Markets Today

BNZ Markets Today

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The USD is weaker against most currencies over the past 24 hours as the market interpreted the FOMC as more dovish than expected. The ECB raised its growth forecasts but more importantly cut its core inflation forecast for the end of 2018 and that has seen the EUR struggle too. The AUD was the best performing currency after a stellar employment report. The NZD has lagged overnight, with NZD/AUD down almost a cent to 0.91.

BNZ Markets Today

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The USD is weaker across the board and yields lower overnight after US core CPI surprised to the downside. The NZD is the top performer. US stocks are also a bit higher, with the current low inflation backdrop seen as supportive of risk assets. Attention now turns to the FOMC December meeting at 8am with the market’s focus firmly on how many hikes the Fed projects for 2018.

Markets Today

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Most market moves were again reasonably modest overnight, US stocks inching ahead to new highs once more, as markets await the Fed meeting tomorrow morning and US CPI. The NZD has risen a little further against most major currencies again overnight, but on no discernible news. The AUD has been supported by news of M&A activity.

BNZ Markets Today

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The NZD is up against all the major currencies over the past 24 hours after news that Adrian Orr had been confirmed as the new RBNZ Governor. There hasn’t been too much movement elsewhere, as markets tread water ahead of key events later this week FOMC, ECB and BoE meetings, US CPI).

BNZ Markets Today

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Currency movements were modest at the end of last week, with GBP the only notable mover Friday night despite signs that Brexit talks can move to the next phase. There was a slight steepening of the curve after the US employment report.

BNZ Markets Today

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Trading conditions have been quiet, as they typically are, ahead of the US employment report, due tonight. Currency movements have been modest, with commodity currencies like the NZD underperforming a little. Bitcoin is higher (goes without saying). Global rates are down slightly.

BNZ Markets Today

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A modest risk-off feel has pervaded markets this week, with US markets down slightly after three down days in a row and much weaker Asia equity markets yesterday. This sees US 10-year yields continuing to drift lower. On the back of this mood, JPY is the top performer since yesterday morning, while the NZD is holding its ground, further signs that a decent support base has been found.

BNZ Markets Today

Jason Wong -
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There’s been plenty of economic newsflow to digest but not a lot of price action, with traders reporting subdued flows. The NZD is up on all the crosses for the day, despite slipping slightly overnight. US 10-year yields are down slightly.

BNZ Markets Today

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The week has begun with a reversal of Friday’s price action, with the USD recovering losses, the NZD lower, higher global bond rates and higher equity markets.

Markets Today

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It was a volatile Friday night trading session with the net result being slightly weaker US equities, lower global bond rates and a weaker USD. The NZD made up some lost ground.

BNZ Markets Today

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Overnight, the NZD has sustained the fall seen after yesterday’s ANZ business outlook survey. Some monthend buying pressure sees EUR and GBP higher. US 10-year yields have nudged up through the 2.40% resistance level.

BNZ Markets Today

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GBP has made further gains on optimism around Brexit talks, while global rates are a lot higher overnight.

BNZ Markets Today

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The NZD holds the top performing spot for the second consecutive day, although no more progress has been made overnight, as the USD has recovered a little. UST yields are slightly lower.

BNZ Markets Today

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Amidst a day lacking in newsflow, the NZD and JPY have outperformed, while the US yield continues to flatten.

BNZ Markets Today

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Friday trading was subdued, as expected, with the US still in holiday mode. The USD continued to drift lower, with EUR the key beneficiary.

BNZ Markets Today

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The USD has sustained the fall seen post the FOMC minutes yesterday. Overnight moves have been small, with US markets closed for the Thanksgiving holiday.

BNZ Markets Today

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In light trading ahead of the US Thanksgiving holiday, the USD has struggled and is the biggest loser. US equities are flat around record highs while UST yields are down slightly.

BNZ Markets Today

Doug Steel -
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Yesterday’s risk on tone extended overnight, as equities push onwards and upwards and the VIX fear index fell to a risk-loving level sub-10. The S&P500 poked just above
2,600 at one point for the first time and currently sits up around 0.7% on the day. European equities were up too, with the Euro Stoxx 50 closing up 0.5%. The DAX
outperformed rising 0.8%, a sign markets are shrugging off the current German political impasse.

BNZ Markets Today

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Risk sentiment saw some improvement overnight with US equities showing modest gains and US yields a touch higher. The VIX fear index has pulled back under 11 for the first time in over a week. Currency movements have been generally subdued, with limited data on offer.

BNZ Markets Today

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The NZD underperformed on Friday, alongside other commodity currencies. Global rates and US equities showed modest falls amidst a slight risk-off tone.

