A review of things you need to know before you go home on Thursday; Truckometer positive, new China push, mortgage approvals, job losses, swaps unchanged, NZD hits record against the euro

Here are the key things you need to know before you leave work today.

TODAY'S MORTGAGE RATE CHANGES
There were no changes today.

TODAY'S DEPOSIT RATE CHANGES
Kookmin Bank decreased its term deposit rates today for terms of 3, 4 and 5 years by -15 to -50 bps.

TRUCKING ON
The ANZ Truckometer Heavy Traffic Index out today suggests slightly more modest GDP growth in Q1 than was experienced in late 2014, around 0.5-0.6% q/q. ANZ are expecting a drought impact on GDP in the first half of this year, but anticipate a reasonable Q1 number nonetheless. The trend in the Heavy Traffic Index remains firmly upwards.

NEW PUSH IN CHINA
Silver Fern Farms has today opened a Shanghai office to support its branded retail product and grow sales of its with food service customer base. Last year it did $380 mln in revenues in China. It is also starting two online retail stores to deliver product direct to consumers in Shanghai. The recent MIE report has put the co-op under the microscope having been identified as a 'weak link' in the red meat processing industry. The SFF initiative is just part of a broader NZ focus on marketing primary products in China.

HIGHER AVERAGES, LOWER VOLUMES
The shortened Easter week last week saw a near record average home loan values approved, but also volume and value data that suggested the market is heading into lower levels for the winter.

HIGH RANK
New Zealand has been ranked the world’s 5th most socially advanced nation according to the Social Progress Index 2015 published today by US-based nonprofit,the Social Progress Imperative, and released at the 2015 Skoll World Forum on Social Entrepreneurship. Australia was ranked 10th. First was Norway; the US was 23rd.

ANOTHER CHIEF
Auckland Council has today appointed ex KiwiRail boss Jim Quinn as its new Chief of Strategy.

STAFF LOSSES
The Corrections Department is to close some old facilities leaving 100s to lose jobs at those facilities. New staff has already been hired at the new facilities. Jobs will also be lost in Christchurch as fishing company Sanford as it closes its local mussel operations. Neither losses relate to the high dollar, it should be observed, but the Sanford change may be a consequence of a changing climate.

WHOLESALE RATES RISE
Wholesale swap rates rose +1 bp today across the whole curve. However, the 90 day bank bill rate gave up -1 bp back to 3.63%.

NZ DOLLAR LOWER
The NZ dollar was basically unchanged today in very quiet trading. As of late this afternoon it is at 75.6 USc, 98.2 AUc, and the TWI is at 80.6. The euro today slipped above 70 euro cents to the NZD, a new all time record. Check our real-time charts here.

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