NZ$
A review of things you need to know before you sign off on Friday; regional banking hubs fail, Rio pays up finally, lending growth limp, savers prioritise TDs, swaps ease back, NZD unchanged, & more
31st May 24, 3:58pm
41
A review of things you need to know before you sign off on Friday; regional banking hubs fail, Rio pays up finally, lending growth limp, savers prioritise TDs, swaps ease back, NZD unchanged, & more
US Treasury yields reversed course after their rise this week, encouraged by weaker data releases overnight. The 10-year rate is down 7bps to 4.54% with a slightly flatter curve
31st May 24, 7:43am
US Treasury yields reversed course after their rise this week, encouraged by weaker data releases overnight. The 10-year rate is down 7bps to 4.54% with a slightly flatter curve
[updated]
A review of things you need to know before you sign off on Thursday; building consents retreat, farm sales fall, bank deleveraging continues, MTF warns, meat sales to US top those to China; swaps up, NZD holds, & more
30th May 24, 3:58pm
71
A review of things you need to know before you sign off on Thursday; building consents retreat, farm sales fall, bank deleveraging continues, MTF warns, meat sales to US top those to China; swaps up, NZD holds, & more
A continued move higher in global bond yields and tepid demand for US treasury supply weighed on investor risk appetite. Global equities fell with European indices close to 1% weaker
30th May 24, 7:50am
A continued move higher in global bond yields and tepid demand for US treasury supply weighed on investor risk appetite. Global equities fell with European indices close to 1% weaker
The Reserve Bank could have a fairly lengthy selling job to build public understanding of and trust in its proposed central bank digital currency
30th May 24, 5:00am
18
The Reserve Bank could have a fairly lengthy selling job to build public understanding of and trust in its proposed central bank digital currency
A review of things you need to know before you sign off on Wednesday; infrastructure funding catch-up, housing confidence 'complicated', business confidence 'grim', swap rates rise again, NZD eases, & more
29th May 24, 3:59pm
38
A review of things you need to know before you sign off on Wednesday; infrastructure funding catch-up, housing confidence 'complicated', business confidence 'grim', swap rates rise again, NZD eases, & more
A surprise jump in US consumer confidence and weak demand for US Treasuries at the 2 and 5-year auctions drove up US rates, the 10-year rate rising over 7bps. The USD rose
29th May 24, 7:43am
A surprise jump in US consumer confidence and weak demand for US Treasuries at the 2 and 5-year auctions drove up US rates, the 10-year rate rising over 7bps. The USD rose
A review of things you need to know before you sign off on Tuesday; new equity release option, FHBs take on more risk, DTI rules activated, hiring momentum slows, KiwiSaver shifts offshore, swap rates mixed, NZD firm, & more
28th May 24, 3:59pm
31
A review of things you need to know before you sign off on Tuesday; new equity release option, FHBs take on more risk, DTI rules activated, hiring momentum slows, KiwiSaver shifts offshore, swap rates mixed, NZD firm, & more
US & UK holidays tone down markets. Some dovish comments from key ECB members pushed down European yields; US equity futures are slightly higher, and US 10-year Treasury futures are little changed
28th May 24, 7:39am
US & UK holidays tone down markets. Some dovish comments from key ECB members pushed down European yields; US equity futures are slightly higher, and US 10-year Treasury futures are little changed
A review of things you need to know before you sign off on Monday; some rate changes, Co-op Bank profit up, NIMs stay up, and profits hold, China profits soft, swaps stable, NZD holds, & more
27th May 24, 3:59pm
19
A review of things you need to know before you sign off on Monday; some rate changes, Co-op Bank profit up, NIMs stay up, and profits hold, China profits soft, swaps stable, NZD holds, & more
Roger J Kerr is pleased the sticky inflation problem is getting acknowledged by the RBNZ. And he reviews where the US Fed is at in its assessments of inflation-control progress
27th May 24, 9:11am
8
Roger J Kerr is pleased the sticky inflation problem is getting acknowledged by the RBNZ. And he reviews where the US Fed is at in its assessments of inflation-control progress
Moderation in US consumers’ inflation expectations underpins investor risk appetite. US Treasuries ended little-changed while the US dollar was weaker. Global equity markets were mixed in the absence of first tier economic data or fresh catalysts
27th May 24, 7:33am
Moderation in US consumers’ inflation expectations underpins investor risk appetite. US Treasuries ended little-changed while the US dollar was weaker. Global equity markets were mixed in the absence of first tier economic data or fresh catalysts
A review of things you need to know before you sign off on Friday; new high TD rate, affordability for FHBs improves, consumer sentiment improves slightly, April trade surplus halves, swaps up again, NZD holds, & more
24th May 24, 3:59pm
81
A review of things you need to know before you sign off on Friday; new high TD rate, affordability for FHBs improves, consumer sentiment improves slightly, April trade surplus halves, swaps up again, NZD holds, & more
