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OCR

What happened today

A review of things you need to know before you go home on Thursday; mortgage approvals rise, IAG gets dominance to pay, more RBNZ currency intervention, swap rates steepen, full replacement cover returns

RBNZ drops talk of future rate hikes

Updated
RBNZ drops comment on further rate hikes in dovish statement; warns again on high NZ$; currency and swaps fall further; economists react; Greens attack RBNZ

US Fed gives public vote of confidence in the US economy

NZD falls after FOMC statement. Attention now turns to RBNZ, and later to data on currency intervention signals

NZ swaps steady, but short US yields spike higher

Strong local receiving demand blunts NZ swap rates; eyes on RBNZ tone as no-one expects a rate hike signal

What happened Wednesday

A review of things you need to know before you go home on Wednesday; companies confident, more real estate agents, more water policy, Tesla's for the Govt?, Co-op Bank cuts rates

NZD/USD jolted higher

Risk aversion eases noticeably, benefiting 'risk-sensitive' currencies like the NZD; local eyes on business confidence data today, then FOMC tomorrow

Market positioning for a dovish OCR review

BNZ says it is hard to see short end swaps falling further; US yields volatile on surprise lower, then higher data; local eyes today on business confidence survey

What happened Tuesday

A review of things you need to know before you go home on Tuesday; more mortgage rate reductions, NZME float salesmen chosen, more research funding, paying for results

Corporate bond issuance opportunities being neglected

Roger J Kerr points out there is a good opportunity for corporates to issue significant new fixed income bonds, but he also sees the inhibitions

Kiwi dollar holds its ground despite lower interest rate outlook

Roger J Kerr says that despite an expected dovish RBNZ Statement this week, 3% economic growth when inflation is 1% means real wealth is being created and that will support the NZD