Here are the key things you need to know before you leave work today.
MORTGAGE RATE CHANGES
No changes announced today but the Kiwibank one year one came into effect today.
TERM DEPOSIT RATE CHANGES
No institution changed any TD rates today.
It is Anniversary Day in Wellington today. Government offices are closed there and that includes both Statistics NZ and the RBNZ. (Their offices in other centers are open however.) Tomorrow, it is Australia Day (or in some circles, Invasion Day).
The Government has confirmed genome testing reveals the new community case has the South African 'variant' of the virus, infected while in managed isolation.
FAT SURPLUS, AGAIN
The Australian December merchandise trade surplus of AU$9 bln was a significant increase, up +AU$7.4 bn from the November surplus. Exports of iron ore and cereals are the strongest in history, resulting in the fourth highest goods trade surplus ever recorded there. Their strong surplus is heavily influenced by trade with China. Imports from China fell -7% in December, while exports to China increased+21%. Australia’s goods trade surplus with China alone stands at AU$5.2 bn for December. Despite Beijing's attempt to use trade to punish Australia just isn't working.
A RELATIVE FALL DUE
Westpac analysts see the NZD falling to 90 AUc over the next few months. They see both economies improving, but the Aussie one improving more than the Kiwi one.
GOLD PRICE SLIPS
Gold is trading in Australia, and soon in Asian markets. So far today it is down -US$2 from the end of trading in New York on Saturday to US$1854 and back to almost the closing level in London last week.
After a strong +2.4% gain last week, the NZX50 Capital Index has slipped a minor -0.2% by late trade today. The ASX200, which gained +1.3% last week, is up another +0.4% in early afternoon trade today. Shanghai has opened down -0.2%, and Hong Kong has opened up +1.1% in very early trade there. The very large Tokyo market is up +0.5% in their first session of the week. The futures market suggests that the S&P500 will open tomorrow with a small +0.3% gain.
SWAP & BOND RATES SOFT
We don't have today's swap rate movements yet. They ended last week with a firm rise but will probably soften from there today. If there are material changes when the end-of-day swap rates are available today, we will update them here. The 90 day bank bill rate is unchanged at 0.29%. The Australian Govt ten year benchmark rate is down -1 bp at 1.07%. The China Govt ten year bond is down -2 bps at 3.15%. The New Zealand Govt ten year is lower by -5 bps at 1.07% but still above where the earlier RBNZ fix was, at 1.06% (-1 bp). The US Govt ten year is down -2 bps at 1.09%.
NZD FIRMS AGAIN
The Kiwi dollar is now at 71.9 USc and slightly firmer than its open this morning. On the cross rates we are firm against the Aussie at 93.2 AUc. Against the euro we are slightly firmer too at 59.1 euro cents. That all means our TWI-5 is up at 73.3 and exactly where we left it on Friday.
The bitcoin price is now at US$32,538 and +1.9% above where is was it at the opening of trade in New Zealand today.
This soil moisture chart is animated here.
The easiest place to stay up with event risk today is by following our Economic Calendar here ».