Daily Alert: NZ economy shrinks over 2020 as COVID-19 headwinds blow

  • NZ yields dipped after the larger than expected 1.0% quarterly fall in Q4 NZ GDP, with the NZ economy shrinking 0.9% over 2020.
  • Overseas, the Bank of England (BOE) maintained policy settings, holding its major policy rate at 0.1%, leaving its £895bn QE programme unchanged.
  • Some time today is the Bank of Japan policy decision, with markets looking for whether the BoJ might modestly widen its target band for the 10yr JGB yield from the current +/-20bp.

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