Much stronger than expected US PMI data drove US rates and the USD higher and US equities lower. This saw the NZD lose earlier gains, but the spillover from the hawkish RBNZ policy update continued, with domestic rates higher
24th May 24, 7:51am
Much stronger than expected US PMI data drove US rates and the USD higher and US equities lower. This saw the NZD lose earlier gains, but the spillover from the hawkish RBNZ policy update continued, with domestic rates higher
A review of things you need to know before you sign off on Thursday; again no retail rate changes, retail sales weak. NZGB tenders successful, alcohol consumption eases, swaps up again, NZD eases, & more
23rd May 24, 4:00pm
82
A review of things you need to know before you sign off on Thursday; again no retail rate changes, retail sales weak. NZGB tenders successful, alcohol consumption eases, swaps up again, NZD eases, & more
FOMC minutes for the May meeting were mildly hawkish. An upward surprise to UK CPI data contributed to sharp unwinding of BOE rate cut expectations. BNZ pushes back NZ rate cut expectation to February 2025
23rd May 24, 7:41am
FOMC minutes for the May meeting were mildly hawkish. An upward surprise to UK CPI data contributed to sharp unwinding of BOE rate cut expectations. BNZ pushes back NZ rate cut expectation to February 2025
A review of things you need to know before you sign off on Wednesday; RBNZ hawkish, First Home grant killed off, work visa arrivals stay high, dairy prices rise, swaps rise, NZD rises, & more
22nd May 24, 3:59pm
113
A review of things you need to know before you sign off on Wednesday; RBNZ hawkish, First Home grant killed off, work visa arrivals stay high, dairy prices rise, swaps rise, NZD rises, & more
[updated]
RBNZ leaves Official Cash Rate at 5.5%, but says domestic inflation is slow to fall and now puts a 60% chance of a further OCR hike by the end of this year; now doesn't see inflation getting back under 3% till the fourth quarter of the year
22nd May 24, 2:20pm
280
RBNZ leaves Official Cash Rate at 5.5%, but says domestic inflation is slow to fall and now puts a 60% chance of a further OCR hike by the end of this year; now doesn't see inflation getting back under 3% till the fourth quarter of the year
More hawkish commentary from Fed speakers hasn’t perturbed the rates market, with US Treasury yields easing. Lower Canadian CPI inflation increases chance of BoC rate cut next month
22nd May 24, 7:45am
More hawkish commentary from Fed speakers hasn’t perturbed the rates market, with US Treasury yields easing. Lower Canadian CPI inflation increases chance of BoC rate cut next month
A review of things you need to know before you sign off on Tuesday; no retail rate changes, job ads soft, carbon price sinks, credit card billings weak, swaps firmish, NZD softish, & more
21st May 24, 4:00pm
37
A review of things you need to know before you sign off on Tuesday; no retail rate changes, job ads soft, carbon price sinks, credit card billings weak, swaps firmish, NZD softish, & more
US Treasury yields up slightly, US equities up modestly and modest currency movements. More action in other markets, including record highs for copper and gold; NZ ETS carbon price slumps
21st May 24, 7:48am
US Treasury yields up slightly, US equities up modestly and modest currency movements. More action in other markets, including record highs for copper and gold; NZ ETS carbon price slumps
A review of things you need to know before you sign off on Monday; rents inflationary, perceptions of inflation, consumer data right law progressed, big 'refresh' at Kāinga Ora, swaps and NZD stable, & more
20th May 24, 3:59pm
55
A review of things you need to know before you sign off on Monday; rents inflationary, perceptions of inflation, consumer data right law progressed, big 'refresh' at Kāinga Ora, swaps and NZD stable, & more
Roger J Kerr says the constant stream of weaker economic outcomes in New Zealand has not resulted in a weaker NZ dollar over the last 12 months because NZ interest rates are expected to stay higher for longer, relative to US interest rates
20th May 24, 8:30am
1
Roger J Kerr says the constant stream of weaker economic outcomes in New Zealand has not resulted in a weaker NZ dollar over the last 12 months because NZ interest rates are expected to stay higher for longer, relative to US interest rates
China announced measures to stabilise the property market boosting domestic stocks. They eased property lending requirements allowing more flexibility for minimum mortgage rates. UST yields moved higher, fully reversing the post-CPI decline
20th May 24, 7:21am
China announced measures to stabilise the property market boosting domestic stocks. They eased property lending requirements allowing more flexibility for minimum mortgage rates. UST yields moved higher, fully reversing the post-CPI decline
Everyone wants to know when the RBNZ will cut the OCR, but the central bank's likely to want to give as few clues as possible at its latest OCR review in the coming week
19th May 24, 6:01am
106
Everyone wants to know when the RBNZ will cut the OCR, but the central bank's likely to want to give as few clues as possible at its latest OCR review in the coming week