Here are the key things you need to know before you leave work today.
TODAY'S MORTGAGE RATE CHANGES
Resimac today cut their 1 to 5 year mortgage rates by -10 to -15 bps.
TODAY'S DEPOSIT RATE CHANGES
There were no rate changes for term deposits.
WEAKER BUT NOT ALL BAD
Today's current account deficit release for the December 2014 quarter came in pretty much as analysts were expecting at -3.3% of GDP. Weaker dairy export prices were the expected part and will continue to underperform over the rest of this year. However, stronger tourism earnings and improving profits of New Zealand-based firms were positives that will bolster the domestic economy. But still, analysts think the deficit will widen to around -5.5% in late 2016. We get the GDP data for the December quarter tomorrow.
HIGHEST THIS YEAR
Both the number and value of new home loans approved reached their highest levels of 2015 last week. The average loan approved was $206,500 and just off its high. As reported elsewhere, the home loan market is showing signs of stirring although the summer selling season is now nearing its end.
'YOUTH SERVICES SUPPORT WORKS'
Data out today show that there were almost 50% fewer teen mums on main benefits at the end of 2014 compared to 2009. Teen parents spend an average of 19 years on a benefit, and have some of the highest lifetime costs of any group on welfare. The number of them has reduced from 4,263 in December 2009 to 2,210 in December 2014. "Teen mums" are 16 to 19 year olds.
JOBS MARKET IMPROVING
Hiring sentiment is at its highest level in six years as the demand for new hires becomes increasingly balanced across New Zealand, according to the latest Hudson Report: Employment Trends released today
A RENT PAUSE
Listing rents on Trade Me Property dropped back slightly in Auckland and Wellington in February but were flat in Canterbury.
WHOLESALE RATES SOFT
Today, local wholesale interest rates fell another -2 bps across the curve today again taking its lead from New York. The 90 day bank bill rate was unchanged 3.63%.
NZ DOLLAR UNCHANGED
Check our real-time charts here. The NZD fell away today on the weak dairy auction early this morning and it has stayed down. It is now at 73.1 USc, at 95.9 AUc, and the TWI is at 78.7.
You can now see an animation of this chart. Click on it, or click here.
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