Here are the key things you need to know before you leave work today (apart from the cricket result).
TODAY'S MORTGAGE RATE CHANGES
There were no rate changes to report today.
TODAY'S DEPOSIT RATE CHANGES
There are no TD rate changes to report either.
FONTERRA DISAPPOINTS
Dairy giant has retained its $4.70 milk price forecast but has dropped its projected dividend to a possible low of 20c from 25c after results 'below farmers' expectations'.
DEBT BUT NO APPROVALS
The Hawke's Bay Regional Council has voted to allow its investment company HBRIC to borrow $4 mln to keep the Ruataniwha Dam project alive, reported Radio NZ.
CHINA'S CONSUMERS UPBEAT
Chinese consumer sentiment improved in March led by a rebound in personal finances, leaving sentiment at the highest level since July 2014. The Westpac MNI China Consumer Confidence survey showed that household finances picked up as easier monetary policies outweighed the lower growth realities in China.
TRADE SURPLUS EVAPORATING
Stats NZ reported a trade surplus of $50 mln in February, less than the market expected. The NZ dollar fell 30 pts after the release. Both exports and imports were lower than expected said Westpac. The data is expected to deteriorate further over the coming months as dairy exports continue to track downwards and import growth remains moderate said Infometrics.
MARKET PEAK
Mortgage approvals jumped to their highest average value last week in data released by the RBNZ today. They are now averaging $216,400 per loan approved. But the March real estate selling season may have peaked, and volumes will fall until August now.
WHOLESALE RATES
Wholesale swap rates fell and flattened today, catching up with recent Wall Street moves of recent days. They are down -2 bp for terms of 3 and 4 years and down -5 bps for 10 years. The 1-5 curve is now back to just +3 bps. The 90 day bank bill rate was up however to 3.64%.
NZ DOLLAR CLIMBS
Check our real-time charts here. The NZD climbed a little further today as the day progressed after falling back somewhat last night. It is now at 76.5 USc, at 97 AUc, and the TWI is at 80.8.
You can now see an animation of this chart. Click on it, or click here.
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