A review of things you need to know before you go home on Friday; no rate changes, consumer confidence falls, overseas house buyers an Auckland central issue, Aussie migration; swap rates slip, NZD softer

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

MORTGAGE RATE CHANGES
No changes to report.

TERM DEPOSIT RATE CHANGES
No changes today here either.

FALLING CONFIDENCE
Consumer confidence has fallen below the 120 index level and this is the lowest level since August 2016, a two year low. ANZ says that although current conditions are pretty upbeat, households remain a wary about the outlook. Disquiet is focused on prospects for the broader economy rather than households’ own finances, they say.

A CENTRAL AUCKLAND ISSUE
The share of home transfers to overseas people fell from 3.3% last quarter to 2.8% in the June quarter, according to updated Stats NZ data. However, the number of home transfers to overseas people rose from 1,083 in the March 2018 quarter to 1,116 in the June quarter. The neighborhood data is very concentrated however with the largest concentration in areas journalists live in (!). Details here.

HANDS OFF
The June data released by the RBNZ shows that they are not interviening in currency markets. And they haven't for at least three years now. Their last serious intervention was in August 2014 when the NZD was worth 85 USc and the TWI was at 79.

A WALL STREET PROBLEM
The Facebook share valuation rout may have buffetted the S&P500 and the NASDAQ index edarlier today, but in later trading in Asia, it has had no impact, with most markets up modestly, including the NZX50.

RECEDING FLOWS
Australia released migration data today for the 2016/17 period, including for internal migration. Most migrants are moving to NSW, with Victoria close behind. Most internal migrants are moving to Victoria (but the numbers are tiny). As in New Zealand, overseas migrant flows are receding.

SWAP RATES LOWER
Local swap rates are slightly lower today, down -1 bp for 2 years, -1 bp for five years, and -2 bps for ten years. The UST 10yr has risen by +1 bp and now at 2.98%. The Aussie Govt 10yr is at 2.67, down -1 bp, the China Govt 10yr is at 3.55% down -3 bps, while the NZ Govt 10 yr is at 2.77%, down another -4 bp. The 90 day bank bill rate is unchanged at 1.91%.

BITCOIN LOWER
The bitcoin price is now at US$7,883 down -4% in the past day. The US SEC has rejected a second attempt by the Winklevoss twins, founders of crypto exchange Gemini, to list the first-ever cryptocurrency ETF on a regulated exchange.

NZD SOFTER
The NZD is down -½c at 67.8 USc on a rising US dollar. But it is holding on the cross rates at 91.8 AUc, and the euro at 58.2 euro cents. That puts the TWI-5 down a little at 71.3.

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