Jason Wong

USD ended the day down on all major crosses, with the TWI down 0.6%; NZD was up 0.4% against the USD to 0.7240; NZDAUD was flat at 0.9130; long end local and UST yields were lower

USD ended the day down on all major crosses, with the TWI down 0.6%; NZD was up 0.4% against the USD to 0.7240; NZDAUD was flat at 0.9130; long end local and UST yields were lower

Northern summer recess punctuated by Jackson Hole meeting, but bond markets just drift. If Yellen channels Dudley, that may spark some life

Northern summer recess punctuated by Jackson Hole meeting, but bond markets just drift. If Yellen channels Dudley, that may spark some life

NZD tested the 0.7200 USD mark as it probed below that level to 0.7192, but didn't stay at that level for very long; US debt ceiling debacle continues; JPY biggest mover of the day

NZD tested the 0.7200 USD mark as it probed below that level to 0.7192, but didn't stay at that level for very long; US debt ceiling debacle continues; JPY biggest mover of the day

USD DXY was down 0.4% and the TWI was down 0.2% after Trump's comments on the US debt ceiling and NAFTA; NZD underperforms, falling 0.7% against a soft USD and down on all crosses; NZDAUD down to 0.9140

USD DXY was down 0.4% and the TWI was down 0.2% after Trump's comments on the US debt ceiling and NAFTA; NZD underperforms, falling 0.7% against a soft USD and down on all crosses; NZDAUD down to 0.9140

Risk off tone settles on markets. DMO program unchanged, but opportunity for new 2029 issue before election fades. Eyes turn to Jackson Hole speeches.

Risk off tone settles on markets. DMO program unchanged, but opportunity for new 2029 issue before election fades. Eyes turn to Jackson Hole speeches.

UST yields rise on improved risk appetite. Data and Jackson Hole take focus. Local swap rates little changed

UST yields rise on improved risk appetite. Data and Jackson Hole take focus. Local swap rates little changed

USD recovers losses from the previous session, USD indices up 0.4-0.5%; NZD down 0.7% to 0.7275 USD; CAD the only major to hold ground against USD

USD recovers losses from the previous session, USD indices up 0.4-0.5%; NZD down 0.7% to 0.7275 USD; CAD the only major to hold ground against USD

UST 10yr yield down to 2.18%, down 2 bps from the NZ close; local swaps up 1 bp and local bond yields up 3-4 bps; quiet trading conditions expected through to the end of the week

UST 10yr yield down to 2.18%, down 2 bps from the NZ close; local swaps up 1 bp and local bond yields up 3-4 bps; quiet trading conditions expected through to the end of the week

Major USD indices are down 0.3-0.4% and are threatening key technical levels; EUR one of the best performers against the USD, up 0.5% to 1.1815; NZD up 0.2% to 0.7325 USD

Major USD indices are down 0.3-0.4% and are threatening key technical levels; EUR one of the best performers against the USD, up 0.5% to 1.1815; NZD up 0.2% to 0.7325 USD

UST yields largely unchanged, helped by strong consumer sentiment data and removal of Trump's chief strategist Bannon; NZ swaps 1-2 bps lower across the curve, with global forces in the driving seat

UST yields largely unchanged, helped by strong consumer sentiment data and removal of Trump's chief strategist Bannon; NZ swaps 1-2 bps lower across the curve, with global forces in the driving seat

NZD ended the week at 0.7315 USD up 0.4% for the day; USD DXY 0.2% lower despite positive data and ousting of Trump's chief strategist Bannon, which was viewed positively by the market

NZD ended the week at 0.7315 USD up 0.4% for the day; USD DXY 0.2% lower despite positive data and ousting of Trump's chief strategist Bannon, which was viewed positively by the market

A risk-off tone in the markets saw the UST yield curve shift lower; the NZ swap curve showed a flattening bias, with larger falls at the longer end of the curve; NZGB 2025 bond tender showed only moderate demand

A risk-off tone in the markets saw the UST yield curve shift lower; the NZ swap curve showed a flattening bias, with larger falls at the longer end of the curve; NZGB 2025 bond tender showed only moderate demand

