NZD: Firms After RBNZ Holds Rates & Sees No Rate Cuts In 2024
Aug-16 02:12
Kiwi has firmed after the RBNZ held the OCR steady at 5.5%, the latest projections from the RBNZ showed an uptick in OCR expectations. The central bank doesn't see any cuts out to end 2024, with an expected OCR of 5.50%, the prior forecast (in May) was 5.3%.
- NZD/USD prints at $0.5960/65, the pair is ~0.2% firmer today. We sit well within recent ranges, bulls target the $0.60 handle and the 20-Day EMA ($0.6080).
- AUD/NZD is down ~0.3% breaking below the 200-Day EMA, we sit a touch above the $1.08 handle.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
US TSYS: Futures Richer
Jul-17 02:09
Tsy futures have firmed in recent dealing, the move came alongside spillover from ACGBs and the USD marginally extending gains. Ranges do remain narrow, and moves have had little follow through thus far.
- TYU3 deals at 112-18+, +0-00+,a touch off the top of the 0-05+ range. Cash tsys remain closed until the London session due to the observance of a national holiday in Japan.
CHINA REVISED 4Q 2022 GDP TO +0.5% Q/Q FROM PREV +0.6% Q/Q
Jul-17 02:01
- CHINA REVISED 4Q 2022 GDP TO +0.5% Q/Q FROM PREV +0.6% Q/Q
- CHINA REVISED 3Q 2022 GDP TO +3.2% Q/Q FROM PREV +3.9% Q/Q
- CHINA REVISED 2Q 2022 GDP TO -1.9% Q/Q FROM PREV -2.3%% Q/Q
- CHINA REVISED 1Q 2022 GDP TO +1.0% Q/Q FROM PREV +0.8% Q/Q
AUSSIE BONDS: Dealing Near Session Highs Ahead Of China Data Dump
Jul-17 01:55
ACGBS are dealing at or near Sydney session highs (YM flat & XM +2.0) ahead of China’s data dump, which includes Q2 GDP, June IP, and retail sales.
- US tsy futures are trading slightly firmer in Asia-Pac trade. A reminder that cash tsys are closed in Asia today due to the observance of a national holiday in Japan.
- There was no Australian data today.
- Cash ACGBs are 1-2bp richer with the AU-US 10-year yield differential -7bp at +14bp.
- The 3s10s swap curve flattens with rates flat to 1bp lower. EFPs are little changed.
- The bills strip is cheaper with pricing flat to -2.
- RBA-dated OIS pricing is 2-5bp softer across meetings.
