The below report consists of a market overview and insight into the equities, futures and derivatives markets, and FX speculative and deliverable markets.
* Equities stellar run continues with further gains overnight…. S&P +1.2%
* US rates trade with slightly negative bias for first time (-0.02% by year end) weakening the USD
– exactly the reason why Orr needs to suggest NZ rates may need to go negative next week
– plenty of speculation this ultimately happens, but confirmation needed!!
– otherwise Kiwi trades higher and our already battered export led recovery slows further!!