A review of things you need to know before you go home on Thursday; lots of floating rate cuts, one sub 6%, change at Heartland, swap rates rise and flatten, NZD rises ignoring Wheeler

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

TODAY’S MORTGAGE RATE CHANGES
Most big banks jumped straight out to announce floating rate reductions to match the RBNZ decision. We had early calls from Kiwibank and ANZ. SBS Bank then announced the lowest floating rate at 6.14% for a while. (But kudos to Cooperative Bank for announcing very early – their cut came on Monday.) But an announcement late today from BNZ of a Total Money rate of 5.99% has become the current lowest floating rate offer.

TODAY’S DEPOSIT RATE CHANGES
There have been no term deposit rate changes announced so far today.

DOWN, DOWN
Today is all about the OCR rate cut. RBNZ says “some further easing seems likely” and they said a further fall in NZ$ is still necessary. They have cut their GDP growth view to 2.5% from 3%.

EXECUTIVE ‘INTEGRAL TO HEARTLAND’S FORMATION’ LEAVES
Heartland Bank’s executive director and head of strategic & product development, Michael Jonas, has announced his resignation. Managing director Jeff Greenslade said Jonas had been integral to the formation of Heartland, the acquisition of PGG Wrightson Finance, achieving bank registration, and the acquisition of Sentinel and Australian Seniors Finance.

NOT CLOSE
If you had been following the debate in the Greek Parliament over whether they would actually enact the law changes to effect the deal with the EU, you could be forgiven if you thought the Government might struggle to get the necessary support. But they have now voted: the law was approved by 230 lawmakers. 5 MPs abstained, 63 voted against bill.

WHOLESALE RATES UNCHANGED
NZ swap rates flattened severely today following the OCR decision. One year rates rose +5 bps, two years rose +4 bps, five years were up +1 bp while ten years where down -2 bps. The 90 day bank bill rate was unchanged at 3.06%.

NZ DOLLAR UNCHANGED
The NZ dollar is basically unchanged on the day at 66.3 USc, at 89.9 AUc, and 60.6 euro cents. The TWI is still at 71.1. Our exchange rate did fall last night but after the RBNZ announcement it rose back strongly to yesterday’s levels. Currency markets ignored the RBNZ’s plea for lower cross rates, probably because the Bank has now completely removed the use of the words “unsustainable and unjustified” when describing the value of the NZD. 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 csvfiles_loc= ["/charts-csv/chart_data/exchangerates/daily-usd.csv"," /charts-csv/chart_data/exchangerates/daily-aud.csv"," /charts-csv/chart_data/exchangerates/daily-twi.csv"," /charts-csv/chart_data/exchangerates/daily-yen.csv"," /charts-csv/chart_data/exchangerates/daily-yuan.csv"," /charts-csv/chart_data/exchangerates/daily-eur.csv"," /charts-csv/chart_data/exchangerates/daily-gbp.csv"];
var chart_title_arr= ["US dollar","Australian dollar","Trade weighted index","Japanese Yen","Chinese Yuan","Euro","British pound"];
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"];
var source_arr= ["RBNZ","RBNZ","RBNZ","RBNZ","RBNZ","RBNZ","RBNZ"];
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var loc;
var updt;
var val_num;
var vi=0;
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var yaxisAr = new Array();
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else if (arr.length < 536)
{
var b = 537 – arr.length;
}
else if(arr.length == 536)
{
var b=2;
}

// 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 mm = fomat.substring(k1+1,k2);
var yy = "20"+fomat.substring(k2+1,k3+1);
var yy1=fomat.substring(k2+1,k3+1);

// 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")
{
mm= "03";
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else if (mm == "Apr")
{
mm= "04";
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else if (mm == "May")
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mm= "05";
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else if (mm == "Jun")
{
mm= "06";
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else if (mm == "Jul")
{
mm= "07";
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else if (mm == " Aug")
{
mm= "08";
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else if (mm == "Sep")
{
mm= "09";
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else if (mm == "Oct")
{
mm= "10";
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else if (mm == "Nov")
{
mm= "11";
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else if (mm == "Dec")
{
mm= "12";
}

// +++++++++++++++++++++++++++++++++++++++++++++++++++++++

var date2 = mm+"/"+dd+"/"+yy;

