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NZGB demand patchy in 2014 – Westpac

FXStreet (Barcelona) - The Westpac Research Team notes that NZGB demand has been patchy in 2014, in contrast to the historically strong demand seen during the 2010-2013 period as investor appetite remains mixed.

Key Quotes

“Our Westpac client flow model for NZGBs shows demand picked up slightly in October, but overall remains patchy as it has been for all of 2014.”

“Wheeler’s reminder last week that the tightening bias remains intact has slowed speculative receiving. 2yr could drift towards 4.00% into Dec MPS. Beyond that, markets will continue to price out tightening. NZGB 2023 yield higher to test 4.10%.”

“NZD/USD Still expect 0.7500 next few months, commodities, NZ-US rates spread, and strong USD weighing. Near term, net short spec positioning is supportive - higher to 0.8100.”

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