Markets Today

BNZ Markets Today

Jason Wong -
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Overnight market moves have been fairly modest, with a
hint of USD weakness, slightly weaker equity markets and
further downside pressure on global rates.

BNZ Markets Today

Jason Wong -
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Market sentiment has soured a little, seeing safe-haven currencies like JPY outperform, softer global equity markets and lower global bond rates, with UST10s dipping below 3%.

BNZ Markets Today

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Market movements have been small on a day with no
economic releases and only a few snippets of news.

BNZ Markets Today

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In an uneventful start to the week, commodity currencies have modestly outperformed following the weekend news of a truce in the US-China trade war. UST10 yields have sustained their move lower seen at the end of last week.

BNZ Markets Today

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The NZD finished the week on a good note, rising on all major crosses against a backdrop of little news. UST yields fell steadily, ending the session 7bps lower from the high reached just before the NZ close.

BNZ Markets Today

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US bond yields continue to nudge higher, the USD has
been well supported overnight and the NZD is down
slightly on most crosses.

BNZ Markets Today

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The NZD is having a much better day after its recent rout, alongside a recovery in other commodity currencies and emerging market currencies. Despite UST yields sustaining yesterday’s upward move, US equities have shown a modest recovery.

BNZ Markets Today

Nick Smyth -
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The big news overnight is that the 10 year Treasury yield has broken above its highs from early 2014, and now sits at 3.08%. The rise in yields has boosted the USD, which reached new highs for this year, and weighed on equities. Amid the strong USD backdrop, the NZD has (again) underperformed and is around 0.6860.

BNZ Markets Today

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US equities have made modest gains overnight, with Trump’s decision to reverse sanctions on China’s ZTE seen as a positive for trade negotiations between the two countries. European bond yields rose after ECB Governing Council member Villeroy implied the ECB was planning on raising rates at some point in 2019. Amid reasonably limited FX market moves, the NZD is the biggest mover overnight, and is back down to 0.6920.

BNZ Markets Today

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Market movements were very subdued to end the week, with no top-tier economic data released. The S&P500 edged out a small gain to end up over 2% on the week, while the USD was slightly weaker. Overnight, Trump announced on Twitter that he had instructed the Commerce Department to reverse its sanctions on China’s ZTE, which the market will likely see as a key concession in the trade negotiations. The NZ Budget will be a focus for the local market this week.

BNZ Markets Today

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Good Morning
US equities moved up to their highest level since mid-April and the USD fell after a slightly lower than expected US core CPI release. US Treasury yields declined slightly but market expectations of Fed tightening haven’t been materially affected. The BoE revised down its inflation forecasts in its Inflation Report and the market has pushed back rate hikes in the UK. The NZD is the worst performing currency the past 24 hours, with the market taking a dovish interpretation of the RBNZ MPS and Governor Orr’s comments afterwards.

BNZMarkets Today

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President Trump announced a short while ago that he was pulling out of the Iran nuclear deal, although oil prices are unchanged on the day, implying the market had largely factored this in. The USD has extended its recent move higher, with Fed Chair Powell reinforcing the message that more rate hikes are coming. The NZD has made a new low for the year, below 0.70, as commodity currencies have underperformed overnight.

BNZ Markets Today

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Oil prices pushed on to a new post-2014 high overnight ahead of President Trump’s decision tomorrow on whether to re-impose sanctions on Iran. Equity markets are also higher, buoyed unsurprisingly by energy stocks. Elsewhere, markets were very quiet, with no major data released and the UK on public holiday.

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The US payrolls report on Friday was mixed, but the drop in the unemployment rate to 3.9% was enough to push the USD higher again. Equities also moved higher after the payrolls report even amid reports that US-China trade talks remained deadlocked. Emerging markets have come back into the market’s focus as well, with the Argentinean central bank raising its cash rate to 40%, to combat the decline in the peso. The NZD continues to hover around 0.70 ahead of Adrian Orr’s first RBNZ meeting this Thursday.

BNZ Markets Today

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In overnight trading the USD is mainly softer, adding to the initial move lower after the FOMC announcement yesterday, while UST yields have nudged a little lower as well. The NZD is modestly higher across the board.

BNZ Markets Today

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There have been only modest changes in currencies since this time yesterday, with the USD slightly weaker since this morning’s FOMC Statement. US equities and UST yields are little changed.

BNZ Markets Today

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As a new month begins, the stronger USD theme has continued with increases across the board, sending the NZD below 0.70 and big figures broken for other majors. Inflationary pressures see US rates a touch higher, while US equities are lower.

BNZ Markets Today

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The NZD has started the week on a soft note in a fairly quiet end to the month.