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{
var timestam1 = Date.parse(date2);
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else if(u==1)
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var timestam2 = Date.parse(date2);
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}
var timestamvar = (timestam2- timestam1);
var flagAR_count=0;
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var tempAr1 = new Array();
arr[i] = parseLineCSV(arr[i]);
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replic=String(arr[i][0]);
var k=0;

do {
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var k1 =k;

do {
k++;
} while(fomat.charAt(k)!="-")
var k2=k;

do {
k++;
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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));
if(c_data c_year)
{
var yy = “19”+fomat.substring(k2+1,k3+1);
}
else if(c_data == c_year)
{
var yy = “20”+fomat.substring(k2+1,k3+1);
}
// conversion of months into numerical form

//+++++++++++++++++++++++++++++++++++
if (mm == “Jan”)
{
mm= “01”;
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else if (mm == “Feb”)
{
mm= “02”;
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else if (mm == “Mar”)
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mm= “03”;
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{
mm= “04”;
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else if (mm == “May”)
{
mm= “05”;
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else if (mm == “Jun”)
{
mm= “06”;
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else if (mm == “Jul”)
{
mm= “07”;
}

else if (mm == “Aug”)
{
mm= “08”;
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else if (mm == “Sep”)
{
mm= “09”;
}

else if (mm == “Oct”)
{
mm= “10”;
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else if (mm == “Nov”)
{
mm= “11”;
}

else if (mm == “Dec”)
{
mm= “12”;
}
// +++++++++++++++++++++++++++++++++++++++++++++++++++++++

var date = mm+”/”+dd+”/”+yy;

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!”}’;

flagAr[csvgen_counter].push(flag_date);
}
var yy2 = time4.getFullYear();
var yy3 = yy2+””;
var yy4= yy3.substring(2,4);
//++++++++++++++++++++++++this for days conversion++++++++++++++++++++++++++++
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Weeko = “Mon”;
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Weeko = “Tue”;
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Weeko = “Wed”;
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{
Weeko = “Thu”;
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{
Weeko = “Fri”;
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else if (Weeko==6)
{
Weeko = “Sat”;
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else if (Weeko==0)
{
Weeko = “Sun”;
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//+++++++++++++++++++++++this is for month conversion+++++

if (mm2==0)
{
mm2 = “Jan”;
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else if (mm2==1)
{
mm2 = “Feb”;
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else if (mm2==2)
{
mm2 = “Mar”;
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else if (mm2==3)
{
mm2 = “Apr”;
}

else if (mm2==4)
{
mm2 = “May”;
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else if (mm2==5)
{
mm2 = “Jun”;
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else if (mm2==6)
{
mm2 = “Jul”;
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else if (mm2==7)
{
mm2 = “Aug”;
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else if (mm2==8)
{
mm2 = “Sep”;
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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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fomat2=dd2+”-“+mm2+”-“+yy4;
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fomat2=mm2+”-“+yy4;
padding_value=timestamyear;
range_selector=3;
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fomat2=mm2+”-“+yy4;
padding_value=timestamquarterly;
range_selector=3;
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fomat2=dd2+”-“+mm2+”-“+yy4;
padding_value=timestamday;
range_selector=3;
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var decpad;
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arr[i][1] = decpad;

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// Functionality to get the last value

var xvalu=dd2+”-“+mm2+”-“+yy4;
var yvalu= String(arr[i][1]);
var xyvalu=”Latest value at “+xvalu+” is “+yvalu;
updt=”Updated on “+xvalu;
}

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arr[i][1]=null;
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// tempAr1.push(timestam);
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xpad=last_val+padding_value; //*****************to end up graph early//////
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vi=arr.length-i;
arr.length=arr.length-vi;
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fomat = replic;

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do {
k++;
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var k3=k;

var dd= fomat.substring(0,k1);
var mm = fomat.substring(k1+1,k2);
var yy = "20"+fomat.substring(k2+1,k3+1);

// conversion of months into numerical form

//+++++++++++++++++++++++++++++++++++
if (mm == "Jan")
{
mm= "01";
}
else if (mm == "Feb")
{
mm= "02";
}

else if (mm == "Mar")
{
mm= "03";
}

else if (mm == "Apr")
{
mm= "04";
}

else if (mm == "May")
{
mm= "05";
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else if (mm == "Jun")
{
mm= "06";
}

else if (mm == "Jul")
{
mm= "07";
}

else if (mm == "Aug")
{
mm= "08";
}

else if (mm == "Sep")
{
mm= "09";
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else if (mm == "Oct")
{
mm= "10";
}

