

Long end yields rise sharply after MPS adds to surprise DMO delay earlier. More rises not expected. Focus shifts to Aussie MPS

Long end yields rise sharply after MPS adds to surprise DMO delay earlier. More rises not expected. Focus shifts to Aussie MPS

NZD lifted from its pre-MPS level of 0.6925 to 0.6970 during the RBNZ press conference and has held up well since then; RBNZ significantly revised upwards its CPI inflation track; USD is slightly weaker on tax bill negotiations

NZD lifted from its pre-MPS level of 0.6925 to 0.6970 during the RBNZ press conference and has held up well since then; RBNZ significantly revised upwards its CPI inflation track; USD is slightly weaker on tax bill negotiations

NZD continues to hover in the low 0.69s; Republicans debate their tax bill; RBNZ’s MPS at 9am this morning could well stir the market; GBP is on the soft side; 10-year Treasuries have traded in a 2bps range; local swap rates flat to slightly down

NZD continues to hover in the low 0.69s; Republicans debate their tax bill; RBNZ’s MPS at 9am this morning could well stir the market; GBP is on the soft side; 10-year Treasuries have traded in a 2bps range; local swap rates flat to slightly down

NZD found support after unchanged Policy Targets Agreement. UST curve flattens. Local yields snap back after DMO 'shock'. Higher local inflationary pressure developing

NZD found support after unchanged Policy Targets Agreement. UST curve flattens. Local yields snap back after DMO 'shock'. Higher local inflationary pressure developing

Crude at two-year high after Saudi purge. Short squeeze sees bund yields slip. DMO delay 'shocks' traders, causes NZD to fall. Reaction causes bond yields to fall

Crude at two-year high after Saudi purge. Short squeeze sees bund yields slip. DMO delay 'shocks' traders, causes NZD to fall. Reaction causes bond yields to fall

NZD closed the day slightly weaker, near 0.6910 USD, having twice met resistance around 0.6950; NZDAUD rose 0.7% for the day to 0.9030; US 10-year rate ended at 2.33%, down 1bp from the NZ close; NZ rate curve flattened on Friday

NZD closed the day slightly weaker, near 0.6910 USD, having twice met resistance around 0.6950; NZDAUD rose 0.7% for the day to 0.9030; US 10-year rate ended at 2.33%, down 1bp from the NZ close; NZ rate curve flattened on Friday

The US tax bill was viewed by the market as underwhelming, UST 10yr nudged down to 2.34-2.35%; NZD trades at 0.6920 USD after seeing some resistance at 0.6930-0.6940; global forces have pushed local rates down, 10yr swap down 3bps to 3.15%

The US tax bill was viewed by the market as underwhelming, UST 10yr nudged down to 2.34-2.35%; NZD trades at 0.6920 USD after seeing some resistance at 0.6930-0.6940; global forces have pushed local rates down, 10yr swap down 3bps to 3.15%

US bond market waiting on tax bill, Fed chair nomination, after UST refunding details sent rates lower. BofE also in spotlight

US bond market waiting on tax bill, Fed chair nomination, after UST refunding details sent rates lower. BofE also in spotlight

NZD rose after strong employment data and sustained that increase; FOMC Statement was very similar to the September version, with the changes largely a result of tweaks to language around the Hurricanes; NZDAUD met some resistance around 0.9020

NZD rose after strong employment data and sustained that increase; FOMC Statement was very similar to the September version, with the changes largely a result of tweaks to language around the Hurricanes; NZDAUD met some resistance around 0.9020

Local data expected to influence next weeks RBNZ MPS which may be looking at an earlier start to higher inflation. US markets ignore data, focusing instead on prospects for US tax 'reform'

Local data expected to influence next weeks RBNZ MPS which may be looking at an earlier start to higher inflation. US markets ignore data, focusing instead on prospects for US tax 'reform'

NZD is down 0.5% from this time yesterday to 0.6835 USD; soft China PMI data added to the woes of the NZD and dragged down the AUD as well; euro-area economic data showed a strong economy but weak inflation

NZD is down 0.5% from this time yesterday to 0.6835 USD; soft China PMI data added to the woes of the NZD and dragged down the AUD as well; euro-area economic data showed a strong economy but weak inflation

Rates fall worldwide despite positive consumer sentiment. Low German inflation may be behind the drop, and reports US tax cut proposals are faltering. Data rush coming

Rates fall worldwide despite positive consumer sentiment. Low German inflation may be behind the drop, and reports US tax cut proposals are faltering. Data rush coming

NZD started the week on a soft note as hedge funds sold the currency; USD is slightly weaker, with the TWI majors index down 0.2%; GBP is one of the best performers, up 0.6% to 1.3210 USD

NZD started the week on a soft note as hedge funds sold the currency; USD is slightly weaker, with the TWI majors index down 0.2%; GBP is one of the best performers, up 0.6% to 1.3210 USD

NZD was the best performing of the majors, although gains were modest; higher oil prices supported other commodity currencies; EUR the weakest of all majors

NZD was the best performing of the majors, although gains were modest; higher oil prices supported other commodity currencies; EUR the weakest of all majors

Focus goes on employment and jobs growth data. New NZ Govt won't add a jobless rate target to RBNZ mandate. Local rates may drift lower

Focus goes on employment and jobs growth data. New NZ Govt won't add a jobless rate target to RBNZ mandate. Local rates may drift lower

ECB to halve its bond purchase program to €30 bln in January, EUR weaker and European rate lower on the day; NZD continued lower trend on stronger USD; long dated local swap rates rise a touch

ECB to halve its bond purchase program to €30 bln in January, EUR weaker and European rate lower on the day; NZD continued lower trend on stronger USD; long dated local swap rates rise a touch

Local swap rates little changed after being pulled by opposing forces, higher US rates and lower Australian rates. But markets price in higher long-term inflation to inflation-adjusted bonds

Local swap rates little changed after being pulled by opposing forces, higher US rates and lower Australian rates. But markets price in higher long-term inflation to inflation-adjusted bonds

NZD down to 0.6875 USD but up against the AUD and CAD; Australian CPI data was below expectations, triggering a weaker AUD; EUR supported by German business confidence indicators reaching all-time highs

NZD down to 0.6875 USD but up against the AUD and CAD; Australian CPI data was below expectations, triggering a weaker AUD; EUR supported by German business confidence indicators reaching all-time highs

NZD has been the standout performer down 1% to sub-0.69 and near its lows for the session; local swap curve showed rates flat to down 1bp; US 10-year rate nudges higher to 2.41%, past what many consider to be a key technical resistance level of 2.40%

NZD has been the standout performer down 1% to sub-0.69 and near its lows for the session; local swap curve showed rates flat to down 1bp; US 10-year rate nudges higher to 2.41%, past what many consider to be a key technical resistance level of 2.40%

The market’s interpretation of the new government is lower real rates consistent with a softer economy, but higher inflation and more tolerance for higher inflation, with an implied delay to any RBNZ rate hikes

The market’s interpretation of the new government is lower real rates consistent with a softer economy, but higher inflation and more tolerance for higher inflation, with an implied delay to any RBNZ rate hikes

NZD is showing signs of forming a base after its initial swoon following the formation of a new government; USD has managed to hold onto gains seen since Friday; GBP has been supported over the past couple of trading sessions

NZD is showing signs of forming a base after its initial swoon following the formation of a new government; USD has managed to hold onto gains seen since Friday; GBP has been supported over the past couple of trading sessions