1. Art and Diseño

ANZ RESEARCH
ANZ MORNING FOCUS
NEW ZEALAND EDITION
5 February 2015
HIGHLIGHTS

The (PBoC) became the latest central bank to adopt a more
accommodative policy stance, cutting its reserve requirement ratio.
David Croy, Senior Rates Strategist
E-mail: [email protected]
MARKET SNAPSHOT (07:15 NZ TIME)
Level
FX
NZD/USD
0.7370

-0.0050
NZD/AUD
0.9501

0.0023
AUD/USD
0.7759

-0.0072
EUR/USD
1.1422

-0.0091
USD/JPY
117.41

0.17
GBP/USD
1.5210

0.0022
1262.94

-0.71
49.49

-2.81
221.75

-4.73
17,703

103
S&P 500
2,045

8
Nasdaq
4,723

23
17.6

-0.7
US 2yr
0.51

0.00
US 10yr
1.82

0.03
US 30yr
2.42

0.04
Commodities
Gold
WTI Oil futures
CRB
Equities
Dow Jones
VIX
Rates
KEY DATA RELEASES
Releases
US MBA Mortgage
Applications – 30/1
US ADP Employment
Change - Jan
US Markit Composite
PMI - Jan F
US Markit Services
PMI - Jan F
US ISM Non-Manf.
Composite - Jan
GE Markit Services
PMI - Jan F
GE Markit Composite
PMI - Jan F
EZ Markit Services
PMI - Jan F
EZ Markit Composite
PMI - Jan F
EZ Retail Sales m/m Dec
EZ Retail Sales y/y Dec
UK Markit/CIPS
Services PMI - Jan
UK Markit/CIPS Comp
PMI - Jan
Act
1.3%
Exp
--
Last
-3.2%
213K
225K
253K
54.4
--
54.2
54.2
54.1
54.0
56.7
56.5
56.5
54.0
52.7
52.7
53.5
52.6
52.6
52.7
52.3
52.3
52.6
52.2
52.2
0.3%
0.0%
0.7%
2.8%
2.0%
1.6%
57.2
56.3
55.8
56.7
55.5
55.3
WHAT’S AHEAD TODAY
Releases
AU HIA New Home
Sales m/m - Dec
AU Retail Sales m/m Dec
AU Retail Sales Ex
Inflation q/q - Q4
AU NAB Business
Confidence - Q4

Partial US labour market indicators were slightly weaker than expected
ahead of non-farm payrolls on Friday.

Oil prices decline sharply, paring recent gains.
Change
Time
13:00
Exp.
--
Last
2.2%
13:30
0.3%
0.1%
13:30
1.0%
1.0%
13:30
--
6
OUTLOOK
UPCOMING TODAY: No NZ data today, and the local market is closed for
Waitangi Day tomorrow. Australia has Retail sales and new home sales data.
CURRENCY (refer page 3 for key crosses): With a long weekend for the NZ
market upon us, expect things to remain slightly calmer today as offshore
data arriving in the coming 48 trading hours takes to the main stage.
RATES: Likely to open with a mild upside bias following global moves.
REVIEW
CURRENCY: A much weaker USD yesterday provided solid short squeezes in
AUD and NZD. Things eventually calmed overnight as the ranges tightened
and some liquidity returned to the market.
GLOBAL MARKETS OVERVIEW (refer page 2 for more detail): Although it may
appear that markets had a fairly quiet night when glancing at some market
levels this morning (with Treasuries and Bunds, equity markets up smalls,
and the Kiwi only down a touch), current prices mask a reasonably volatile
session. Indeed, for example, US 10yr Treasuries traded in a 1.76/1.84 range
and the Kiwi almost hit 0.7450, while the AUD is down almost a cent from its
overnight peak. The PBOC’s RRR cut (see below) had an impact on markets,
but it was relatively muted and most of the volatility looks like position
jostling to us. Oil prices fell sharply, thankfully, as petrol prices seemed to
have sneaked up a couple of cents overnight in Wellington. Other commodity
currencies were also hit, with NZD, CAD and the NOK all weakening following
the 3.3% and 5.1% decline in Brent and Crude oil prices respectively. While
“core” country bond yields finished the session modestly higher, peripheral
European spreads to bunds narrowed modestly. Equities were mixed across
Europe and at 6.30am, the Dow was up, but the S&P500 was down a touch.
ANZ’S ASSESSMENT
CHINA EASES POLICY. The People's Bank of China (PBoC) became the latest
central bank to adopt a more accommodative policy stance, cutting the
reserve requirement ratio by 50bps to 19.5% for large financial institutions.
The move appears to have been precipitated by the weaker than expected
January PMI data, a quickening in capital outflows and policy easing by other
major central banks. The cut in the RRR is expected to inject RMB600bn
(USD96bn) into the banking system, which could help lower firms’ funding
cost. In addition, the central bank will also reduce the RRR by an additional
50bps for city commercial banks and non-county rural commercial banks,
while the China Agricultural Development Bank will also receive an additional
RRR cut of 400bps. Even after this latest cut, we still think that further policy
easing will be forthcoming given the moderation in economic activity and the
disinflationary dynamics currently at play in the economy.
RBNZ ON HOLD. Yesterday’s RBNZ speech strongly reinforced the Bank’s “on
hold for some time” message. Against a market pricing in cuts in March and
April, the tone was more balanced, with short end rates and the NZD up a
touch. But the reality is the risk profile is asymmetric, and against that
backdrop, while positioning is an issue near-term, we expect the NZD and
interest rates to resume drifting lower in coming days.
ANZ Morning Focus / 5 February 2015 / 2 of 5
OVERVIEW
Equities
Level
Change
17,703
103
S&P 500
2,045
8
Nasdaq
4,723
23
Euro Stoxx 50
3,416
1
10,911
20
Dow Jones
DAX
FTSE
6,860
-12
Nikkei
17,679
343
Shanghai A
3,326
-32
Aus SPI
5,742
0
ASX 200
5,777
70
NZX 50
5,785
3
MSCI World
1,715
21
MSCI EM
VIX
Commodities
977
13
17.6
-0.7
Level
Change
OVERNIGHT SPECIFICS