else if (mm == "Nov")
{
mm= "11";
}

else if (mm == "Dec")
{
mm= "12";
}
// +++++++++++++++++++++++++++++++++++++++++++++++++++++++

var date = mm+"/"+dd+"/"+yy;
//here flagAr may be
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)
{
Weeko = "Mon";
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else if (Weeko==2)
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Weeko = "Tue";
}

else if (Weeko==3)
{
Weeko = "Wed";
}

else if (Weeko==4)
{
Weeko = "Thu";
}

else if (Weeko==5)
{
Weeko = "Fri";
}

else if (Weeko==6)
{
Weeko = "Sat";
}

else if (Weeko==0)
{
Weeko = "Sun";
}

//+++++++++++++++++++++++this is for month conversion+++++

if (mm2==0)
{
mm2 = "Jan";
}

else if (mm2==1)
{
mm2 = "Feb";
}

else if (mm2==2)
{
mm2 = "Mar";
}

else if (mm2==3)
{
mm2 = "Apr";
}

else if (mm2==4)
{
mm2 = "May";
}

else if (mm2==5)
{
mm2 = "Jun";
}

else if (mm2==6)
{
mm2 = "Jul";
}

else if (mm2==7)
{
mm2 = "Aug";
}

else if (mm2==8)
{
mm2 = "Sep";
}

else if (mm2==9)
{
mm2 = "Oct";
}

else if (mm2==10)
{
mm2 = "Nov";
}

else if (mm2==11)
{
mm2 = "Dec";
}
//++++++++++++++++++++++++++++++++++++++++

//weekly
if ( timestamvar == timestamweek)
{
fomat2=dd2+"-"+mm2+"-"+yy4;
}

// Daily
else if ( timestamvar = timestamyear)
{
fomat2=mm2+”-“+yy4;
}

//monthly
else if ((timestamvar <= timestammonth30)&&(timestamvar = timestamquarterly)
{
fomat2=mm2+”-“+yy4;
}

arr[i][0]= fomat2;
var decpad;

decpad = parseFloat(arr[i][1]);
//arr[i][1] = roundVal(decpad);
arr[i][1] = decpad;
if(i==(arr.length-1))
{

var xvalu=dd2+”-“+mm2+”-“+yy4;
var yvalu= String(arr[i][1]);
var xyvalu=”Latest value at “+xvalu+” is “+yvalu;
updt=”Updated on “+xvalu;
}
}

}
}

//other required functions

//chart configuration starts here

function getXMLHttpRequest(file) {

//var arrSignatures = [“MSXML2.XMLHTTP.5.0”, “MSXML2.XMLHTTP.4.0″,
//”MSXML2.XMLHTTP.3.0”, “MSXML2.XMLHTTP”,
//”Microsoft.XMLHTTP”];

//for (var i=0; i < arrSignatures.length; i++) {

try
{
var xmlhttp = new window.XMLHttpRequest();
xmlhttp.open("POST",file,false);
return xmlhttp;
}
catch(e)
{
error=e.message;
}

//}
throw new Error("MSXML is not installed on your system.");
}

function readCSV(locfile) {
// load a whole csv file, and then split it line by line
var req = new getXMLHttpRequest(locfile);
//req.open("POST",locfile,false);
req.send("");
return req.responseText.split(/n/g);
}

function parseLineCSV(lineCSV) {
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lineCSV = lineCSV.replace(/,/g," ,");

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// remove all trailing space in each field
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lineCSV[i] = lineCSV[i].replace(/s*$/g,"");
}

lineCSV[lineCSV.length-1]=lineCSV[lineCSV.length-1].replace(/^s*|s*$/g,"");
var fstart = -1;

for (var i=0;i=0) {
for (var j=fstart+1;j<=i;j++) {
lineCSV[fstart]=lineCSV[fstart]+","+lineCSV[j];
lineCSV[j]="-DELETED-";

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

var j=0;

for (var i=0;i<lineCSV.length;i++) {
if (lineCSV[i]!="-DELETED-") {
CSV[j] = lineCSV[i];
j++;
}

}

return CSV;
}

function roundVal(val_num){
var dec = 2;
var result = Math.round(val_num*Math.pow(10,dec))/Math.pow(10,dec);
return result;
}

function setdecimalpoints(deca)
{
var deca1= deca;
var deca2= parseInt(deca);
if((deca1-deca2)!=0)
{
return 2;
}
else
{
return 0;
}
}
for(i=0;i

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