'Violent' overnight jump in swap rates, Kiwi dollar high

Thu, 12 Nov 2020

The New Zealand dollar pushed higher after the central bank indicated the economy was stronger than expected and required less stimulus, sharply reducing the likelihood of negative interest rates. The move led to a violent sell-off in the overnight index swap market, with momentum growing as economists rolled out changed official cash rate calls, including the BNZ, said BNZ senior strategist Jason Wong. The kiwi was trading at 68.80 US cents at 8am in Wellington versus 68.90 US cents at 5pm yesterday.“The market decided it...

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