A review of things you need to know before you go home on Wednesday; Some TD changes, find out how much money you will need, farmers are less satisfied with banks, dollar up, swaps flat

A review of things you need to know before you go home on Wednesday; Some TD changes, find out how much money you will need, farmers are less satisfied with banks, dollar up, swaps flat
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Here are the key things you need to know before you leave work today.

MORTGAGE RATE CHANGES
None to report today.

TERM DEPOSIT RATE CHANGES
General Finance has lowered its rates across its entire range by between 15 bps and 20 bps, starting from the 6-month rate going to 3.35% from 3.50% and the 12-month rate dropping to 4.65% from 4.80%, while at the longer end, the 5-year rate moves to 5.55% from 5.75%.

HOW MUCH?!
Commerce and Consumer Affairs Minister Kris Faafoi says consumers will now see their projected savings for retirement and the likely weekly income it will provide on their annual KiwiSaver statement. "By making this information easily available New Zealanders will be able to see whether they are on track for the kind of retirement they want or whether they need to make changes to their savings," he says. "They will also receive information about the steps they can take to increase their savings – because we want people to have the best retirement possible."

FARMERS LESS SATISFIED WITH BANKS
Federated Farmers says farmer satisfaction with banks is at its lowest level since the group launched a biennial survey in August 2015. Overall satisfaction with banks dropped to 71% from 74% over the past six months, Federated Farmers says. The percentage of farm businesses with mortgages increased by 4% to 81%, with dairy farmers having the largest mortgages with most between $2 million and $20 million. Some 1,300 farmers were surveyed.

ACTING RETAIL & BUSINESS BANKING BOSS AT ANZ
ANZ NZ says Ben Kelleher will be its acting managing director for retail and business banking whilst Antonia Watson serves as acting CEO. Watson is acting CEO whilst CEO David Hisco is on sick leave. Kelleher's normal role is retail and business banking general manager for Auckland and Northland.

NEW VEHICLE SALES WEAKER
The Motor Industry Association says May 2019 registration figures of 12,259 vehicles were down 13.5% (1,910 units) on the same month in 2018, indicating a significant softening of the vehicle market. The May 2019 result is stronger than the same month in 2016, but weaker than the month of May in the previous two record years. The market to the end of May is down 4.9% (3,178 units) on the first five months of 2018.

RBNZ'S UNCONVENTIONAL BACKSTOP
The Reserve Bank's reiterating that it still has room to move on monetary policy with the Official Cash Rate - but is also talking up the prospect of being able to back this up if needed with 'unconventional' policy options. In a speech made last week but published on Wednesday RBNZ Assistant Governor and General Manager of Economics, Financial Markets and Banking Christian Hawkesby said in respect to the unconventional options that the RBNZ continued to learn from the lessons of "our central banking cousins" and "it’s better to have a tool and not need it, than need one and not have it".

Hawkesby also said that without the RBNZ's recent cut to the OCR from 1.75% to 1.5% the central bank's projections show "it would have taken a number of years for inflation to return to target, and employment would have fallen below the maximum sustainable level".

SWAP RATES LITTLE CHANGED
After big falls yesterday, swap rates were more mixed on Wednesday and in NZ some of rates at the longer end actually rose a little. The UST 10yr yield was up 2 bps from this time yesterday to be 2.12% recently. The Aussie Govt 10yr is up 1 bp from this time yesterday at 1.50%. The China Govt 10yr is down 1 bp to 3.27%, while the NZ Govt 10 yr is flat at 1.70%. The 90 day bank bill rate is also flat at 1.64%. 

NZ DOLLAR FIRM
The Kiwi dollar has continued to edge up against the US currency during Wednesday and its up around half a cent since this time yesterday at a little over 66.3 USc. On the cross rates we've similarly edged up on the day to 94.8 AUc, while against the euro we are again up slightly during the day at 58.9 euro cents.     

BITCOIN RECOVERS, BUT DOWN ON DAY
Bitcoin has recovered a little - by about $200 - on Wednesday after falling hard on Tuesday. It is now just under US$7,900, which is around 1.7% down in the past 24 hours.

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Source: CoinDesk

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Although Barfoots have not released their May numbers as of writing , if they had been wonderful, surely Tuesday morning would have been ideal. After all, Easter, capital gains ,school holidays, the OCR have now all played out. Homes have become increasingly more "affordable" It was also sunny. I mean all that pent up demand ,and willing sellers .Although apparently with those that were able to become homeowners having inexplicably left the favoured city and with Mr Ninness seemingly indisposed, last weeks Barfoots auction results remained below the 30 percent figure , or alternatively over 70 percent of homes that went to auction failed to sell.

Bang on. Some contributors and those posting in the comment section have an incorrect understanding on how markets work.
House clearance rates aren't just falling because every single wishful purchaser is priced out of the market but a good part of the fall in demand and rise in supply is due to growing insecurity around the domestic and global economy and, to that effect, their ability to service a mortgage for years to come.
Therefore, it is vague to assume that a significant portion of people would jump onto the housing bandwagon only to capitalize on falling house prices.

I like how we are now setting 2016's economic data as benchmark for our current performance, though our national population has surged by 8-9% ever since.
First it was Auckland house prices current vs 2016 levels, and now it's vehicle sales - the May 2019 result is stronger than the same month in 2016, but weaker than the month of May in the previous two record years.