BNZ Markets Today

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Bear market risk averted. After five consecutive daily falls in the MSCI World Index, the obituaries were starting to be written for the bull market in equities. They can be safely tucked away for another day as there’s been a broadly based rebound, across Europe (+0.8%), Japan (+1.5%) and the US (+0.8% so far). Keep buying the dips seems to be the underlying message from investors.

BNZ Markets Today

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A risk-off tone remains evident which sees lower equity markets and bond rates but the NZD has remained steady overnight, after a round-trip in the USD.

BNZ Markets Today

Doug Steel -
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Equity markets are generally lower, led by energy stocks as oil prices fell. US yields are flat to lower, while the EUR is higher.

BNZ Markets Today

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There was more action in the bond market than currency markets on Friday, with US 10-year rates back retesting the 2.40% mark.

BNZ Markets Today

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Risk appetite is lower as US tax bill negotiations continue and it’s not looking great. That’s had more impact on US equites than the modest changes seen in currency markets. The USD is slightly weaker while UST yields are slightly lower.

BNZ Markets Today

Jason Wong -
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A dearth of top-tier economic data and Trump acting statesman-like in his trip across Asia are making for a very dull week in markets. Currencies remain tightly rangebound, equity markets are flat and global rates have barely budged.

BNZ Markets Today

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Amidst a lack of news flow or top tier data and light trading conditions, the USD is showing broadly based gains, while commodity currencies have underperformed. US equities are down slightly off record highs, while US 10-year rates have traded in a 3bps range.

BNZ Markets Today

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The new week has begun with a surge in oil prices, modest currency movements and a further nudge down in global rates.

BNZ Markets Today

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A fairly dull end to the week for markets, with muted reaction to the US employment report, and the NZD mixed on the crosses.

BNZ Markets Today

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GBP was slammed after the BoE’s “dovish hike” and the markets sees the US tax bill as a bit underwhelming, keeping the USD in check and helping nudge UST yield slower.

BNZ Markets Today

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The NZD has been the star performer, rising across the board after strong employment data and sustaining that increase. Overnight trading was quiet ahead of the FOMC’s announcement this morning, which ended up the non-event it was widely expected to be.

BNZ Markets Today

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There has been a plethora of economic data released over the past 24 hours, only some of it market-moving. Commodity currencies have underperformed while global rates have barely moved.

BNZ Markets Today

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It has been a fairly quiet start to the week ahead of a busy
economic calendar. The USD and rates are down slightly
as talk of watered down tax reform emerges.

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Commodity currencies outperformed on Friday, with the
NZD leading the charge, while global rates fell.

BNZ Markets Today

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The USD is stronger across the board on increased confidence that a tax reform package can be delivered while the EUR fell after the ECB’s “taper” announcement. UST yields remain steady against lower European rates.

BNZ Markets Today

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There’s been plenty of information flow and some decent price action across asset markets in the past 24 hours. At last, back to the good old days. For a change, the NZD has been out of the spotlight, seeing it more mixed on the crosses, against a backdrop of weaker global equity markets and higher global rates.

BNZ Markets Today

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The NZD has underperformed again as the policy vacuum continues, while overnight we’ve seen US equities power on higher and US 10-year rates breach the critical 2.40% mark.

BNZ Markets Today

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The week has begun on a quiet note. The NZD is showing signs of forming a base after its initial swoon following the formation of a new government. Coming back from a long weekend, locals will note that the NZD is little changed on a TWI basis since leaving the office on Friday. It is slightly weaker against the USD and GBP and slightly higher against the other key developed currencies.

BNZ Markets Today

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The NZD is down significantly after NZ First opted to support a Labour-led government, while the rates market reaction has been muted. A slight risk-off tone has enveloped markets overnight, with global equity markets showing a rare fall, a higher VIX and UST yields nudging lower.

BNZ Markets Today

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Another day, another push higher in global equity markets to fresh highs, with strong US earnings supporting the move. The NZD is on the soft side as we await the formation of a new government, while JPY is softer as global bond rates push higher.

BNZ Markets Today

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More of the same. Low volatility, small price changes and the US equity market cracking another milestone, this time 23,000 for the Dow Jones index. NZD is relatively flat against a backdrop of broad increased support for the USD.

BNZ Markets Today

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The NZD and AUD ended the week on a strong note, after US CPI inflation came in weaker than expected, which did no favours to the USD, while UST yields fell. Meanwhile US and global equities (MSCI index) reached an all-time high, while the WSJ noted how equities benchmarks in Germany, UK, Japan, Hong Kong, Taiwan and New Zealand all reached multiyear or record highs this week.

BNZ Markets Today

Doug Steel -
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GBP hogged the limelight overnight, with NZD and AUD also performing strongly. Equity markets are little changed. US bond yields have slipped lower, as have oil prices.

