A review of things you need to know before you go home on Monday; ANZ cuts a TD rate, wine industry's labour problem, Wheeler to talk, NZX shines, swap rates up and steeper, NZD stable

A review of things you need to know before you go home on Monday; ANZ cuts a TD rate, wine industry's labour problem, Wheeler to talk, NZX shines, swap rates up and steeper, NZD stable

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

TODAY'S MORTGAGE RATE CHANGES
The local branch of Korean bank Kookmin has cut all its rates, including it floating rate by -15 bps today. The China Construction Bank has raised all its fixed rates by between +15 and +35 bps.

TODAY'S DEPOSIT RATE CHANGES
ANZ reduced its 3.55% nine month rate back to 3.50%. That "higher TD rate" was announced as part of a set with their 18 month rate when the said they were holding on to part of the -25 bps OCR cut. This part of their "higher TD rate" lasted less than two weeks! Kiwibank has advised it will cut its 90 day NoticeSaver account from 3.00% to 2.75% which will be effective of August 29.

WINE INDUSTRY WITH LABOUR PROBLEMS
A joint operation between the Labour Inspectorate, Immigration New Zealand and Inland Revenue in Marlborough vineyards found contractors committing serious breaches of employment standards. Of the 10 independent contractors visited, two were breaching minimum wage, holiday pay, and record keeping requirements, with another seven asked to supply additional records. Only one contractor of the ten was found to be compliant.

A SAFE SPEAKING GIG
Tomorrow, RBNZ Governor Graeme Wheeler will be speaking at a private event in Dunedin. His topic is Monetary policy challenges in turbulent times. His speech notes will be available at 9am tomorrow, and we will cover them.

A BIT OF A STANDOUT
The S&P500 closed down -0.1% on the final Friday trading session last week. This lower tone has passed through to the open in Singapore, Shanghai and Hong Kong today. Sydney is level pegging, Tokyo is up +0.2%. But the star performer today is the NZX50 which is up +0.5% in late afternoon trading.

SWAP RATES STEEPER, HIGHER
There was a stronger, steeper bias in the wholes swap market today, with the short end rising +2 bps and the long end rising +4 bps. NZ swap rates are here. The 90-day bank bill rate was also higher, up +1 bp to 2.23%.

NZ DOLLAR STABLE
The Kiwi dollar is still in the range we have had over the past 8 to 10 weeks. It is now at 72.2 USc, 95.2 AUc, and 64 euro cents. The TWI-5 is still at 75.2. Check our real-time charts here.

You can now see an animation of this chart. Click on it, or click here.

Daily exchange rates

Select chart tabs »

The 'US$' chart will be drawn here.
Loading...
Daily benchmark rate
Source: RBNZ
The 'AU$' chart will be drawn here.
Loading...
Daily benchmark rate
Source: RBNZ
The 'TWI' chart will be drawn here.
Loading...
Daily benchmark rate
Source: RBNZ
The '¥en' chart will be drawn here.
Loading...
Daily benchmark rate
Source: RBNZ
The '¥uan' chart will be drawn here.
Loading...
Daily benchmark rate
Source: RBNZ
The '€uro' chart will be drawn here.
Loading...
Daily benchmark rate
Source: RBNZ
The 'GBP' chart will be drawn here.
Loading...
Daily benchmark rate
Source: RBNZ
The 'Bitcoin' chart will be drawn here.
Loading...
USD 
NZD
End of day UTC
Source: CoinDesk

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

We welcome your comments below. If you are not already registered, please register to comment.

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.

4 Comments

Comment Filter

Highlight new comments in the last hr(s).

I wonder if the soil moisture deficit chart above dated 21/08/2016 is a hint toward what this coming summer might bring if only to northern North Island regions. I will be watching possible events resulting from our recent strong El Nino with much interest.

David 123 needs to go play somewhere else.

Wine industry and it's contractors. It would be good to know who they were and which vineyards they were. There is a lot of choice for wine drinkers and plenty of good employers we can buy our wines from instead. But they are not going to tell us are they.

Don't like the red frames.