A review of things you need to know before you go home on Tuesday; UDC 'special', inflation expectations slip, GDT looks negative, VW admits there's more, swaps quiet, NZD slips

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

TODAY’S MORTGAGE RATE CHANGES
There were no rate changes today.

TODAY’S DEPOSIT RATE CHANGES
UDC have a a new one year ‘online special’ of 3.75%.

EXPECTATIONS SLIP
Today’s RBNZ survey of inflation expectations will disappoint them. The key number in the survey of consumer expectations is that inflation two years out is 1.85%, down from 1.94%. I suspect they would have liked it to pick up a little.

LOW EXPECTATIONS
All eyes are now on tomorrow’s GlobalDairyTrade auction and you should brace yourself for another weak result. Today’s derivatives pricing suggests WMP prices around US$2,300/tonne. If they do come in at that level that will be an -6.5% fall from current levels.

KEY EXPECTATIONS
In addition to our eyes on the GDT results, the main markets will be focused on the US inflation results along with ‘real earnings’, and industrial production data, all for October. These will all have quite an impact on how Wall Street sets up for the December Fed decision. We will know all this data first thing tomorrow morning.

CORPORATE FAILURE
VW is now admitting its emissions fraud is wider than previously admitted. The latest revelations extend the problems far wider for petrol models.

FMA TELLS FINANCIAL SERVICE PROVIDERS TO PUT CUSTOMERS’ INTERESTS FIRST

The Financial Markets Authority says it’ll take a few years for financial service providers to meet the sales and advice expectations of both consumers and the FMA under the new Financial Markets Conduct Act regime. This comes as the regulator issues its first monitoring report on sales and advice practices in financial services. The FMA says there are a lack of comprehensive governance systems, inadequate attention to ensuring consumers have access to appropriate information and advice, and a lack of comprehensive compliance systems. A review of KiwiSaver data found no systemic issues, but the FMA is concerned that consumers aren’t always receiving the support they require or desire.

WHOLESALE RATES QUIET
It is eerily quiet on the wholesale interest rate front. Local wholesale swap rates fell today by -1 bp across the curve. The 90 day bank bill rose +1 bp to 2.88%.

NZ DOLLAR SLIPS
Our currency slowly slipped today. It is now at 64.7 USc, at 91.1 AUc and 60.6 euro cents. The TWI-5 is at 70.5. 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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