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A review of things you need to know before you go home on Tuesday; no rate changes, Tatua shines again, Aussie miners don't, petrol strike threat, exporters bullish, big new park, swap rates lower

A review of things you need to know before you go home on Tuesday; no rate changes, Tatua shines again, Aussie miners don't, petrol strike threat, exporters bullish, big new park, swap rates lower

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

TODAY'S MORTGAGE RATE CHANGES
There are no changes to report today.

TODAY'S DEPOSIT RATE CHANGES
There are no changes to report today.

A GOOD RESULT
Tatua Dairy Company today announced to paid its 119 Morrinsville suppliers $7.10/kgMS in the 2014/15 year. This is far above the Fonterra $4.40. Tatua have signaled a $6 payout for 2015/16. We are awaiting the Westland final 2014/15 data which is due out today.

HARD COMMODITY HARD PLACE
The share prices of two Aussie corporate icons have today tumbled to 7 year lows losing more than A$10 billion in market value between them and raising more questions over the fallout of the slowing Chinese industrial demand.

ROLES REVERSED
North Island petrol tanker drivers at Pacific Fuel Haul that supply retail fuel chains like Z and Caltex are threatening to strike over non-pay claims. Other service station chains are preparing for the knock on effects. The New Plymouth owned company is accused by the drivers union of reneging twice on settling their contract dispute. The drivers don't want to have to pay traffic fines or for damage they cause. The company also wants to penalise them even if they are not caught by the law, based on excessive speed measured by GPS tracking devices. Usually it is the unions that want 'safety' issues included, but now it the companies who have the ability to monitor unsafe or illegal practices. The stand-off could be protracted.

BULLISH EXPORTERS
Export NZ's 2015 survey shows firms shifting their focus to China and the ASEAN region. Australia may still be the main target of exporters, but it is North America where they expect their biggest gains. More than 30% of the firms surveyed expect their exports to rise substantially, and another 50% are expecting a smaller rise. Only 15% expect them to stay the same.

HUGE NEW OCEAN PARK
The Government is to create a 620,000 km2 Ocean Sanctuary in the Kermadec region of the Pacific. It will be one of the world’s largest and most significant fully-protected areas, twice the size of our landmass, and 50 times the size of the Fiordland National Park. The sanctuary will create a no-take, fully-protected zone preventing all fishing and mining in the area, in addition to the protections already in place. The cost of managing and policing the new area will be significant.

MORE EQUITY CROWD FUNDING OFFERS
Another new crowd funding campaign kicked off today, this one for Pocket Rent. This is a "a cloud based property management & investment software service which solves pain points for both landlords and property managers." It is hosted on the Equitise platform, and that platform recently released the Mosaic/Volo insurance offer, and is expected to launch the YQ offer soon. It's been hard-going for some of the most recent offers, but the Ooooby one looks like it will reach its minimum - just.

HANDS OFF
Reserve Bank data
out today shows that they bought NZD on the currency markets to the value of $81 mln. An amount that small is unlikely to have been as part of any action to push the currency lower; that represents a miniscule 0.03% (0.0003) of August's NZD trading volumes, enough only for 16 minutes of trading in the month. The currency fell -2.4% over the month anyway, even without any direct RBNZ intervention. The RBNZ has $10.2 bln of capacity to intervene should they ever want to.

WHOLESALE RATES LOWER & FLATTER
Swap rates fell  in a flattening pattern today following the 'risk-off' mood shown on Wall Street earlier today. Two and five year swaps are down -5 bps, ten years down -6 bps. The 90 day bank bill rate is up however at 2.85%.

NZ DOLLAR UP
The Kiwi dollar also suffered from the 'risk-off' tone. The NZD is slightly lower, now at 63 USc, at 90.6 AUc and at 56 euro cents. The TWI-5 is now at 67.8. 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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Source: RBNZ
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End of day UTC
Source: CoinDesk

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3 Comments

An amount that small is unlikely to have been as part of any action to push the currency lower;

Oops - they (RBNZ) reported buying KIWI - more of that understated collateral margin call stuff the RBNZ is obliged to post with a ccy swaps counterparty if the NZD/USD falls - probably printed and disguised as a purchase.

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Coming to an ATM near you (unless your money is sitting in China)...
http://www.macrobusiness.com.au/2015/09/china-limits-foreign-atm-withdr…

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interesting a lot of chinese here rely on money from home, if that dries up a few could be in for a rough time

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