US: The headline ISM non-manufacturing survey was a little stronger than
expected at 56.7 (mkt: +56.4) in January, up from 56.5 in January. While
the manufacturing survey has moderated in recent months, the nonmanufacturing survey has remained elevated and combined these surveys
continue to point to US GDP growth in excess of 3.5%. Disappointingly, the
employment component recorded a sharp decline to 51.6 from 55.7. This is
a key input into our non-farm payrolls model and as such suggests some
downside risk to our current 270k forecast for payrolls.

US: The headline number for the ADP employment report was modestly
weaker than expected in January at 213k (mkt: 223k), although
December’s number was revised up to 253k from 241k. While the ADP
survey has not always been the most reliable guide to non-farm payrolls,
in conjunction with the weaker employment read from the nonmanufacturing ISM survey, risks are skewed to the downside for non-farm
payrolls on Friday

UK: The UK January composite PMI was a little stronger than expected
rising to 56.7 (mkt: 55.5) in January from 55.3 in December. Overall, the
PMI data for the UK has been upbeat this week with the manufacturing,
construction and services indices all rising and suggests that the UK is
weathering the weaker activity in the euro area quite well. In particular,
labour market conditions remain solid with the employment component in
the services sector increasing to the second highest level on record.

Euro area: The final estimate for the composite PMI for January was
revised modestly higher to 52.6 from a previously estimated 52.2. The
improvement was largely driven by the services sector, which was revised
up to 52.7 from 52.3. The uplift was especially strong in Germany which
continues to benefit from lower oil prices and the decline in the euro.

Thoughts on the PBoC decision and what it means for Asia (by Glenn
Maguire, ANZ’s Chief Economist ASEAN, on the PBoC decision): With the
PBoC joining the ranks of central banks easing in this current disinflation
environment, are other Asian central banks likely to follow suit? We are
comfortable with our current monetary policy calls. Though the RBI made
a surprise off-calendar move in January, the recent tone and commentary
from the RBI clearly point to any further easing being on scheduled dates.
Indeed, robust expectations of a deep easing cycle or one that would be
front loaded have been quelled by the recent cautious tone from the RBI.
Those central banks in SE Asia that have not cut yet are not doing so
because growth is either close to trend (Philippines), the disinflation
dynamic has been delayed due to domestic subsidy and price reform
(Indonesia) or fiscal support is in the offing (Thailand and Indo to a lesser
degree). Hence, we are comfortable with our current policy calls for SE
Asian banks and do not see this China policy action as a prelude to either
early or unexpected easing across the Banks we cover.

Equity markets were mixed across Europe, with the FTSE down, the
DAX and CAC up, and mixed moves elsewhere. At 6.30am NZT, US indices
are also mixed, the Dow was up, and the S&P 500 was down smalls.

Bond markets were a mixed bag too. US Treasuries had a whippy
night, but yields are a touch higher this morning after a decent run of US
data, as are Gilts and Bunds. But peripheral European market yields have
come in.

