Nick Smyth

Equities and bond yields fall after reports that a US-China ‘Phase-Two’ agreement will be difficult. USD weakens sharply after Powell says the hurdle for Fed hikes is very high. NZ rates rise as market pares back November OCR cut pricing to 50%.

Equities and bond yields fall after reports that a US-China ‘Phase-Two’ agreement will be difficult. USD weakens sharply after Powell says the hurdle for Fed hikes is very high. NZ rates rise as market pares back November OCR cut pricing to 50%.

Fed cuts 25bps, hints as rate pause – limited reaction so far as market waits for Powell Q&A. Bank of Canada signals easing bias – Canadian dollar and rates drop sharply. Little movement in NZD overnight; ANZ Business Survey this afternoon.

Fed cuts 25bps, hints as rate pause – limited reaction so far as market waits for Powell Q&A. Bank of Canada signals easing bias – Canadian dollar and rates drop sharply. Little movement in NZD overnight; ANZ Business Survey this afternoon.

Markets consolidate ahead of FOMC tomorrow morning. UK set for December election – GBP receives initial boost. NZ rates move sharply higher yesterday – some nervousness around a Nov OCR cut.

Markets consolidate ahead of FOMC tomorrow morning. UK set for December election – GBP receives initial boost. NZ rates move sharply higher yesterday – some nervousness around a Nov OCR cut.

Global rates and equities higher on trade optimism. GBP supported by EU offer of 3-month Brexit extension. NZD underperforms despite risk-on backdrop.

Global rates and equities higher on trade optimism. GBP supported by EU offer of 3-month Brexit extension. NZD underperforms despite risk-on backdrop.

Optimism for a Brexit deal continues to build (although no news yet) - GBP hits 5 month high. Little movement in global rates and equities overnight. NZD underperforms after RBNZ's. Bascand says “reasonable prospect” of a lower OCR

Optimism for a Brexit deal continues to build (although no news yet) - GBP hits 5 month high. Little movement in global rates and equities overnight. NZD underperforms after RBNZ's. Bascand says “reasonable prospect” of a lower OCR

Market sentiment a bit more cautious to start the week. Trading activity light with some international holidays. Partial reversal of last week's move up with bond yields, NZD, AUD all lower

Market sentiment a bit more cautious to start the week. Trading activity light with some international holidays. Partial reversal of last week's move up with bond yields, NZD, AUD all lower

US-China agree ‘mini’ trade deal – China buys farm goods, US suspends October tariffs. Brexit optimism continues as EU and UK “intensify” negotiations over weekend – GBP +1.8%. Equities and bond yields head higher, USD weaker

US-China agree ‘mini’ trade deal – China buys farm goods, US suspends October tariffs. Brexit optimism continues as EU and UK “intensify” negotiations over weekend – GBP +1.8%. Equities and bond yields head higher, USD weaker

Very weak ISM non-manufacturing survey triggers large decline in US rates, fall in USD. Equities plunge, then recover sharply on Fed rate cut expectations. NZD and AUD outperform as risk appetite turns positive

Very weak ISM non-manufacturing survey triggers large decline in US rates, fall in USD. Equities plunge, then recover sharply on Fed rate cut expectations. NZD and AUD outperform as risk appetite turns positive

Risk-off market moves: equities and bond yields fall sharply again. NZD outperforms, likely on short-covering. NZ rates make new all-time lows as market starts pricing a chance of -50 bp RBNZ November cut

Risk-off market moves: equities and bond yields fall sharply again. NZD outperforms, likely on short-covering. NZ rates make new all-time lows as market starts pricing a chance of -50 bp RBNZ November cut

US rates, equities, USD fall sharply after a very weak ISM manufacturing survey. AUD weakens after RBA cuts again. NZ OCR rate cut expectations rise after another dire NZ business confidence survey

US rates, equities, USD fall sharply after a very weak ISM manufacturing survey. AUD weakens after RBA cuts again. NZ OCR rate cut expectations rise after another dire NZ business confidence survey

Equity markets end September on positive note, brushing off reports of US restrictions on Chinese investments. USD strengthens again. NZD falls to fresh four year low after another miserable ANZ business survey

Equity markets end September on positive note, brushing off reports of US restrictions on Chinese investments. USD strengthens again. NZD falls to fresh four year low after another miserable ANZ business survey

Equities fall after reports that US had discussed restrictions on US investments in Chinese companies. Yuan falls, but only minor impact on NZD and AUD. Big week ahead: RBA meeting, Chinese PMIs, ISMs, payrolls, QSBO

