Here are the key things you need to know before you leave work today.
DAIRY PRICE FALLS SLOW
The latest market report from the USDA for 'Oceania' shows more price falls except for butter. But they are small changes this week, suggesting a stabilising - and reinforcing the Fonterra auction results earlier in the week.
FOCUS ON THE 3YR HOME LOAN
Both Westpac and TSB cut their 3 year home loan rates today, matching BNZ and ASB. Kiwibank also has a similarly priced 'special'. But ANZ is exposed for this term, offering a rate 60 bps higher. ANZ are relying on their two year special of 5.95% which is also matched by others.
ANZ 'BEST AGRIBUSINESS BANK'
ANZ has taken out Canstar’s Best Agribusiness Bank award for 2014 – the third consecutive year it has won the award.
LVRs STAY
The RBNZ today advised that there won't be any changes in their LVR settings until later in the year - probably after the election. This quashes speculation that changes were imminent.
SURPLUS CLOSER
The Crown accounts are closing in on a zero balance, according to todays filing for February 2014.
RETAIL SALES GROWTH SLOWS
Today's release of electronic card transaction data for April reveals a declining growth, now down to +4.6% pa from +5.3% the previous month.
WHOLESALE RATES STILL FLATTENING
Swap rates were up at the short end today by 1 bp and down at the long end by 1 or 2 bps. The 90 day bank bill rate was up 3 bps today to 3.35%.
OUR CURRENCY
The NZ dollar didn't move much today despite the Wheeler commentary this week. The NZD is now at 86.6 USc, 92.3 AUc and the TWI is still above 80 at 80.1.
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