Nick Smyth

Trouble in Hong Kong and Argentina adds to Chinese credit data concerns, pushing investors into a risk-averse mood and boosting safe-haven currencies

Trouble in Hong Kong and Argentina adds to Chinese credit data concerns, pushing investors into a risk-averse mood and boosting safe-haven currencies

US tariffs remaining imports from China. Global interest rates dive. Equities spike lower. AUD hardest hit. Eyes now on US non-farm payrolls

US tariffs remaining imports from China. Global interest rates dive. Equities spike lower. AUD hardest hit. Eyes now on US non-farm payrolls

Markets greet US Fed rate cut with sharp equity falls, a rising USD, and a flattened US Treasury yield curve. The NZD/AUD cross pushed lower on better AU data and weaker NZ data

Markets greet US Fed rate cut with sharp equity falls, a rising USD, and a flattened US Treasury yield curve. The NZD/AUD cross pushed lower on better AU data and weaker NZ data

Equity markets fell overnight after Trump hit out at China for continuing to “ripoff” the US; GBP has stabilised overnight after falling further during the Asian trading session; NZD and AUD have continued to move lower

Equity markets fell overnight after Trump hit out at China for continuing to “ripoff” the US; GBP has stabilised overnight after falling further during the Asian trading session; NZD and AUD have continued to move lower

Most currencies stable ahead of central bank rate reviews. But the UK pound falls as a no-deal Brexit looks almost certain and the EU rejects Johnson taunts. AU and NZ interest rates move lower

Most currencies stable ahead of central bank rate reviews. But the UK pound falls as a no-deal Brexit looks almost certain and the EU rejects Johnson taunts. AU and NZ interest rates move lower

US dollar rises on policy guidance. Share buybacks push US equities to record highs. US Q2 GDP beats estimates, but down sharply from Q1. NZD and AUD weaken. Trade talks restart but expectations low

US dollar rises on policy guidance. Share buybacks push US equities to record highs. US Q2 GDP beats estimates, but down sharply from Q1. NZD and AUD weaken. Trade talks restart but expectations low

Equities higher on some better logistics earnings, but key manufacturers slip back. AUD weakens after Westpac sees even lower rates. Eyes on ECB for signs of imminent easing

Equities higher on some better logistics earnings, but key manufacturers slip back. AUD weakens after Westpac sees even lower rates. Eyes on ECB for signs of imminent easing

US yield curve continued to steepen overnight; Fed Chair Powell’s Senate testimony didn’t break any new ground; equities and currencies have consolidated overnight; NZ 10 year swap rate traded 6bps higher

US yield curve continued to steepen overnight; Fed Chair Powell’s Senate testimony didn’t break any new ground; equities and currencies have consolidated overnight; NZ 10 year swap rate traded 6bps higher

Short-end US rates and the USD fell after a dovish testimony from Fed Chair Powell overnight; US equity markets rose to new record highs; NZD had a mini ‘flash crash’ yesterday afternoon but it has risen strongly overnight amid broad-based USD weakness

Short-end US rates and the USD fell after a dovish testimony from Fed Chair Powell overnight; US equity markets rose to new record highs; NZD had a mini ‘flash crash’ yesterday afternoon but it has risen strongly overnight amid broad-based USD weakness

There has been little movement in either US bonds or equity markets over the past 24 hours; NZD has drifted down to 0.66 against a backdrop of a slightly stronger USD; GBP fell to its lowest level since April 2017

There has been little movement in either US bonds or equity markets over the past 24 hours; NZD has drifted down to 0.66 against a backdrop of a slightly stronger USD; GBP fell to its lowest level since April 2017

US Treasury yields have largely held onto their post-payrolls gains overnight while equity markets have fallen modestly; NZD is little changed from Friday night’s close; NZ rates opened higher but gradually drifted lower

US Treasury yields have largely held onto their post-payrolls gains overnight while equity markets have fallen modestly; NZD is little changed from Friday night’s close; NZ rates opened higher but gradually drifted lower

US rates and the USD increased sharply on Friday night after stronger than expected payrolls led the market to scale back expectations of a 50bp Fed rate cut in July; amidst the stronger USD, the NZD underperformed and fell almost 1%

US rates and the USD increased sharply on Friday night after stronger than expected payrolls led the market to scale back expectations of a 50bp Fed rate cut in July; amidst the stronger USD, the NZD underperformed and fell almost 1%

US cash market closed for Independence Day and no major data released; NZD has reversed some of its outperformance from yesterday and has slipped back below 0.67; focus tonight is on the monthly US non-farm payrolls release