BNZ Markets Today

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On a historic day, market movements were remarkably modest. The USD lost a little ground after its strength earlier in the week, while the only real standout performer was a weaker GBP after growth missed expectations.

BNZ Markets Today

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US equities have moved higher over the past 24 hours, boosted by stronger earnings (Facebook in particular). The EUR fell to a three month low after Draghi said the Governing Council hadn’t discussed monetary policy “per se” at its meeting. The 10 year Treasury yield has drifted back to a little under 3%.

BNZ Markets Today

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The US 10 year Treasury yield finally breached 3% for the first time since the start of 2014. Higher rates have weighed on equities and probably helped the USD, which is stronger across the board once again. The NZD fell to year-to-date lows against the USD.

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The US 10 year yield came within a whisker of 3% overnight, and remains close to the highs reached at the start of 2014. The higher US rate environment seems to be helping the USD, which strengthened across the board. The NZD fell to its lowest level since mid-January.

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US Treasury yields rose again on Friday, with the 10 year yield up to 2.96%, its highest since early 2014. Equities fell again, with higher bond yields probably weighing, and the USD strengthened. The NZD is back down near to 0.72. Over the weekend, US Treasury Secretary Mnuchin mentioned he was considering a trip to China and was “cautiously optimistic” a deal could reached; this should help support risk assets to start the week.

BNZ Markets Today

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Commodity prices remain in the spotlight, with oil prices
making a fresh high again overnight, although they have
since eased back. The 10 year US Treasury increased
again, with the yield curve steepening for a change, amid
higher inflation expectations. US equity markets are lower
and the USD stronger.

BNZ Markets Today

Nick Smyth -
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Most market moves have been reasonably modest
overnight, although US equities and bond yields have
pushed a little higher. Oil prices rose to a new, post-2014
high. The CAD and GBP have fallen after a dovish Bank of
Canada statement and lower than expected CPI
respectively. The NZD has again been one of the
underperformers in FX markets ahead of CPI today, and
NZD/AUD has eased back towards 0.94.

BNZ Markets Today

Nick Smyth -
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US equities have moved higher overnight on some easing in geopolitical risks and ahead of more corporate earnings reports later this week. The US dollar is broadly weaker after President Trump accused China and Russia of “playing the currency devaluation game”. The NZD has been one of the laggards, and is unchanged from this time yesterday.

BNZ Markets Today

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It was a quiet end to last week, with most markets seeing modest moves. US stocks fell slightly but were up on the week, while the US yield curve continued to grind flatter. Oil prices made a new high.

BNZ Markets Today

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Market movements have been modest although there is
still a notable grind up in the NZD, supported by a better
risk backdrop.

BNZ Markets Today

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Market price action has been fairly minimal across the board. Rising Middle East tensions see a mild risk-off tone and oil prices continuing to rally, while the NZD is down slightly.

BNZ Markets Today

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Commodity currencies have outperformed and equity
markets have recovered since President Xi’s speech
yesterday allayed fears of a US-China trade war. Other
currencies and bond markets have seen only modest price
movements.

BNZ Markets Today

Jason Wong -
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Market sentiment began the week on a positive note, seeing a rebound in US equities, a nudge higher in UST yields and the NZD outperform, while the USD is weaker across the board.

BNZ Markets Today

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The US-China verbal war on trade continued on Friday, driving down US equities by more than 2% with only a little spill-over for dollar-bloc currencies and UST yields.

BNZ Markets Today

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The USD is broadly stronger as markets take a more
optimistic view on US-China trade tensions, while US rates
drift higher against a backdrop of a further recovery in
equities.

BNZ Markets Today

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The US-China trade war has heated up but the market is taking this in its stride. Initial market movements on headlines haven’t been sustained. Net FX movements have been minimal, apart from the

BNZ Markets Today

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On a slow news day, US equities are modestly higher
after the chunky fall yesterday. Commodity currencies
have outperformed and UST yields are higher on the
improved market sentiment.

BNZ Markets Today

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Most markets were closed for the Easter Monday holiday but unfortunately the US market is open and stocks have been pummelled as the new quarter begins. This has seen the NZD soften a little, while JPY has outperformed.

BNZ Markets Today

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The S&P500 has stabilized overnight after sustaining heavy falls late in the New York session yesterday. The 10 year Treasury yield broke below its recent trading range yesterday and the US yield curve flattened its narrowest level since 2007. The USD is broadly stronger but remains within recent ranges.

BNZ Markets Today

Nick Smyth -
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Market moves were reasonably modest overnight, with no
top tier economic data being released and not much in the
way of headlines around US-China trade negotiations. US
bond yields fell, possibly related to month-end buying
while US equities also gave back some of their gains from
yesterday.

