The below report consists of a market overview and insight into the equities, futures and derivatives markets, and FX speculative and deliverable markets.
HEADLINES
*RBNZ OCR, expect no change but an easing bias as the economic pulse slows
-Orr needs to strike the right balance, but clearly the Kiwi mkt has reduced shorts
-20% chance of a cut today but August looks a done deal given the local & global outlook
*Global rates hit record lows across Germany, France, Belgium, Iceland, Portugal etc
-German 10yr -0.33%, whilst US 10yr edge below 2%
*Fed Powell, “case for somewhat more accommodative policy…