BNZ Markets Today

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A dearth of data or news has seen only small changes in financial asset prices. Ahead of the FOMC’s September meeting minutes this morning at 7am, currencies were largely tracking sideways in small ranges. The minutes didn’t surprise and market reaction was fairly muted.

BNZ Markets Today

Doug Steel -
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A lower US dollar featured in overnight markets, as US yields dipped. Oil prices rose, while equities were mixed.

BNZ Markets Today

Doug Steel -
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It was a very quiet session overnight, compounded by Columbus Day holiday in the US. European bond yields are a touch lower, while equity markets are generally little changed and currencies typically traded in tight ranges. The DXY US dollar index is marginally lower, down less than 0.2% on the day. USD/JPY is unchanged at 112.70.

BNZ Markets Today

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There was some messy trading action on Friday, but the net result was some fairly modest changes for currencies, bonds and equities. The NZD ended the week on a soft note, closing below 0.71.

BNZ Markets Today

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After a pause over the past couple of days, the USD recovery has reignited, amidst a backdrop of fresh highs in the S&P500 and UST yields ticking higher.

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It has been yet another day of modest financial price movements, as traders keep their powder dry ahead of Friday’s US employment report.

BNZ Markets Today

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In a day of where most market movements have been microscopic, the NZD has underperformed after a weaker than expected dairy auction.

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The new quarter has kicked off where the last one ended, with a stronger USD across the board, fresh highs in US equities, and the VIX index hovering around historical lows. UST yields have peeled off after earlier reaching a fresh 2½-month high.

BNZ Markets Today

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The September quarter ended on a fairly uneventful note. There was a lot of data to digest on Friday but the net result was only modest changes in currency markets. US Treasury yields ticked higher, the S&P500 made yet another record high, while the VIX index remained near its fearless level of 9.5.

BNZ Markets Today

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A key theme over recent weeks has been a recovery in the USD and higher US Treasury rates from their lows for the year, supported by more conviction in further Fed monetary policy tightening and an increased chance of Trump getting a tax reform programme into law. There has been a pause in that trend for no obvious reason overnight. Month-end and quarter-end flows might be affecting markets, with not a great deal of news for the markets to grab on to.

BNZ Markets Today

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With US tax reform and Fed hikes on the minds of investors, global rates are a lot higher and the USD is broadly higher, except against the NZD, which has recovered some its post-election sell-down.

BNZ Markets Today

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The USD is in the driving seat, making broadly based gains, while the NZD continues to underperform.
The USD is up on all the crosses bar the CAD, with a steady climb from last night without any notable key driving factors. It might reflect a number of factors, including more confidence that the USD is at a turning point after its steady decline for much of the year taking it well into “oversold” territory, increased confidence of tax reform and the EUR being out of favour after the surprising Germany Federal election results. Economic data haven’t been a factor, with a slight easing in US consumer confidence from recent highs and a cooling in new home sales, as the impact of the Hurricanes begins to impact the data.

BNZ Markets Today

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A risk-off tone has developed, with US-North Korea tensions escalating, which sees JPY head the leaderboard and UST yields lower. EUR and NZD are softer as the market digests the election results.

BNZ Markets Today

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With daylight savings, the FX market doesn’t open until 8am this morning. The NZD had a decent run after the local close on Friday, which should limit any positive reaction for the NZD to Saturday’s election.

BNZ Markets Today

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The market has settled down after the FOMC’s policy update yesterday. The AUD and NZD are weaker, while UST yields have traded in a tight range.

BNZ Markets Today

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The USD has strengthened and UST yields have risen after the Fed’s latest policy statement. Against that backdrop the NZD and AUD have performed much better than other majors.

BNZ Markets Today

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Markets have been uneventful overnight, with only second-tier data releases and traders sitting on their hands, waiting for the Fed’s latest policy Statement in just under 24 hours. The NZD and AUD have been well bid for no obvious reason, while UST yields have drifted up a touch.

BNZ Markets Today

Jason Wong -
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The USD and rates are higher as the market positions itself for the FOMC meeting later in the week. Trading conditions are fairly quiet and that may remain the case until Thursday morning’s important update from the Fed. The consensus expects the Fed to announce the beginning of “quantitative tightening” (QT), with its balance sheet expected to begin shrinking from next month, initially at a pace of $10bn, and the Fed to keep its options open for another possible rate hike in December.

BNZ Markets Today

Jason Wong -
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In currency markets on Friday, GBP remained in the spotlight making further strong gains, while the NZD also closed the week on a strong note. The S&P500 closed at a record high, breaching the 2,500 mark while the VIX index closed the week near a highly risk-loving level of 10. Global bond yields tracked higher.