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Nick Smyth
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Equity markets have softened modestly while US and global rates have, in contrast, moved higher; GBP continues to outperform as the probability of a no-deal Brexit scenario recedes while the NZD and AUD have fallen; NZ rates were lower across the curve
28th Feb 19, 8:04am
Equity markets have softened modestly while US and global rates have, in contrast, moved higher; GBP continues to outperform as the probability of a no-deal Brexit scenario recedes while the NZD and AUD have fallen; NZ rates were lower across the curve
GBP moved sharply higher after Theresa May said she would give parliament the option of extending Article 50; USD has weakened around 0.2%, largely due to the surge in the GBP; US 10 year Treasury yield is 2bps lower on the day, to 2.64%
27th Feb 19, 7:36am
GBP moved sharply higher after Theresa May said she would give parliament the option of extending Article 50; USD has weakened around 0.2%, largely due to the surge in the GBP; US 10 year Treasury yield is 2bps lower on the day, to 2.64%
Equity markets have moved higher once again; CNY reached its highest level since July; NZD and AUD are the top performing currencies overnight; global rates have moved higher
26th Feb 19, 8:26am
Equity markets have moved higher once again; CNY reached its highest level since July; NZD and AUD are the top performing currencies overnight; global rates have moved higher
Equity markets ended the week higher, while bond yields fell; USD was weaker across the board, with commodity currencies the top performers; NZD more-than-fully reversed its earlier losses
25th Feb 19, 8:17am
Equity markets ended the week higher, while bond yields fell; USD was weaker across the board, with commodity currencies the top performers; NZD more-than-fully reversed its earlier losses
Global rates fell overnight after a much weaker than expected US retail sales; NZD has outperformed amidst further short-covering in the wake of Wednesday’s RBNZ MPS while NZ swap rates rose again yesterday; S&P500 is close to flat on the day
15th Feb 19, 8:34am
Global rates fell overnight after a much weaker than expected US retail sales; NZD has outperformed amidst further short-covering in the wake of Wednesday’s RBNZ MPS while NZ swap rates rose again yesterday; S&P500 is close to flat on the day
Global equity markets have moved higher again, although US indices are now only slightly up on the day; NZD is the top performing currency over the past 24 hours; NZ rates were higher across the curve yesterday
14th Feb 19, 7:53am
Global equity markets have moved higher again, although US indices are now only slightly up on the day; NZD is the top performing currency over the past 24 hours; NZ rates were higher across the curve yesterday
Hopes grow for an extension to the trade war ceasefire between the US and China; global equities and bond yields have moved higher; USD has fallen back from its year-to-date highs overnight
13th Feb 19, 7:48am
Hopes grow for an extension to the trade war ceasefire between the US and China; global equities and bond yields have moved higher; USD has fallen back from its year-to-date highs overnight
Equity markets moved higher across Asia and Europe overnight; USD has again strengthened overnight; NZD is down slightly on the day against the USD; NZ rates bounced modestly yesterday on profit-taking ahead of the RBNZ meeting
12th Feb 19, 8:17am
Equity markets moved higher across Asia and Europe overnight; USD has again strengthened overnight; NZD is down slightly on the day against the USD; NZ rates bounced modestly yesterday on profit-taking ahead of the RBNZ meeting
Equity markets fell across Asia and Europe, although a late bounce in US equities left them marginally higher on the day; NZD was little changed on the day, but NZ rates experienced another sizable fall
11th Feb 19, 8:24am
Equity markets fell across Asia and Europe, although a late bounce in US equities left them marginally higher on the day; NZD was little changed on the day, but NZ rates experienced another sizable fall
US equities have extended gains made in the aftermath of the dovish FOMC meeting yesterday morning, helped by better corporate earnings results; US Treasury yields have continued to move lower; NZD has increased to its highest level since early December
1st Feb 19, 7:49am
US equities have extended gains made in the aftermath of the dovish FOMC meeting yesterday morning, helped by better corporate earnings results; US Treasury yields have continued to move lower; NZD has increased to its highest level since early December
AUD has outperformed after a marginally better than expected CPI release; NZDAUD drifted back to 0.9500; NZD is again broadly unchanged against the USD; 10 year Treasury yield is 1bp higher than this time yesterday, at 2.73%
31st Jan 19, 7:50am
AUD has outperformed after a marginally better than expected CPI release; NZDAUD drifted back to 0.9500; NZD is again broadly unchanged against the USD; 10 year Treasury yield is 1bp higher than this time yesterday, at 2.73%
Currency moves have been reasonably modest, but the NZDAUD has pushed up to near 18 month highs after a disappointing NAB business survey; NZD is little changed against the USD; US Treasury yields are modestly lower overnight
30th Jan 19, 8:02am
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Currency moves have been reasonably modest, but the NZDAUD has pushed up to near 18 month highs after a disappointing NAB business survey; NZD is little changed against the USD; US Treasury yields are modestly lower overnight
