NZD: Marginally Firmer, Manufacturing PMI Rises
Mar-10 01:34
NZD/USD prints at $0.6110/15, ~0.3% firmer in today's trading.
- Softer US Treasury yields are marginally weighing on the USD this morning, however moves in NZD have been limited.
- NZD/USD was supported below $0.61, marginally firming to current levels.
- AUD/NZD is retreating from above the $1.08 handle, last printing at $1.0775/80. The cross is down ~0.2%.
- Feb Business NZ Mfg PMI printed 52.0 with the prior revised higher to 51.2. Q4 Manufacturing Activity fell -0.4% with the prior read revised lower to 5.0%.
- Cross asset flows are mixed; US Equity futures are lower e-minis are down ~0.3%. 10 YearUS Treasury Yields are ~3bps lower.
- The BOJ Monetary Policy decision today is the next macro risk event.
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Historical bullets
CNH: CNY Fixing - Neutral Relative To Expectations
Feb-08 01:18
The USD/CNY fix printed at 6.7752, versus a Bloomberg consensus of 6.7755.
- Today's outcome represents a -3pip surprise in USD/CNY terms. This compares with yesterday's outcome of +19pips.
- The rolling 5-day sum of the error term is at -89pips, we were at -95pips for this metric yesterday.
- USD/CNH hit a low of 6.7739 in early trade but is now back above the 6.7800 figure level, last around 6.7835, little changed for the session. There still appears some support for the pair under the 6.7800 level.
BOJ: Rinban Purchase Offers
Feb-08 01:12
The BoJ offers to buy a total of Y1.9tn of JGBs from the market:
- Y425bn worth of JGBs with 1-3 Years until maturity
- Y500bn worth of JGBs with 3-5 Years until maturity
- Y675bn worth of JGBs with 5-10 Years until maturity
- Y300bn worth of JGBs with 10-25 Years until maturity
BOJ: Fixed Rate Purchase Offer
Feb-08 01:11
The BoJ offers to buy an unlimited amount of 5- to 10-Year JGBs at a fixed rate of 0.50%.