Oil was the biggest loser on commodity markets; with WTI crude
futures down around 6.6% at 7am NZT. The broad CRB index is down, led
by energy. Losers outnumbered gainers, coffee the big gainer (up 3%).
PRECIOUS AND BASE METALS
Gold (USD/oz)
1,262.94
-0.71
Gold (NZD/oz)
1,713.76
16.80
1,874
18
Copper (USD/mt)
5,719
194
Nickel (USD/mt)
15,256
-19
2,148
24
WTI futures (USD/bbl)
49.49
-2.81
Brent futures (USD/bbl)
55.33
-1.70
Aluminium (USD/mt)
Zinc (USD/mt)
ENERGY
AGRICULTURE
WMP futures (USD/mt)1
Corn (US¢/bu)
3,100
400
380.50
-6.50
Wheat (US¢/bu)
508.75
-5.00
Soybeans (US¢/bu)
970.50
-21.75
Cotton (US¢/lb)
61.34
-0.04
Sugar (US¢/lb)
14.52
0.05
149.20
-1.05
Palm Oil (MYR/mt)
2,199
53
Cocoa (USD/mt)
2,724
25
Live Cattle (US¢/lb)
OTHER
China Rebar (RMB/mt)
2,521
-2
Thermal Coal (USD/mt)2
63.95
3.90
Iron Ore Spot (USD/mt)3
CRB Index
62.89
0.02
221.75
-4.73
577
-13.0
Baltic Freight Rate
US Interest Rates
Level
Change
Fed Funds Rate
0.25
0.00
3m Libor
0.26
0.00
2yr bond
0.51
0.00
10yr bond
1.82
0.03
30yr bond
2.42
0.04
Level
Change
NZ Interest Rates
OCR
3.50
0.00
90 day bill
3.62
-0.02
NZGS 12/17
3.12
0.04
NZGS 04/23
3.19
0.09
1yr swap
3.59
0.09
2yr swap
3.58
0.04
3yr swap
3.57
0.03
4yr swap
3.59
0.05
5yr swap
3.61
0.06
7yr swap
3.65
0.09
10yr swap
3.70
0.11
ANZ Morning Focus / 5 February 2015 / 3 of 5
CURRENCY OUTLOOK AND MARKET TABLES
NZD/USD: LOOKING TO CALM DOWN …
After yesterday’s action, the NZD should trade more sedately today with a
bias to being capped on any moves above the 0.74USD level. Offshore data
during the long NZ weekend will take precedence as the market assesses the
current US economic landscape through the employment lens.
Expected range: 0.7320– 0.7400
NZD/AUD: WAITING FOR MORE RBA DETAIL …
The elevation of this cross is surprising given most of the news is already
priced into the market. The finger of blame for the move higher in the past
24 hours is likely to be pointed at the rates market, which is now pricing in
lower odds of an OCR cut in New Zealand.
Expected range: 0.9460 – 0.9520
NZD/EUR: GREEK SAGA CONTINUES …
Continued Greece talks do nothing to assist the EUR after its USD led rally.
NZD moves have presented elevated levels on this cross and moves above
0.65EUR are unlikely to be achieved today.
Expected range: 0.6410 – 0.6470
NZD/JPY: SITTING CALMER …
Despite backing off the 87JPY+ levels, this cross is likely to rest in the 86JPY
zone today awaiting further data. NZD yield demand should build in the
85JPY zone keeping a base in place for the long weekend.
Expected range: 86.00 – 87.00
NZD/GBP: BOE TONIGHT …
Little by way of surprise should greet markets from the BoE decision tonight.
While many commentators are predicting at some point this year they will
hike rates, tonight is definitely not the night. We expect this cross to
struggle to gain altitude.
Expected range: 0.4810 - 0.4860
FX
Overnight Range
vs USD
NZD
0.7356 - 0.7449
0.7370
vs NZD
..
AUD
0.7743 - 0.7850
0.7759
0.9501
0.6451
EUR
1.1400 - 1.1485
1.1422
JPY
117.24 - 117.94
117.41
86.53
GBP
1.5140 - 1.5251
1.5210
0.4845
CAD
1.2391 - 1.2592
1.2560
0.9257
CHF
0.9224 - 0.9279
0.9224
0.6797
CNH
4.6091
6.2476 - 6.2601
6.2570
NZ TWI
76.20 - 76.85
76.300
..
DXY
93.61 - 94.10
94.01
..
Interest rates
NZ (BKBM)
Cash
1M
2M
3M
6M
3.50
3.65
3.64
3.64
3.64
AU (BBSW)
2.25
2.38
2.39
2.40
2.42
USD (Libor)
0.25
0.17
0.21
0.26
0.36
EUR (Libor)
0.05
0.00
0.01
0.03
0.09
GBP (Libor)
0.50
0.51
0.53
0.56
0.68
JPY (Libor)
0.10
0.08
0.10
0.10
0.14
Source: Bloomberg, ANZ Research
Note: The overnight currency ranges are between 5pm the previous trading day to 7am today. Due to
liquidity constraints, these are not necessarily tradable levels. Money market rates are indicative levels
only. Please speak to your ANZ representative if you require the latest market pricing.
1
NZX Global Whole Milk Powder futures price, first contract
2
Newcastle futures contract
3
Active NY Mercantile Exchange Iron Ore Futures Contract (Iron ore fines 62% Fe - CFR China Port)
ANZ Morning Focus / 5 February 2015 / 4 of 5
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