Markets Today

BNZ Markets Today

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Commodity currencies ended the week on a healthy note and the ousting of Trump’s chief strategist Bannon was seen as a positive sign by the market.

BNZ Markets Today

Jason Wong -
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There have been a number of market drivers overnight that add up to a risk-off tone, seeing the yen and Swiss franc the best performing currencies, and equities and rates lower.

BNZ Markets Today

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The recent recovery in the USD abruptly ended, with Trump back in the headlines and the market interpreting the FOMC minutes to the dovish side. These factors have also helped drive UST yields lower.

BNZ Markets Today

Jason Wong -
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The USD remains in the box seat, extending yesterday’s gains, as geopolitical concerns ease and with strong data providing a supporting role. The NZD, GBP and JPY have underperformed, while global bond yields are higher as safe haven flows reverse.

BNZ Markets Today

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A quiet start to the week, with the USD reversing Friday’s declines and risk sentiment improving after last week’s sell-off.

BNZ Markets Today

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Underwhelming US CPI data triggered a weaker USD and kept downward pressure on bond yields, alongside ongoing US-North Korea political tensions.

BNZ Markets Today

Jason Wong -
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Geo-political tensions focused on North Korea remain forefront of mind, leading to a stronger yen, weaker equity markets and supporting lower global rates. The NZD is at the bottom of the leaderboard after yesterday’s MPS.

BNZ Markets Today

Jason Wong -
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Today marks the 10-year anniversary of the beginning of the GFC, when BNP Paribus froze funds exposed to US sub-prime mortgages as they became impossible to value. Financial markets today couldn’t be further from the GFC period, with most assets richly priced and incredibly low market volatility. Even the threat of a major military catastrophe on the Korean peninsula barely gets the market’s attention these days.

BNZ Markets Today

Jason Wong -
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It was another typical sleepy northern hemisphere summer trading session overnight, but we did see a little price action after a strong US labour market report, while the NZD and NZ rates faced downward pressure ahead of Thursday’s MPS.

BNZ Markets Today

Jason Wong -
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It has been a quiet start to the week with mostly microscopic price changes across bonds, equities and currencies. However, most notably, the NZD has started the week on the back foot as focus turns to Thursday’s Monetary Policy Statement.

BNZ Markets Today

Jason Wong -
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The USD and UST yields rose after another robust US employment report. Non-farm payrolls rose by slightly more than expected, a second consecutive month of showing a gain of more than 200k, with the tick down in the unemployment rate and tick up in average hourly earnings in line. It was effectively another goldilocks report with strong employment not leading to significant wage inflation – the 2.5% annual gain in wages was close to its average over the past couple of years.

BNZ Markets Today

Jason Wong -
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A less hawkish than expected Bank of England has put GBP under downward pressure and driven global bond rates lower, otherwise market movements have been modest ahead of tonight’s US employment report.

BNZ Markets Today

Jason Wong -
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In currency markets the NZD has underperformed following yesterday’s labour market data, while EUR has taken out another milestone, breaking through 1.19. Bond markets remain tightly bound.

BNZ Markets Today

Doug Steel -
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A new month saw some relief for the beleaguered USD. But not much. After a five month losing streak, its longest since 2011, the USD was up smalls overnight. Equities may gains on both sides of the Atlantic, as oil prices and yields eased.

BNZ Markets Today

Doug Steel -
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There has been bucket loads of data out of the past 24 hours, but not a whole lot of news. USD weakness remains the main theme in markets, while US equities and oil are marginally higher. US yields are unchanged.

BNZ Markets Today

Doug Steel -
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A USD downtrend remained intact last week with US data and politics on Friday doing little to arrest the bias for a softer USD near term. On Friday, US equities were mixed, while yields declined despite another rise in oil prices.

BNZ Markets Today

Doug Steel -
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A note of caution kept back into markets overnight. Equities wavered and volatility lifted off extreme lows. The S&P500 is currently down 0.2% after paring earlier losses and the VIX fear index showed a pulse for the first time in a couple of weeks. US yields are higher, as oil prices extend their march north.

