Nick Smyth

No huge surprises from the Biden infrastructure package. US equities higher, led by tech stocks. US 10-year yield consolidates above 1.70%. USD weaker, NZD back towards 0.70

No huge surprises from the Biden infrastructure package. US equities higher, led by tech stocks. US 10-year yield consolidates above 1.70%. USD weaker, NZD back towards 0.70

Risk-on market moves on Friday - equities and rates up, USD down. US inflation expectations make new multi-year highs. NZD back at 0.70. RBNZ to reduce QE bond buying by $200m this week

Risk-on market moves on Friday - equities and rates up, USD down. US inflation expectations make new multi-year highs. NZD back at 0.70. RBNZ to reduce QE bond buying by $200m this week

US bond yields and equities track sideways overnight. EUR remains under pressure - falls to its lowest level since November, below 1.18. NZD edges down, hits a four-month low. NZ rates rebound yesterday, following two days of heavy falls

US bond yields and equities track sideways overnight. EUR remains under pressure - falls to its lowest level since November, below 1.18. NZD edges down, hits a four-month low. NZ rates rebound yesterday, following two days of heavy falls

Market moves subdued on Friday. Fed ends temporary capital exemption for US Treasury bonds - US 10-year ends week at 1.72%. Turkey central bank Governor fired after only three months - could lead to more emerging market volatility

Market moves subdued on Friday. Fed ends temporary capital exemption for US Treasury bonds - US 10-year ends week at 1.72%. Turkey central bank Governor fired after only three months - could lead to more emerging market volatility

Markets quiet overnight. More European countries suspend use of AstraZeneca vaccine, but little market impact. NZD nudges back towards 72 cents, despite broadly stronger USD

Markets quiet overnight. More European countries suspend use of AstraZeneca vaccine, but little market impact. NZD nudges back towards 72 cents, despite broadly stronger USD

Bond yields lurch higher again - US 10-year closes the week at 1.625%. Equities reasonably resilient, although NASDAQ underperforms. USD stronger, NZD back below 0.72. Big week ahead - FOMC meeting and NZ Q4 GDP amongst the highlights

Bond yields lurch higher again - US 10-year closes the week at 1.625%. Equities reasonably resilient, although NASDAQ underperforms. USD stronger, NZD back below 0.72. Big week ahead - FOMC meeting and NZ Q4 GDP amongst the highlights

Big gains in equity markets again. US 10-year consolidates around 1.5%. ECB says it will front-load bond buying, but keeps QE program size unchanged. NZD moves above 0.72 amidst broad-based USD weakness

Big gains in equity markets again. US 10-year consolidates around 1.5%. ECB says it will front-load bond buying, but keeps QE program size unchanged. NZD moves above 0.72 amidst broad-based USD weakness

US nonfarm payrolls much stronger than expected. Yields initially spike higher, before reversing. Equities rebound strongly, USD appreciates again. NZD falls towards 0.71 before rebounding with equities

US nonfarm payrolls much stronger than expected. Yields initially spike higher, before reversing. Equities rebound strongly, USD appreciates again. NZD falls towards 0.71 before rebounding with equities

Bond market sell-off resumes, with US 10-year breaking back above 1.5%. Market seemingly disappointed Powell didn't push back more firmly on yield rise. Equities lower, USD higher. 10-year swap rate back to 2% as NZ tracks Aussie rates higher

Bond market sell-off resumes, with US 10-year breaking back above 1.5%. Market seemingly disappointed Powell didn't push back more firmly on yield rise. Equities lower, USD higher. 10-year swap rate back to 2% as NZ tracks Aussie rates higher

Volatility in bonds continues - global rates sharply lower. Risk-off moves on Friday - equities mostly lower, commodities fall, USD strengthens. NZD and AUD fall 2%. Auckland back in Level 3 lockdown for a week, which may temper OCR rate hike expectations

Volatility in bonds continues - global rates sharply lower. Risk-off moves on Friday - equities mostly lower, commodities fall, USD strengthens. NZD and AUD fall 2%. Auckland back in Level 3 lockdown for a week, which may temper OCR rate hike expectations

Huge moves (up) in bond yields again overnight putting pressure on equities, especially tech stocks. NZD hits new post-2018 high yesterday, above 0.7450, before slipping back. NZ 10-year swap hits 2% as market moves to price >50% chance of an OCR hike

Huge moves (up) in bond yields again overnight putting pressure on equities, especially tech stocks. NZD hits new post-2018 high yesterday, above 0.7450, before slipping back. NZ 10-year swap hits 2% as market moves to price >50% chance of an OCR hike

Bond yields higher again, as reflationary sentiment dominates. S&P500 down slightly, but big gains for cyclical and small cap stocks. USD lower despite higher US real yields. NZD up to 0.73, AUD makes a fresh three-year high

Bond yields higher again, as reflationary sentiment dominates. S&P500 down slightly, but big gains for cyclical and small cap stocks. USD lower despite higher US real yields. NZD up to 0.73, AUD makes a fresh three-year high

