Markets Today

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

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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

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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

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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.

BNZ Markets Today

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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.

BNZ Markets Today

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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

Jason Wong -
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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.

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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

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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

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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.

BNZ Markets Today

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GBP has surged after a more hawkish than expected BoE announcement, while moves in the USD and rates have been contained despite a positive inflation report.

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The key theme overnight is the USD recovery continuing, helped by some momentum on tax reform while UST yields have nudged higher.

BNZ Markets Today

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Yesterday’s risk-on move has been extended, with the S&P500 up to another record high and higher global rates across the board. GBP is the best performer after stronger inflation data, while the NZD has been supported by a shock political poll.

BNZ Markets Today

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Risk sentiment has bounced higher, leading to a shift out of safe-havens, while the USD has shown signs of recovery. US and European equity markets are up around 1%, the former flirting with another record high, the VIX has fallen to a 10-handle, gold prices are down over 1%, JPY and CHF have slumped more than 1% and global bond yields are higher across the board, a classic risk-on move.

BNZ Markets Today

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During Friday’s session, the USD reached its lowest level since the beginning of 2015, while US 10-year rates fell almost to the 2% mark, before closing slightly higher.

BNZ Markets Today

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The USD remains under pressure for various reasons, while the EUR has performed well despite the ECB’s warnings. A lack of detail on ECB policy sees lower German yields, helping to drive down US Treasury rates to new lows.

BNZ Markets Today

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Risk sentiment has improved with US equities modestly higher, the VIX index down to 11.5, global rates up a bit and a softer Yen. The NZD is weaker for no apparent reason, after its top-performing move in the previous session, while the CAD has surged ahead after a surprise rate hike.

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For a change, the NZD is the top performer for the day, while the USD remains out of favour as US Treasury yields hit a fresh low for the year.

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With the US on holiday, trading activity has been quiet. With little economic data to trade on, the focus has been on North Korea’s provocations, which have seen a modest shift into safe-haven assets.

Markets Today

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After a quiet day during local hours, markets were choppy during the Friday night trading session. The net result was strength in the CAD and AUD, with the NZD underperforming its commodity peers. Risk appetite ended the week on a positive note, with equity markets modestly higher, the VIX back down to around 10 and global rates higher.

BNZ Markets Today

Jason Wong -
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There has been a truckload of data to digest and a number of news stories over the past 24 hours. The NZD has been a net loser, finding itself at the bottom of the leaderboard yet again, rounding off a poor month, and going against the grain of better risk sentiment and outperformance of the other commodity currencies.

BNZ Markets Today

Doug Steel -
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Positive economic news overnight saw equity markets rise, yields edge up and the USD dollar lurch higher. Making a change from recent sessions, economic news had some influence on markets overnight. ADP employment showed the US added 237k jobs in August, beating expectations of 185k. It offers encouragement for official payrolls data on Friday and is likely to keep the USD on the front foot for now. The positive vibe was enhanced shortly after when upward revisions to US Q2 GDP growth were bigger than anticipated. Growth was revised to an annualised pace of 3.0%, its fastest pace in two years.

Markets Today

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Shortly after we pushed the send button yesterday, news broke that North Korea had fired a missile toward Japan. Any prior thoughts of a quiet session disappeared as risk sentiment soured. This saw equities drop, safe havens like the JPY, CHF, and gold higher, while commodity currencies like the AUD and NZD were sold.

Markets Today

Doug Steel -
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The USD remains under downward pressure during still thin trading in the Northern Hemisphere summer. Gold prices lift, while oil slips. Equities and bond yields are marginally lower.

BNZ Markets Today

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The Jackson Hole speech duo of Yellen and Draghi drove a weaker USD, with EUR leading the charge, while the NZD was a bystander. US 10-year Treasury yields closed the week near its lows.

BNZ Markets Today

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Another quiet summer holiday trading session sees little change in asset prices. The NZD continues to underperform, albeit changes are fairly microscopic

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In what is now a common occurrence, Trump opens his mouth and causes risk sentiment to deteriorate – equities fall, the VIX rises, UST yields fall and the USD weakens.

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Amidst light trading volumes, risk sentiment has improved, seeing stronger equity markets, higher global bond yields and the USD reversing previous losses.

BNZ Markets Today

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As the skies darkened over the US during a rare total solar eclipse, a pall of gloom overhung the US dollar, which showed a broadly based fall. Markets started the week on a very quiet note, with no data and light trading conditions.

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.

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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.

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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.

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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.

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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.

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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.

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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

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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

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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

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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

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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.

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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

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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.