BNZ Markets Today

Nick Smyth -
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With no major economic data released overnight, headlines around US-China trade tensions remained the dominant market driver. After falling sharply last week, US stocks bounced back overnight on hopes that the two sides could negotiate an agreement and avoid the use of tariffs. The USD is weaker once again and at one-month lows. The NZD/AUD made an eight month high, as it broke above 0.94.

BNZ Markets Today

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US stocks fell sharply again on Friday as concerns mounted about an escalation in US-China trade tensions. The USD was broadly weaker, with the NZD doing surprisingly well amidst the risk-off backdrop.

BNZ Markets Today

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In overnight trading, the USD has pared back some of its
losses seen since yesterday before and after the FOMC’s
statement. UST yields have fallen further as US equity
markets show another chunky fall

BNZ Markets Today

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The USD took on a softer tone ahead of the FOMC statement and has made further losses since, while UST yields have nudged higher.

BNZ Markets Today

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Another rough day for equity markets has helped support
the bond market, while in the currency market, GBP leads
the way while the AUD has underperformed.

BNZ Markets Today

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The NZD and AUD ended last week on a soft note, showing some clear underperformance on a day when other market movements were modest.

BNZ Markets Today

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The USD is broadly higher overnight with Trump’s new economic
advisor Larry Kudlow perhaps helping sentiment by declaring he
wanted to see the currency “a wee bit stronger”. The NZD is
back down to 0.7270. US bond yields have nudged up while
equities are near unchanged.

BNZ Markets Today

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US equity and bond yields have fallen modestly overnight after a disappointing US retail sales release and as the spectre of more trade tariffs hangs over the market. FX moves have again been reasonably contained, with the NZD holding at around 0.7330.

BNZ Markets Today

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Bond yields are slightly lower overnight after US core CPI
matched market expectations, allaying some fears of more
aggressive Federal Reserve tightening. US equities have
fallen slightly with President Trump’s decision to fire
Secretary of State Rex Tillerson weighing on sentiment. The
USD is weaker overnight and the NZD is back up to 0.7345, a
two-week high.

BNZ Markets Today

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Markets were very quiet overnight, with no major economic data released. Market movements across bonds, equities and currencies were very modest. The focus turns to the release of US CPI tonight.

BNZ Markets Today

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US stocks surged higher on Friday as the non-farm payrolls report showed a large gain in employment but some moderation in US wage growth. The US dollar was mixed while UST yields rose modestly. The NZD rose slightly.

BNZ Markets Today

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The USD has made some broadly-based gains as the US
policy on steel and aluminium tariffs looks to be watered
down, while EUR has underperformed following the ECB
announcement and for the same reason global bond rates
are lower.

BNZ Markets Today

Jason Wong -
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The risk-off mood that developed during the local session yesterday, as US trade policy remained in the spotlight, has been sustained overnight, seeing the NZD modestly weaker, alongside weaker US equities.

BNZ Markets Today

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The NZD has outperformed following some positive
newsflow on North/South Korea relations, taking Trump’s
tariff proposals off the front pages. Equity and bond
markets only show modest changes.

BNZ Markets Today

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Equity markets are higher and US 10-year rates have nudged up since the NZ close. Currency movements have been modest, with CAD a notable underperformer.

BNZ Markets Today

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US equities have fallen again overnight, and this has
caused US Treasury yields to decline slightly. President
Trump announced he was going to impose tariffs on steel
and aluminium imports, overshadowing a very strong ISM
Manufacturing Survey. Meanwhile, there was a slightly
more dovish tone to Fed Chair Powell’s testimony to the
Senate. The USD is mixed overnight, with the NZD one of
the stronger performing currencies.

BNZ Markets Today

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US equity markets have consolidated overnight after falling in response to Fed Chair Powell’s hawkish comments yesterday. The 10 US Treasury yield has fallen back from the highs reached yesterday, with the yield curve flattening. The USD is a little stronger overnight, while the GBP has fallen as tensions mount between the EU and UK over Brexit.

BNZ Markets Today

Nick Smyth -

US Treasury yields moved higher overnight after Fed Chair
Powell alluded to the potential for the Fed ‘dots’ to rise at
the upcoming March meeting. US equity markets
declined modestly and the USD strengthened. The NZD
was one of the worst performing currencies over the past
24 hours.

BNZ Markets Today

Nick Smyth -
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Global equity indices moved higher again overnight while bond yields fell slightly ahead of Fed Chair Powell’s testimony to Congress. There was no major economic data overnight.