NZD has been rangebound over the past session, sitting close to 0.7300 USD; JPY and CHF best performing currencies, both up around 0.4% against the USD; EUR lower following the release of ECB minutes

NZD has been rangebound over the past session, sitting close to 0.7300 USD; JPY and CHF best performing currencies, both up around 0.4% against the USD; EUR lower following the release of ECB minutes

UST 2-year rate was down to 1.33% and 10-year down to 2.22% as FOMC minutes showed that several participants were ready to announce a starting date for shrinking the balance sheet; UST move likely to put downward pressure on local rates today

UST 2-year rate was down to 1.33% and 10-year down to 2.22% as FOMC minutes showed that several participants were ready to announce a starting date for shrinking the balance sheet; UST move likely to put downward pressure on local rates today

NZD was up 1% against the USD and AUD and CAD were up 1.2% and 0.7% respectively; USD recovery ended with Trump in the headlines and the market interpreting the FOMC minutes as being on the dovish side

NZD was up 1% against the USD and AUD and CAD were up 1.2% and 0.7% respectively; USD recovery ended with Trump in the headlines and the market interpreting the FOMC minutes as being on the dovish side

NZDUSD down 0.7% to 0.7235 and NZDAUD down 0.3% to 0.9255; USD extends recovery as geopolitical tensions ease; JPY and GBP underperform as safe haven flows reverse

NZDUSD down 0.7% to 0.7235 and NZDAUD down 0.3% to 0.9255; USD extends recovery as geopolitical tensions ease; JPY and GBP underperform as safe haven flows reverse

US rates rise on good retail sales, hawkish Fed comments, and easing tensions. NZ rates rise especially for NZGBs

US rates rise on good retail sales, hawkish Fed comments, and easing tensions. NZ rates rise especially for NZGBs

NZD sits at 0.7290 USD, down 0.3% from last week's close; USD reverses Friday's declines, rising against all majors; AUD underperforms, NZDAUD up to 0.9280

NZD sits at 0.7290 USD, down 0.3% from last week's close; USD reverses Friday's declines, rising against all majors; AUD underperforms, NZDAUD up to 0.9280

Yields firmer on better risk sentiment. Dudley talks up Fed options. Eyes turn to new 2029 NZGB, an election consideration?

Yields firmer on better risk sentiment. Dudley talks up Fed options. Eyes turn to new 2029 NZGB, an election consideration?

Weak US inflation data triggers broad based USD weakness; NZDUSD closed the week at 0.7315 and NZDAUD closed around 0.9270

Weak US inflation data triggers broad based USD weakness; NZDUSD closed the week at 0.7315 and NZDAUD closed around 0.9270

Market expectations of US Fed tightening diminish; now end of 2018 before next full 25 bps cut is priced in. NZ swap rates reach fresh 2017 lows

Market expectations of US Fed tightening diminish; now end of 2018 before next full 25 bps cut is priced in. NZ swap rates reach fresh 2017 lows

Rates fall internationally as risk-off mood prevails. Local gains will probably not be sustained here. Eyes on US CPI, but prospects turn dim after weak PPI

Rates fall internationally as risk-off mood prevails. Local gains will probably not be sustained here. Eyes on US CPI, but prospects turn dim after weak PPI

NZD lost ground in the Asian session yesterday and traded a tight range overnight to trade at around 0.7280; geopolitical tensions lead to a stronger Yen; other currency movements were modest

NZD lost ground in the Asian session yesterday and traded a tight range overnight to trade at around 0.7280; geopolitical tensions lead to a stronger Yen; other currency movements were modest

Lower global rates help drag down NZ rates to lowest levels of the year. RBNZ not likely to follow other central anks to remove policy accommodation

Lower global rates help drag down NZ rates to lowest levels of the year. RBNZ not likely to follow other central anks to remove policy accommodation

NZD traded a tight 25 point range and is flat at 0.7330 USD; NZDAUD stretched up to 1.08, a level where investors began taking profit; safe-haven flows saw funds move into the Yen

NZD traded a tight 25 point range and is flat at 0.7330 USD; NZDAUD stretched up to 1.08, a level where investors began taking profit; safe-haven flows saw funds move into the Yen