Market brushes off weak payrolls report, looks ahead to US fiscal stimulus. S&P500 hits new all-time high, US 30-year yield reaches 2% before reversing. US inflation expectations make post-2014 high as debate over Biden stimulus intensifies

Market brushes off weak payrolls report, looks ahead to US fiscal stimulus. S&P500 hits new all-time high, US 30-year yield reaches 2% before reversing. US inflation expectations make post-2014 high as debate over Biden stimulus intensifies

Risk sentiment buoyant. The USD starts to rise again. EUR under pressure. NZD gives back the gains it made from the good employment data. Eyes on US non farm payrolls

Risk sentiment buoyant. The USD starts to rise again. EUR under pressure. NZD gives back the gains it made from the good employment data. Eyes on US non farm payrolls

Equity markets bounce back strongly to start the week. USD stronger across the board; NZD drifts lower overnight. Global rates unmoved by equity market swings

Equity markets bounce back strongly to start the week. USD stronger across the board; NZD drifts lower overnight. Global rates unmoved by equity market swings

Equities higher, USD lower overnight. No major surprises from Yellen testimony. Dairy prices rise overnight, but NZD/AUD cross slides to a fresh three-month low

Equities higher, USD lower overnight. No major surprises from Yellen testimony. Dairy prices rise overnight, but NZD/AUD cross slides to a fresh three-month low

Equities, rates, commodities higher this year, albeit with some reversal on Friday. Reflationary expectations take hold after Democrats win control of the Senate. USD modestly stronger this year. NZD lags behind other commodity currencies

Equities, rates, commodities higher this year, albeit with some reversal on Friday. Reflationary expectations take hold after Democrats win control of the Senate. USD modestly stronger this year. NZD lags behind other commodity currencies

Subdued market moves on Friday but lots of news from the weekend. $900 bln US fiscal stimulus deal agreed overnight. London goes into full lockdown to contain new Covid-19 variant. Brexit talks still dealing with fishing rights

Subdued market moves on Friday but lots of news from the weekend. $900 bln US fiscal stimulus deal agreed overnight. London goes into full lockdown to contain new Covid-19 variant. Brexit talks still dealing with fishing rights

S&P500, bond yields give back gains over the past few hours as London gets ready for a tighter lockdown, New York told to prepare for possible lockdown. GBP, EUR higher on more positive Brexit vibes. Little reaction to a Trans-Tasman 'bubble'

S&P500, bond yields give back gains over the past few hours as London gets ready for a tighter lockdown, New York told to prepare for possible lockdown. GBP, EUR higher on more positive Brexit vibes. Little reaction to a Trans-Tasman 'bubble'

UK and EU agree to keep Brexit talks going amidst reports of compromise. Subdued moves in other asset markets on Friday. RBNZ pushes back on suggestion house prices be included in monetary policy remit

UK and EU agree to keep Brexit talks going amidst reports of compromise. Subdued moves in other asset markets on Friday. RBNZ pushes back on suggestion house prices be included in monetary policy remit

Brexit concerns reemerge with time running out and no sign of a breakthrough yet. S&P500 and Treasury yields fall modestly. NZD higher to start the week, with the AUD hitting a new post-2018 high

Brexit concerns reemerge with time running out and no sign of a breakthrough yet. S&P500 and Treasury yields fall modestly. NZD higher to start the week, with the AUD hitting a new post-2018 high

Nonfarm payrolls data disappoints but markets look past that to another US fiscal stimulus. US 10yr close to 1%, commodities higher. Brexit talks down to wire amidst tentative signs of compromise

Nonfarm payrolls data disappoints but markets look past that to another US fiscal stimulus. US 10yr close to 1%, commodities higher. Brexit talks down to wire amidst tentative signs of compromise

Equities, bond yields, inflation expectations all higher overnight on vaccine hopes, renewed fiscal stimulus talk, strong data. USD falls to a fresh 2½ year low, EUR breaks above 1.20. NZD up to 0.7060, with NZD/AUD cross pushing towards 0.96

Equities, bond yields, inflation expectations all higher overnight on vaccine hopes, renewed fiscal stimulus talk, strong data. USD falls to a fresh 2½ year low, EUR breaks above 1.20. NZD up to 0.7060, with NZD/AUD cross pushing towards 0.96

Quiet markets on Friday, after Thanksgiving. Equities nudge higher, bond yields lower. USD drifts lower to set a fresh multi-year low. NZD consolidates above 0.70

Quiet markets on Friday, after Thanksgiving. Equities nudge higher, bond yields lower. USD drifts lower to set a fresh multi-year low. NZD consolidates above 0.70

NZD touches 0.70 overnight amidst broad-based USD weakness. But NZD/AUD back below 0.95, unwinding initial reaction to announcement. Risk-on tone to offshore markets - equities, commodities, rates all higher as Trump consents to transition process

NZD touches 0.70 overnight amidst broad-based USD weakness. But NZD/AUD back below 0.95, unwinding initial reaction to announcement. Risk-on tone to offshore markets - equities, commodities, rates all higher as Trump consents to transition process