BNZ Markets Today

Doug Steel -
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It was all about the Fed overnight with markets relatively subdued ahead of the 6am decision. In the wash up we see the US yields and US dollar lower. Equities are a touch higher and oil prices have extended gains.

BNZ Markets Today

Doug Steel -
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It was a bit of a snooze fest in markets overnight, with generally little movement and tight ranges across currencies. US yields and the US dollar are marginally higher, halting their recent declines. Equities are little changed, while oil prices bounced.

BNZ Markets Today

Doug Steel -
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It was more of the same for currencies and bonds on Friday, the US dollar continuing to push lower alongside US Treasury yields. Equities were mixed, while oil prices fell.

BNZ Markets Today

Brendan Marsh -
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We open this morning to a dominant theme of further extensions to USD weakness for most currency pairs and relatively limited change to most bond and equity markets though the path has been strewn with wet rocks and tree roots - tipping my hat to the weather outside in our verdant city. The NZD continues to defy any suggestion that the market is overly long, rising to challenge resistance just above 0.7400 overnight in step with most of its peers.

BNZ Markets Today

Brendan Marsh -
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After our tumultuous Tuesday session markets appear to have hit the pause button, seemingly moving sideways over the past 18-24 hours. A closer look though does reveal for the most part an ongoing decline for the USD on most pairings, still hurting from the implosion of US health care reform. There is in most instance further favour shown for equity indices and commodity prices.

BNZ Markets Today

Jason Wong -
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There have been some significant swings in currency markets, with most of that occurring during the local trading session, with overnight trading more settled. Global rates are lower.

BNZ Markets Today

Jason Wong -
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It has been a quiet start to the week, with low volumes and no significant market movements, although commodity currencies are on the soft side. Locally, attention will turn to today’s CPI data, while globally the key release is Thursday night’s ECB meeting.

BNZ Markets Today

Jason Wong -
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The focus for the market on Friday was the much-anticipated US CPI release. Core CPI inflation surprised to the downside for the fourth consecutive month, with the annual increase of 1.7% remaining at a 2-year low. There was a trifecta of soft economic releases, with retail sales and consumer sentiment also underwhelming, the latter falling to a 9-month low.

BNZ Markets Today

Jason Wong -
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The NZD and AUD have outperformed for the second day running on a day where risk sentiment is slightly improved, with the VIX index back down to 10 and bond yields are higher.

BNZ Markets Today

Jason Wong -
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Equity and bond markets alongside the NZD and AUD have been well supported after Fed Chair Yellen’s testimony, while the CAD has surged after the Bank of Canada kicked off a tightening cycle.

BNZ Markets Today

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The USD is under pressure this morning following some damning headlines for Trump’s team, and that has reduced the damage to the NZD seen over the past 24 hours. EUR has been the key beneficiary.

BNZ Markets Today

Jason Wong -
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It has been a very quiet start to the week. The holiday season and a lack of news have meant little movement in markets, especially currencies.

BNZ Markets Today

Jason Wong -
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Friday’s focus was the US employment report but other factors stole the limelight, with CAD, GBP and JPY the biggest movers on the day. The global bond market sell-off continued, but this didn’t perturb US equities, with the strong payrolls report signalling robust economic growth.

BNZ Markets Today

Jason Wong -
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After pausing for breath over the past few days, the major bond-market sell-off that was kicked off last week has returned, driving equities lower and creating headwinds for the NZD and AUD.

BNZ Markets Today

Doug Steel -
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Generally quiet trading conditions prevailed overnight with data ahead of the FOMC minutes that were released at 6am this morning. Not much changed post the minutes. Equities are little changed on the day, US bond yields are marginally lower and the US dollar is marginally higher.

BNZ Markets Today

Doug Steel -
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Markets were relatively quiet overnight, as the US observed its Independence Day holiday. There was a hint of risk off following yesterday’s North Korean missile test (its 11th of the year, but its first inter-continental). Asian equity markets dipped. Euro Stoxx 50 closed down 0.35% overnight. JPY initially strengthened before settling back. USD/JPY opens this morning down 0.1%, around 113.20.