US Treasury yields fell modestly and the Japanese yen outperforming; NZD is unchanged this week, and continues to hover close to its year-to-date highs; USD indices are broadly flat on the day
29th Jan 19, 8:00am
US Treasury yields fell modestly and the Japanese yen outperforming; NZD is unchanged this week, and continues to hover close to its year-to-date highs; USD indices are broadly flat on the day
US equities have managed to inch a little higher overnight; NZD has underperformed again, as the market awaits CPI data next week; domestic rates ticked up yesterday, led by the front-end of the curve
18th Jan 19, 8:10am
US equities have managed to inch a little higher overnight; NZD has underperformed again, as the market awaits CPI data next week; domestic rates ticked up yesterday, led by the front-end of the curve
Better than expected earnings from US banks helping to support equity markets; GBP has bounced strongly from yesterday morning’s lows; NZD has underperformed overnight and the NZ 2 year swap rate made a fresh low yesterday
17th Jan 19, 7:46am
Better than expected earnings from US banks helping to support equity markets; GBP has bounced strongly from yesterday morning’s lows; NZD has underperformed overnight and the NZ 2 year swap rate made a fresh low yesterday
Currency eyes are on the UK parliamentary Brexit vote and the expected failure. But China policy moves and tax cuts are driving the improved risk sentiment, even overshadowing negative ECB comments
16th Jan 19, 8:15am
Currency eyes are on the UK parliamentary Brexit vote and the expected failure. But China policy moves and tax cuts are driving the improved risk sentiment, even overshadowing negative ECB comments
Equities modestly lower after weak Chinese trade data. Little movement in currencies or global rates. NZ 2y swap makes a record low
15th Jan 19, 8:06am
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Equities modestly lower after weak Chinese trade data. Little movement in currencies or global rates. NZ 2y swap makes a record low
Positive vibes from expectations of a US-China trade deal, and a more dovish Fed have overshadowed the US shutdown impacts keeping markets positive. US inflation data helped as well. Eyes on Brexit vote
14th Jan 19, 8:09am
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Positive vibes from expectations of a US-China trade deal, and a more dovish Fed have overshadowed the US shutdown impacts keeping markets positive. US inflation data helped as well. Eyes on Brexit vote
BNZ interest rate strategist Nick Smyth has a crunch of the detail of the RBNZ's new bank capital proposals; says bank funding costs will increase but the RBNZ may offset future increases in lending rates with delays to OCR rises, or even cuts
19th Dec 18, 4:48pm
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BNZ interest rate strategist Nick Smyth has a crunch of the detail of the RBNZ's new bank capital proposals; says bank funding costs will increase but the RBNZ may offset future increases in lending rates with delays to OCR rises, or even cuts
US equity benchmarks are down between 0.9% and 1.1%, following earlier falls in European equities; NZD is little changed; NZ rates drifted lower again yesterday, led by the 5-year point
18th Dec 18, 8:21am
US equity benchmarks are down between 0.9% and 1.1%, following earlier falls in European equities; NZD is little changed; NZ rates drifted lower again yesterday, led by the 5-year point
USD briefly made a fresh 18-month high, with strong US retail sales release; NZD was hit by the weaker Chinese data and the RBNZ’s announcement; there was only a modest decline in US rates, the 10 year Treasury yield down 2bps to 2.89%
17th Dec 18, 7:52am
USD briefly made a fresh 18-month high, with strong US retail sales release; NZD was hit by the weaker Chinese data and the RBNZ’s announcement; there was only a modest decline in US rates, the 10 year Treasury yield down 2bps to 2.89%
No fresh developments on the US-China trade front and no major economic data released; ECB said it would end its QE programme; NZD has been relatively stable; HYEFU was very similar to the May Budget
14th Dec 18, 8:14am
No fresh developments on the US-China trade front and no major economic data released; ECB said it would end its QE programme; NZD has been relatively stable; HYEFU was very similar to the May Budget
US equities have risen strongly overnight; GBP has also recovered sharply; NZD has fallen, despite a broadly weaker USD; NZ longer-dates government bond yields increased again yesterday
13th Dec 18, 8:12am
US equities have risen strongly overnight; GBP has also recovered sharply; NZD has fallen, despite a broadly weaker USD; NZ longer-dates government bond yields increased again yesterday
US and China have had high-level dialogue on trade; GBP remains weak amidst speculation; NZD is unchanged from this time yesterday, but higher on most of the crosses; NZ swap rates moved slightly lower again yesterday
12th Dec 18, 7:53am
US and China have had high-level dialogue on trade; GBP remains weak amidst speculation; NZD is unchanged from this time yesterday, but higher on most of the crosses; NZ swap rates moved slightly lower again yesterday
The British pound was hammered overnight; NZD has outperformed amidst the risk-off backdrop, and the NZDAUD has made a fresh 18-month high; US rates moves were calm in comparison to the volatility in the GBP and equity markets
11th Dec 18, 7:54am
The British pound was hammered overnight; NZD has outperformed amidst the risk-off backdrop, and the NZDAUD has made a fresh 18-month high; US rates moves were calm in comparison to the volatility in the GBP and equity markets