Here are the key things you need to know before you leave work today.
MORTGAGE RATE CHANGES
ASB cut its floating rate by -50 bps, a full pass-through of the RBNZ rate cut. ASB also trimmed its two year fixed rate by -4 bps to 3.75%. Westpac and Kiwibank has also cut floating rates. BNZ has cut them too and matched the ASB 2yr fixed rate cut.
TERM DEPOSIT RATE CHANGES
No changes to report.
HOUSE PRICES STILL WEAK
QV figures show property values on a long slow decline in Auckland, and starting to head downwards in several other regions.
DAIRY PRICES FALL
Dairy prices fell -2.6% today, reversing the last auction's gains. But in NZD, there was no change.
Fonterra is now planning to sell part of its ill-starred investment in China's Beingmate on-market having failed to find a buyer for the whole 18.8% stake.
The gold price is up sharply again today, now at US$1485/oz. That puts the NZD price at NZ$2,318 and a new all-time record high.
SWAP RATES SINK SHARPLY
Wholesale swap rates were down just -2 bps prior to the rate cut, but were bid down sharply after, down -10 bps. The 90-day bank bill rate is up +2 bps to 1.44% before the OCR cut. After it fell to 1.17%. Australian swap rates are also a little softer today ahead of a no-change rate review expected at 4:30 pm today. The Aussie Govt 10yr dipped under 1% at one point but is currently at 1.02%. The China Govt 10yr is unchanged at 3.08%, while the NZ Govt 10 yr down -12 bps today to just under 1.18%. The UST 10yr yield is down further, now at just 1.68% and another -5 bps since the open this time yesterday.
NZ DOLLAR FALLS
Following the OCR cut, the Kiwi dollar fell and is now just on 64.2 USc and more than -100 bps lower. Against the Aussie we down to 95.6 AU cents. Against the euro we are firmer at 57.2 euro cents. That means the TWI-5 is now at 69.4.
Bitcoin is little-changed from this time yesterday, still at US$11,630. The bitcoin price is charted in the currency set below.
This chart is animated here.