BNZ Markets Today

Jason Wong -
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Markets have begun the second half of the year on a positive note, supported by positive economic indicators. The Euro Stoxx 600 was up 1.1% while the S&P 500 index closed a shortened session before the Independence Day holiday up 0.2%. Global bond rates continued to nudge higher, while the USD was stronger across the board.

BNZ Markets Today

Jason Wong -
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It was a fairly uneventful end to an eventful week on Friday. There were plenty of data releases to chew over, but there was little market reaction to them, with end of month and quarter rebalancing dominating any flows.

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The coordinated, less dovish, tone of major central banks remains at the forefront of mind for investors, driving a good old-fashioned sell-off in the bond market and equities. In the risk-off environment, the NZD is the worst performing currency, alongside a still-soft USD.

BNZ Markets Today

Jason Wong -
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In a week with little top-tier data so far, central bankers remain in the driving seat for markets. They are outlining a more positive tone about the outlook and signalling removal of monetary accommodation, supporting the CAD, EUR and GBP.

BNZ Markets Today

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A day that looked quiet on paper has turned out to be newsworthy. In currency markets, European currencies have surged, led by EUR on hawkish comments by ECB President Draghi, while the NZD has underperformed. Bond yields are higher across the board, driven by Draghi’s comments and this has helped drag down equity markets.

BNZ Markets Today

Jason Wong -
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After a quiet week last week we’re on track for another one and it’s a struggle to write anything meaningful today. There have been only a few bits and bobs to report and that is reflected in modest market movements. Currency movements against the USD have generally been within 0.2%, with a notable exception being a soft yen. UST yields have nudged lower after some soft data.

BNZ Markets Today

Jason Wong -
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The low vol environment continued on Friday, with only modest changes in bonds, equities and currencies. The USD ended the week on a soft note for no particular reason. Strong new home sales data were ignored. Trump returned to the spotlight with his admission that he never taped his conversations with former FBI Director Comey. This was widely seen as another blow to his credibility as investigators continue with their probe into allegations of his obstruction of justice and associations with Russia.

BNZ Markets Today

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The low volatility environment continues, with only small changes in currencies, equities and bond markets. CAD, NZD and NOK are the only notable movers, supported by data and central banks.

BNZ Markets Today

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On a quiet day in a quiet week, currency, bond and equity movements have been small. Commodity currencies have underperformed a little as oil prices continue to get smashed, while GBP has been in focus after another MPC member outlines his views.

BNZ Markets Today

Jason Wong -
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With no global economic releases of note, traders were focused on central bank speakers, with the BoE’s Carney’s comments helping drive a weaker GBP. The only other point of interest overnight was a further fall in oil prices.

BNZ Markets Today

Jason Wong -
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It’s all looking pretty good out there, with global equities showing solid gains, helped by a positive turnaround in the US tech sector and no releases of US data – which have shown an underwhelming run recently – to spoil the party. Argentina plans to issue 100-year bonds, a country that has defaulted five times in the last century, at less than 8%. It must be a bull market.

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Soft US data saw the USD unwind some of its post-FOMC gain and helped nudge yields lower. US consumer confidence undershot expectations, falling to its lowest level since the November Presidential election, while housing starts and permits were also soft. The USD was already on a descending trend before the data were released, and the USD majors index ended the day down about 0.3%, falling on all the major cross rates.

BNZ Markets Today

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The moves seen in the aftermath of the Fed’s tightening of monetary policy yesterday have extended, with the USD finding supporting and UST yields drifting higher. US equities are softer and the VIX index is higher.

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Jason Wong -
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Some much information, so little space and time. The combination of very weak US CPI data and the FOMC Statement with accompanying press conference has seen a big swing in UST yields and the USD.

BNZ Markets Today

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In the currency space, GBP and the CAD remain in the spotlight, with both showing good gains against the USD. But markets are generally treading water ahead of the FOMC announcement due tomorrow morning and UST rates are little changed.

BNZ Markets Today

Jason Wong -
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With little economic data to speak of, politics and central bankers have driven currencies, which sees GBP remaining under pressure and the CAD leading the charge.

