NZ swaps spike as investors bet against RBNZ's interest rate outlook

Mon, 03 Jul 2017

By Rebecca Howard July 3 (BusinessDesk) - New Zealand's swap rates have jumped to multi-month highs on speculation the Reserve Bank will have to lift the official cash rate earlier than its official projections to keep pace with central banks around the world that are talking up the prospects of rate hikes. Global bond yields have risen sharply in the face of hawkish comments from European Central Bank president Mario Draghi, Bank of England governor Mark Carney and the Bank of Canada's Stephen Poloz, with the yield on 10-year US Treasuri...

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