Equities fall after reports that US had discussed restrictions on US investments in Chinese companies. Yuan falls, but only minor impact on NZD and AUD. Big week ahead: RBA meeting, Chinese PMIs, ISMs, payrolls, QSBO

The ECB cuts rates, resumes QE. The EUR and German bond yields initially fell then moved higher. Market sentiment boosted by positive trade talk news giving both equity markets and the CNY a boost. NZD lower. The global bond sell-off extends

The ECB cuts rates, resumes QE. The EUR and German bond yields initially fell then moved higher. Market sentiment boosted by positive trade talk news giving both equity markets and the CNY a boost. NZD lower. The global bond sell-off extends

The USD strengthens as markets await an ECB decision with new easing measures expected. Equity markets up in anticipation. Global bond yields stable. NZD stable

The USD strengthens as markets await an ECB decision with new easing measures expected. Equity markets up in anticipation. Global bond yields stable. NZD stable

NZD unchanged as global bond yields rise again on ECB news. Reports that China had offered to buy more US agricultural goods ahead of the October trade talks also supported rates

NZD unchanged as global bond yields rise again on ECB news. Reports that China had offered to buy more US agricultural goods ahead of the October trade talks also supported rates

Markets cautiously optimistic despite the US payrolls weaker than expected. Global equities and US Treasury yields consolidated. The NZD up. NZ rates up sharply across the curve

Markets cautiously optimistic despite the US payrolls weaker than expected. Global equities and US Treasury yields consolidated. The NZD up. NZ rates up sharply across the curve

Markets read positive signals from what China is implying rather than saying. Sentiment improves. Safe haven currencies underperform, as does the NZD on weak local data

Markets read positive signals from what China is implying rather than saying. Sentiment improves. Safe haven currencies underperform, as does the NZD on weak local data

Global rates have continued to grind lower on growing risk fears. British politics grabs headlines. NZD sinks lower. Eyes on local business confidence survey

Global rates have continued to grind lower on growing risk fears. British politics grabs headlines. NZD sinks lower. Eyes on local business confidence survey

China ignores US trade talks claim. US Treasury yield curve inversions deepen. Progress in Italian political talks. Brexit optimism. NZD falls in risk-off mood. RBA sees lower rates

China ignores US trade talks claim. US Treasury yield curve inversions deepen. Progress in Italian political talks. Brexit optimism. NZD falls in risk-off mood. RBA sees lower rates

Equity markets take Trump deescalation at face-value. Safe haven currencies give back some recent gains. Commodity currencies outperform. RBA confirms rate cut was part of currency defense

Equity markets take Trump deescalation at face-value. Safe haven currencies give back some recent gains. Commodity currencies outperform. RBA confirms rate cut was part of currency defense

Furious trade war actions overshadow Powell at Jackson Hole although he takes friendly fire too. Markets tumble. NZD holds up reasonably well on the sidelines. Orr 'waiting & watching' for now

Furious trade war actions overshadow Powell at Jackson Hole although he takes friendly fire too. Markets tumble. NZD holds up reasonably well on the sidelines. Orr 'waiting & watching' for now

Equities, long-end bond yields rise after reports Germany considering relaxing fiscal rules. NZD weighed down by a weak PMI. Powell’s Jackson Hole address the highlight this week

Equities, long-end bond yields rise after reports Germany considering relaxing fiscal rules. NZD weighed down by a weak PMI. Powell’s Jackson Hole address the highlight this week

Local currencies fare relatively well as the bond yield dives gather pace. ECB policy makers primed for more QE. Equities whipsawed. Brexit gets even messier. Markets see further RBNZ cuts

Local currencies fare relatively well as the bond yield dives gather pace. ECB policy makers primed for more QE. Equities whipsawed. Brexit gets even messier. Markets see further RBNZ cuts

Chinese data very weak; German GDP contracts; Government bond yields have another massive move lower; AUD and NZD follow China lower

Chinese data very weak; German GDP contracts; Government bond yields have another massive move lower; AUD and NZD follow China lower

US to delay latest tariffs on some consumer goods, equities rally and AUD and CNY gain. NZD separates from its correlation to the yuan. Eyes on China, Australian and EU data

US to delay latest tariffs on some consumer goods, equities rally and AUD and CNY gain. NZD separates from its correlation to the yuan. Eyes on China, Australian and EU data