A review of things you need to know before you go home on Friday; mortgage and TD changes, house prices up, volumes down, big rent increases, swaps steepen sharply, NZD yoyos

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

TODAY’S MORTGAGE RATE CHANGES
Housing NZ Corp raised its floating rate by +9 bps to 5.64%.

TODAY’S DEPOSIT RATE CHANGES
No changes today but UDC signaled that it will be offering a sharper 18 month rate starting Monday, at 3.45%, a +10 bps rise.

LACK OF LISTINGS PUSH PRICES UP
REINZ figures show that median house prices are hitting new highs in many centres around the country just as sales volumes start to finally slow during winter. Some analysts expect house sales to drive higher over the year ahead, aided by continued strength in population growth and low interest rates.

A BIG JUMP
Federated Farmers is protesting +200% to +400% rent and fee increases for access over KiwiRail land. They say they are ‘stunned’ and ‘appalled’ at how their members are being treated over the issue, and claim they have been “safe and vigilant custodians of stock crossings across railway lines.” These changes will be tough for farmers where rail property bisects farms.

A WEAK SIGN
The NZX futures market recorded some unfortunate falls in WMP prices today, so that won’t be encouraging dairy farmers. The next GDT auction is early in the morning on Wednesday, July 20.

UNRECOGNISED MILESTONE
It’s a minor one to be sure, but today the New Zealand population has just popped through 4.7 mln

WE ARE MISSING THE GAINS
Equities have been pushing higher today in response to the S&P500 which closed up +0.5% on Wall Street earlier today. Sydney is also u[p +0.5%, Hong Kong and Singapore are up +0.6% and Tokyo is again the standout up another +1.2%. The party poopers are the NZX which is only eking out a +0.1% gain, and Shanghai which is actually lower by -0.1% in mid-day trading.

CHINA Q2 GROWTH HOLDS
Chinese growth held steady at 6.7% in the second quarter, as record stimulus poured into their economy in the first quarter lent at least some support.

SWAP RATES PIVOT & STEEPEN
We had a sharp steepening of the rate curve today. One year wholesale rates fell -3 bps, two years fell -1 bp, while five years are up +2 bps and 10 yrs are up +4%. NZ swap rates are here. The 90-day bank bill rate dropped a heavy -7 bps today and is now at 2.37%. All this is the market placing its bets on what the RBNZ will say next week.

NZ DOLLAR IN LATE RECOVERY
It was a day when the Kiwi dollar weakened further building on the trend that started yesterday with the RBNZ announcement. However, in the past hour, the NZD has made some bold gains, retracing some of the declines of the past 24 hours. The NZD is now at 71.9 USc, at 93.8 AUc, and 64.6 euro cents. The TWI-5 is now back to 75.3. Check our real-time charts here.

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

Daily exchange rates

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for(i=0;i

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