A review of things you need to know before you go home; NZD and swap rates follow Wheeler up; ANZ only bank to hike so far; Aussie job growth impresses; looking for Luci

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

UP, UP, UP
Graeme Wheeler raised the OCR today, the first of many and the start of a 1.00% rise by the end of this year, and probably another 1.00% next year. ANZ immediately announced a 0.25% rise in their floating rate. Their rivals have let them hang out there so far today. The exchange rate jumped, and wholesale rates also rose.

FOOD PRICES UNCHANGED
Today also brought data on a key element of the CPI - the food price, and that showed zero upward pressure. Nada in February on a year-on-year basis (and even less than zero month-to-month).

HOUSING NZ RAISES ITS 5YR FIXED MORTGAGE RATE
It has gone up from 7.00% to 7.20%. Big bank 5 year rates are about 7.20% too at present.

RAIN COMING BUT GOVT WORRIED ABOUT DRYING WAIKATO
There has been no 'adverse event declarations yet, but unless Luci brings rain in a few days there undoubtedly will be.

AUSSIE JOBS BETTER THAN EXPECTED
47,000 jobs were added in Australia in February, although their unemployment rate did not change from 6.0%. Actually the data was more positive than it seems - 80,000 full-time jobs were added and 33,000 part-time jobs were lost. Their low participation rate crept up. Despite all this, the AUD still fell against the NZD.

WHOLESALE RATES
Swap rates rose across the curve. The big rises were at the two and three year terms as markets expect a rush to fix- these terms rosse 9 bps on the day.  At the short end, rates are up 4 bps. The 90 day bank bill rates rose to 3.04%.

OUR CURRENCY
The NZD is rose immediately on the OCR news this morning. It is now up a whole cent to US85.6c and A94.5c and the TWI is a new record at 79.9. Update at 4:25pm - the TWI has just it 80.0, mainly on the back of a rise against the Yes, the UK Pound and the Euro.

(Updated with HNZC rate increase, TWI hitting 80.0.)