BNZ Markets Today

Jason Wong -
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In currency markets, the only price action of note on Friday was the plunge in GBP as soon as exit polls showed a likely inconclusive and therefore shocking election result.

BNZ Markets Today

Jason Wong -
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Two of the three major risk events for this week have now passed with no adverse market reaction so focus now turns to the UK election, where the first exit polls will be released from about 9am. The NZD continues to outperform, while the USD has also been well bid, although currency movements have been modest. US equities are flat, while global bond yield movements have been divergent.

BNZ Markets Today

Jason Wong -
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It has been another slow news day as traders await the three key risk events for the week, beginning with the ECB meeting tonight. Equity markets are fairly flat and global bond yields have nudged up from recent lows. CAD and AUD book-end the currency leader board, with CAD weaker on lower oil prices and AUD higher on economic data.

BNZ Markets Today

Jason Wong -
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On a slow news day, markets have worked themselves into a bit of a tizzy, with fear over the outcome of the three key events scheduled for Thursday. This has seen global bond rates fall, demand for the safe-haven yen, and slightly softer equity markets.

BNZ Markets Today

Jason Wong -
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It has been a fairly sleepy overnight session in markets, with US equities tracking sideways around recent highs, small changes in global bond yields and modest currency movements except for a notable outperformance by the AUD. For locals returning after a long weekend, much of the price action occurred after the soft US employment report on Friday night.

BNZ Markets Today

Jason Wong -
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The first day of the month kicked off with some positive US economic news and higher oil prices that have lifted the USD, UST yields and US equities.

BNZ Markets Today

Jason Wong -
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There’s been plenty of newsflow to digest but, again, market movements have been fairly modest. As the month draws to a close, the S&P500 is down slightly, weighed by the energy sector as oil prices show a chunky fall; and the financial sector as a couple of major banks report softer revenue. The low market volatility and lower Treasury rates environment has made it tough to make money. As we go to press, the WSJ is flashing a headline that former FBI director will say President Trump asked him to back off Flynn probe in his testimony to the Senate committee next week.

BNZ Markets Today

Jason Wong -
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There has been plenty of newsflow to digest but the low volatility environment has continued after the long weekend in the US and UK, with only modest price changes across equities, bonds and currency markets.

BNZ Markets Today

Jason Wong -
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With the US, UK and China on holiday, market trading is thin and there has been little change in pricing.

With no data to speak of, focus turned to central bank speakers. In a speech in Asia yesterday, the Fed’s Williams reaffirmed his view that a total of three interest-rate increases makes sense this year (including March’s rate hike). While a non-voter, he is often seen to be aligned with Fed Chair Yellen, whose view in response to the recent run of softer US data remains unknown.

BNZ Markets Today

Jason Wong -
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It was a quiet end to the week ahead of the long US weekend, with US equities flat, UST yields little changed and a flat USD. Economic data released had no impact on the market. They showed a modest upward revision to US Q1 GDP to a still-underwhelming annual rate of 1.2% and soft core durable goods orders.

BNZ Markets Today

Jason Wong -

It was a quiet end to the week ahead of the long US weekend, with US equities flat, UST yields little changed and a flat USD. Economic data released had no impact on the market. They showed a modest upward revision to US Q1 GDP to a still-underwhelming annual rate of 1.2% and soft core durable goods orders.

BNZ Markets Today

Jason Wong -
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US equities are probing fresh highs, led by the consumer discretionary sector on positive retail reports, and the VIX index is probing sub-10 levels. However, the risk-on environment hasn’t supported the NZD as it weakens a little alongside other commodity currencies on much weaker oil prices. UST yields have traded in a tight range.

BNZ Markets Today

Doug Steel -
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Central bank comments generated the most action overnight. But generally subdued trading conditions prevailed through most of the night with limited movement across many markets ahead of this morning’s Fed minutes.

BNZ Markets Today

Doug Steel -
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Markets moves were generally within tight ranges overnight, with a modestly pro-risk undercurrent. US equities are currently up smalls (+0.2%), following mostly positive closes across Europe. US bond yields have pushed a bit higher while oil prices nudge upwards. The USD is firmer.