A review of things you need to know before you go home on Tuesday; no rate changes, Auckland house prices at another record, QSBO split, freely visiting, positive data, swaps rise, NZD rises

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

TODAY’S MORTGAGE RATE CHANGES
There are no changes to report today. BNZ’s 4.39% two year rate has not yet been responded to by any bank.

TODAY’S DEPOSIT RATE CHANGES
There are no changes to report here either.

UP IN THE CLOUDS
Auckland’s dominant realtor, Barfoot & Thompson, saw its median price hit a new record of $790,000 in September and the average price hit $836,200, also a record. But the company warned that prices ‘are at a crossroads’. New listings hit a twelve year high for a September month.

DOWN IN THE DUMPS
Online call accounts are now returning record low interest rates.The average offer rate is now just 2.45% and now lower than at any time during the heart of the GFC. If you are on the top marginal tax rate, the after-tax return is now a paltry 1.64% per annum.

“I’M OK, BUT YOU AREN’T”
NZIER’s Quarterly Survey of Business Opinion shows confidence about economy is at its lowest since March 2011, but businesses are confident about themselves. Inflation pressures are at a 16 yr low. A net 6% of firms cut have prices. These new survey data did not really move markets today, probably because the general thrust confirms what we have already seen in the monthly ANZ Business Confidence survey.

PEAK CARS?
NZTA today advised that 11,667 used imports were sold in September. You have to go back to 2005 to get a larger number for a September. That means that more than 20,000 new and used imported cars were sold in the month, the fourth highest total of all time, for any month. Analysts are expecting ‘peak car sales’ to be near.

VISITING THE CUZZIES
The Aussies are reporting that 111,100 Kiwis visited their fair shores in August. We now account for 18% of all their visitor traffic. (They accounted for 102,900 of our 202,900 total August visitors, or 51%.)

A FRESHENING BREEZE
Westpac economists found a surprising result when they checked 20 data items in the September quarter. “After a soft run over the first half of this year, the activity data for the September quarter has shown a renewed lease of life. Of our 20 main indicators, 19 of them recorded growth in August, and the only one that fell – building consents – was coming off a big gain in July. That’s the highest proportion in the history of our dataset, which goes back to 2008.” Still, they couldn’t actually bring themselves to conclude things are picking up.

MINNOW GAINS
The Chinese Yuan has entered the top four of world payment currencies by value in August 2015, overtaking the Japanese Yen and reaching a record high share of 2.8% in global payments, according to SWIFT’s RMB Tracker. The USD is still top at 44.8% share (up +4%), followed by the euro at 27.2% (down -6.3%) and the British pound at 8.4% (down -0.9%).

NOTHING TO SEE?
No surprises are expected, but be aware that the RBA is reviewing its 2% cash rate target today at 4:30 pm. There will be fireworks if they do change it however.

WHOLESALE RATES
Following the rises on Wall Street last night, local swap rates have recovered all the prior day falls by gaining +2 and +4 bps today. And the 90 day bank bill rate is up +1 bp to 2.83%.

NZ DOLLAR HIGHER
The Kiwi dollar has moved higher again today, shrugging off the QSBO and looking forward to tomorrows dairy auction. It is currently at 64.9 USc, 91.6 AUc and 58 euro cents. The TWI-5 is 69.6. 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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