Here are the key things you need to know before you leave work today.
TODAY’S MORTGAGE RATE CHANGES
The big news today was from the Cooperative Bank who cut their floating rate, the first bank ever to do that head of an OCR decision. They also cut three fixed rates. Their rates all come without ‘special’ conditions.
TODAY’S DEPOSIT RATE CHANGES
Bank of India cut a range of term deposit rates today.
Our domestic services sector held its own in June as activity remained at a healthy level of expansion, according to the BNZ-BusinessNZ PSI survey. As BNZ noted, whether parsed by region, industry type, or firm size, every bit of the PSI was in expansion mode, which is rare.
DEAR LEADER WINS BIG AGAIN
99.97% of North Koreans reportedly turned out to vote in local ‘elections’ over the weekend. “All participants took part in the elections with extraordinary enthusiasm to cement the revolutionary power through the elections of deputies to the local people’s assemblies,” Pyongyang’s official Korean Central News Agency said. No reports yet of what happened to the 0.03% who stayed away. The country has a population of about 25 mln, so that represents about 4,000 adults
BUILDING TOO MUCH?
The record-beating residential building boom in Australia has already reached its peak and will soon begin to run out of steam, according to industry analyst and economic forecaster, BIS Shrapnel. Current build rates in most parts of Australia exceed demand. The expected impact on prices has started to happen. Econ101.
WHOLESALE RATES FALL
NZ swap rates fell again today in a flattening trend. At the short end (1-3 years) they are down -1 to -2 bps, in the mid range (4-5 years) they are down -3 bps. Swap rates for 7 to 10 years are down -4 bps. And the 90 day bank bill rate fell by another -1 bps to 3.06%.
NZ DOLLAR HOLDS
The NZ dollar is now marginally lower at 65.1 USc, at 88.7 AUc, and 60.1 euro cents. The TWI is now back up, just over 70. Check our real-time charts here.
You can now see an animation of this chart. Click on it, or click here.