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A review of things you need to know before you go home on Wednesday; Westpac and the Co-op Bank increase mortgage rates, swap rates change little, NZD stable

A review of things you need to know before you go home on Wednesday; Westpac and the Co-op Bank increase mortgage rates, swap rates change little, NZD stable

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

MORTGAGE RATE CHANGES
Westpac has raised its 2, 3 and 5 year 'specials'. The Co-operative Bank has raised its five year fixed rate.

DEPOSIT RATE CHANGES
There are no changes to report today.

ONLINE RETAIL UP STRONGLY
Total online retail spending was up +14% compared to October last year, continuing the strong trend of recent months. Online retail sales at local sites were up +11% on last October. Online retail sales at offshore sites were very strong - up +17% on last October. This data was reported by BNZ/Marketview.

MORE ACC CUTS COMING
There are more reductions coming for the ACC levy rates for the 2017/18 and 2018/19 years. There will be reductions totalling $126.2 million per annum to work and motor vehicles levies, while the earners’ levy will remain unchanged. These reductions follow over $2 bln of ACC levy cuts since 2012.

TRUCKIES WIN ONE
The Government is to change the rules around the dimensions of trucks, increasing their carrying capacity. This may reduce or restrain the number of trucks actually on the road. It will also mean NZ rules will allow newer technology vehicles to operate on NZ roads.

AUSSIE SURPRISE (NOT IN A GOOD WAY)
Real GDP fell -0.5% quarter-on-quarter in Australia. For the full year, GDP is +1.8% higher in September, down from +2.2% in the June quarter.

WHOLESALE RATES UNCHANGED
Swap rates have changed very little today. The two year is down -1 bp, the 7 and 10 year duration are also down -1 bp each. The 90-day bank bill is unchanged at 2.04%. NZGB bond yields fell -1 bp today as well.

NZ DOLLAR STABLE
The Kiwi dollar has moved very little today and is now at 71.1 USc. On the cross rates it is at 95.8 AUc which is its highest level since late September, and is at 66.4 euro cents. The TWI-5 now at 76.8. Check our real-time charts here.

You can now see an animation of this chart. Click on it, or click here.

Daily exchange rates

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Daily benchmark rate
Source: RBNZ
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Source: RBNZ
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Source: RBNZ
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End of day UTC
Source: CoinDesk

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2 Comments

more interest rate rises, still not anywhere near the 15th yet
tick tick...........Boom

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Construction main contributor to Aussie decline

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