The below report consists of a market overview and insight into the equities, futures and derivatives markets, and FX speculative and deliverable markets.
* NZD took a hit post Orr’s “negative rates haven’t been ruled out”
– took 2yr swap rate to record low 0.39%, hard to see why a 2yr mortgage is 3%??
– NZD heavy as Dollar rebounded and likely to remain soft overall……
* Level 4 clearly damaging the economy and debate remains, Jacinda versus Robertson / Peters
– a massive blow if we don’t get to Level 3 next week….40% ICU spare…