US cash market closed for Independence Day and no major data released; NZD has reversed some of its outperformance from yesterday and has slipped back below 0.67; focus tonight is on the monthly US non-farm payrolls release

Global rates continued to head lower overnight as the market readies for a wave of central bank easing; lower rate outlook has boosted equities; NZD has outperformed, alongside the AUD, and has risen back above 0.67

Global rates continued to head lower overnight as the market readies for a wave of central bank easing; lower rate outlook has boosted equities; NZD has outperformed, alongside the AUD, and has risen back above 0.67

Global rates fell sharply overnight after BoE Governor Carney warned that an intensification of trade tensions had the potential to “shipwreck the global economy”; NZD is unchanged from this time yesterday

Global rates fell sharply overnight after BoE Governor Carney warned that an intensification of trade tensions had the potential to “shipwreck the global economy”; NZD is unchanged from this time yesterday

US equities have reversed most of their initial gains while US bond yields are modestly higher; USD has performed strongly overnight, which has taken the NZD back below 0.67; AUD opened slightly higher on Monday morning

US equities have reversed most of their initial gains while US bond yields are modestly higher; USD has performed strongly overnight, which has taken the NZD back below 0.67; AUD opened slightly higher on Monday morning

Presidents Trump and Xi agreed to a ceasefire in the US-China trade war; while existing tariffs on Chinese imports will remain in place, the outcome will be seen as positive for risk assets, the NZD and the AUD to start the week; 10 year US Treasury yield

Presidents Trump and Xi agreed to a ceasefire in the US-China trade war; while existing tariffs on Chinese imports will remain in place, the outcome will be seen as positive for risk assets, the NZD and the AUD to start the week; 10 year US Treasury yield

Equity markets nudged up and bond yields slipped lower; big mover has been oil; AUD has underperformed after yesterday’s labour market report revealed a higher than expected unemployment rate, while the NZD is little changed

Equity markets nudged up and bond yields slipped lower; big mover has been oil; AUD has underperformed after yesterday’s labour market report revealed a higher than expected unemployment rate, while the NZD is little changed

Boosted market expectations of Fed rate cuts led to falls in US rates and a steepening of the yield curve; there was only a short-lived positive impact on equities; USD has also strengthened

Boosted market expectations of Fed rate cuts led to falls in US rates and a steepening of the yield curve; there was only a short-lived positive impact on equities; USD has also strengthened

US equities initially made gains after news that China would incentivise more infrastructure investment, but the move has since reversed; NZD has underperformed and is sitting just under 0.66; US bonds have largely mirrored those moves in equities

US equities initially made gains after news that China would incentivise more infrastructure investment, but the move has since reversed; NZD has underperformed and is sitting just under 0.66; US bonds have largely mirrored those moves in equities

Equities, bond yields and the USD are all higher; NZD has underperformed; hasn’t been much fresh news on the US-China trade front; GBP fell 0.4% after much weaker than expected GDP

Equities, bond yields and the USD are all higher; NZD has underperformed; hasn’t been much fresh news on the US-China trade front; GBP fell 0.4% after much weaker than expected GDP

US Treasury yields have drifted lower, aided by a dovish speech by Fed Vice Chair Clarida; New Zealand government bond yields moved higher yesterday; the broader theme still remains one of USD strength

US Treasury yields have drifted lower, aided by a dovish speech by Fed Vice Chair Clarida; New Zealand government bond yields moved higher yesterday; the broader theme still remains one of USD strength

Equity markets and bond yields lower, as investors remain concerned about a prolonged US-China trade war; 10 year Australian government bond fell below the RBA’s cash rate and NZ rates made record lows across the curve as markets anticipated more central

Equity markets and bond yields lower, as investors remain concerned about a prolonged US-China trade war; 10 year Australian government bond fell below the RBA’s cash rate and NZ rates made record lows across the curve as markets anticipated more central

Global rates continued to fall overnight, with the 10 year US Treasury yield hitting its lowest level since late-2017; US equities were flat-to-slightly lower; USD is generally stronger for a second night running

Global rates continued to fall overnight, with the 10 year US Treasury yield hitting its lowest level since late-2017; US equities were flat-to-slightly lower; USD is generally stronger for a second night running

Equity markets are flat-to-higher, while core European government bond yields have slipped lower after reports that the European Commission was considering fining Italy for breaching its debt rules; NZD is slightly lower to start the week

Equity markets are flat-to-higher, while core European government bond yields have slipped lower after reports that the European Commission was considering fining Italy for breaching its debt rules; NZD is slightly lower to start the week