A review of things you need to know before you go home on Monday; Coop Bank front-foots, service sector resilient, Aussies building too many houses, swap rates flatten, NZD holds

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.

SERVICES RESILIENT
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.

Daily exchange rates

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var chart_subtitles_arr= ["Daily benchmark rate","Daily benchmark rate","Daily benchmark rate","Daily benchmark rate","Daily benchmark rate","Daily benchmark rate","Daily benchmark rate"];
var tab_titles_arr= ["US$","AU$","TWI","u00a5en","u00a5uan","u20acuro","GBP"];
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var b=2;
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// to generate the format for date representation in x axis

var timestamweek = 604800000;
var timestamday = 86400000;
var timestammonth30 = 2592000000;
var timestammonth31 = 2678400000;
var timestamyear = 31536000000;
var timestamquarterly = 7776000000;

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var yy1=fomat.substring(k2+1,k3+1);

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//+++++++++++++++++++++++++++++++++++
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mm= "08";
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do {
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do {
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var k3=k;

var dd= fomat.substring(0,k1);
var mm = fomat.substring(k1+1,k2);
var current_year=""+new Date().getFullYear();
var c_year=Number(current_year.substring(2,4));
var c_data=Number(''+fomat.substring(k2+1,k3+1));
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var yy = “19”+fomat.substring(k2+1,k3+1);
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// conversion of months into numerical form

//+++++++++++++++++++++++++++++++++++
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mm= “04”;
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mm= “05”;
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mm= “06”;
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mm= “07”;
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mm= “08”;
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mm= “09”;
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mm= “10”;
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{
mm= “11”;
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else if (mm == “Dec”)
{
mm= “12”;
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// +++++++++++++++++++++++++++++++++++++++++++++++++++++++

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var timestam_1 = Date.parse(date);
var timestam= timestam_1+86400000; //86400000 added to get correct timezone output from Date.parse
var time4 = new Date(timestam);
var Weeko = time4.getDay();
var dd2 = time4.getDate();
var mm2 = time4.getMonth();
var flag_y=arr[i][1];
var ahref_title=”Click here for full story”;
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var url=arr[i][2];
var flag_date='{“x”:’+timestam+’, “title”:”  “,”text”:”Click here for Story!”}’;

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var yy3 = yy2+””;
var yy4= yy3.substring(2,4);
//++++++++++++++++++++++++this for days conversion++++++++++++++++++++++++++++
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Weeko = “Sat”;
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Weeko = “Sun”;
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//+++++++++++++++++++++++this is for month conversion+++++

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mm2 = “Jan”;
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mm2 = “Feb”;
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mm2 = “Apr”;
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mm2 = “May”;
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mm2 = “Jun”;
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mm2 = “Jul”;
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mm2 = “Oct”;
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mm2 = “Nov”;
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// conversion of months into numerical form

//+++++++++++++++++++++++++++++++++++
if (mm == "Jan")
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mm= "01";
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else if (mm == "Feb")
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mm= "02";
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else if (mm == "Mar")
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mm= "03";
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else if (mm == "Apr")
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mm= "04";
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else if (mm == "May")
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mm= "05";
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else if (mm == "Jun")
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mm= "06";
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else if (mm == "Jul")
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mm= "07";
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else if (mm == "Aug")
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mm= "08";
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else if (mm == "Sep")
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mm= "09";
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else if (mm == "Oct")
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mm= "10";
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mm= "11";
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else if (mm == "Dec")
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mm= "12";
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var timestam = Date.parse(date);
var time4 = new Date(timestam);
var Weeko = time4.getDay();
var dd2 = time4.getDate();
var mm2 = time4.getMonth();

var yy2 = time4.getFullYear();
var yy3 = yy2+"";
var yy4= yy3.substring(2,4);
//++++++++++++++++++++++++this for days conversion++++++++++++++++++++++++++++
if (Weeko==1)
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else if (Weeko==2)
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else if (Weeko==5)
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Weeko = "Fri";
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else if (Weeko==6)
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Weeko = "Sat";
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else if (Weeko==0)
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Weeko = "Sun";
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//+++++++++++++++++++++++this is for month conversion+++++

if (mm2==0)
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mm2 = "Jan";
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else if (mm2==1)
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mm2 = "Feb";
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else if (mm2==2)
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mm2 = "Mar";
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else if (mm2==3)
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mm2 = "Apr";
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else if (mm2==4)
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mm2 = "May";
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else if (mm2==5)
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mm2 = "Jun";
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else if (mm2==6)
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mm2 = "Jul";
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else if (mm2==7)
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mm2 = "Aug";
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else if (mm2==8)
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mm2 = "Sep";
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else if (mm2==9)
{
mm2 = "Oct";
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else if (mm2==10)
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mm2 = "Nov";
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else if (mm2==11)
{
mm2 = "Dec";
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//++++++++++++++++++++++++++++++++++++++++

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fomat2=dd2+"-"+mm2+"-"+yy4;
}

// Daily
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fomat2=mm2+”-“+yy4;
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fomat2=mm2+”-“+yy4;
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var xvalu=dd2+”-“+mm2+”-“+yy4;
var yvalu= String(arr[i][1]);
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}

}
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//other required functions

//chart configuration starts here

function getXMLHttpRequest(file) {

//var arrSignatures = [“MSXML2.XMLHTTP.5.0”, “MSXML2.XMLHTTP.4.0″,
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lineCSV[lineCSV.length-1]=lineCSV[lineCSV.length-1].replace(/^s*|s*$/g,"");
var fstart = -1;

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lineCSV[j]="-DELETED-";

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fstart=-1;
}
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fstart = (lineCSV[i].match(/^"/)) ? i : fstart;
}

var j=0;

for (var i=0;i<lineCSV.length;i++) {
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CSV[j] = lineCSV[i];
j++;
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return CSV;
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function roundVal(val_num){
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return result;
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function setdecimalpoints(deca)
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var deca1= deca;
var deca2= parseInt(deca);
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return 2;
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else
{
return 0;
}
}
for(i=0;i

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