A review of things you need to know before you go home on Wednesday; more mortgage cuts, China meets target, new mortgage approvals fall, job vacancies fall, farm confidence falls, swap rates down

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

TODAY’S MORTGAGE RATE CHANGES
The Cooperative Bank cut its one year fixed rate to 4.89% today, unique because this is the only rate at this level that is not a ‘special’. Chinese bank ICBC also cut its mortgage rates down to levels offered by the big main banks. It also cut its six month fixed rate to 4.89% as well, the only bank offering this rate for that term.

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

BELIEVE IT OR NOT
China today reported Q2 growth at +7% pa, above what most observers were expecting but in line with Chinese government targets. This data release will renew doubts about the reliability of their statistics, given other more granular detail that makes the overall growth number up. The data did help push the Aussie dollar up however.

LGFA DEBT WELL BID
Yields achieved in today’s $150 mln LGFA debt tender were generally lower than the last event. The 2027s saw only a -6 bps fall, but the 2020s fell by -32 bps. All terms were well bid with the overall coverage about 3x.

WINTER ARRIVES
For the first time in 2015 we are seeing a ‘winter’ fall off in the number of new mortgages being approved, way later than in previous years. Still, the numbers are relatively high at 6,025 loans worth $1.287 bln for the week ended July 10.

$50 MLN Q CARD ‘TAP’ ISSUE FROM F&P FINANCE
Fisher & Paykel Finance has completed a $50 million issue in its Q Card receivables securitisation programme taking the total value of notes on issue to $343.25 million. F&P Finance said the new issue was in response to a reverse enquiry. The securitisation programme was launched last year. 

FEWER JOBS
MBIE reported its June review of skilled job vacancies in New Zealand and that showed declines across the board. Going against the trend, hiring for education and retail rose, and the Waikato and the Bay of Plenty were regions that are still seeing hiring growth.

DOWN ON THE FARM
Farmer confidence is still falling according to the latest Fed Farmers survey. Farmers plan to cut spending to GFC levels as low prices, drought and costs bite. They are looking for the “support of banks” for help with debt stresses.

WHOLESALE RATES FALL
NZ swap rates fell in sympathy with changes in New York overnight. they are down -1 to -3 bps here today. The 90 day bank bill rate also fell -2 bps to 3.17%.

NZ DOLLAR FLAT
The NZ dollar has meandered yet again today. It is now at 67.1 USc, at 89.9 AUc, and 61 euro cents. The TWI is now at 71.7. 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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else if (arr.length < 536)
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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 yy = "20"+fomat.substring(k2+1,k3+1);
var yy1=fomat.substring(k2+1,k3+1);

// conversion of months into numerical form

//+++++++++++++++++++++++++++++++++++
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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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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")
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mm= "12";
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// +++++++++++++++++++++++++++++++++++++++++++++++++++++++

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var timestam1 = Date.parse(date2);
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var timestam2 = Date.parse(date2);
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var timestamvar = (timestam2- timestam1);
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replic=String(arr[i][0]);
var k=0;

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var k1 =k;

do {
k++;
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var k2=k;

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

//+++++++++++++++++++++++++++++++++++
if (mm == “Jan”)
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mm= “01”;
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mm= “02”;
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else if (mm == “Mar”)
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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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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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{
mm= “10”;
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else if (mm == “Nov”)
{
mm= “11”;
}

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

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!”}’;

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var yy2 = time4.getFullYear();
var yy3 = yy2+””;
var yy4= yy3.substring(2,4);
//++++++++++++++++++++++++this for days conversion++++++++++++++++++++++++++++
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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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mm2 = “Feb”;
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mm2 = “Mar”;
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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 = “Aug”;
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mm2 = “Sep”;
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mm2 = “Oct”;
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mm2 = “Nov”;
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mm2 = “Dec”;
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fomat2=mm2+”-“+yy4;
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fomat2=mm2+”-“+yy4;
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fomat2=dd2+”-“+mm2+”-“+yy4;
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range_selector=3;
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var decpad;
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// Functionality to get the last value

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var yvalu= String(arr[i][1]);
var xyvalu=”Latest value at “+xvalu+” is “+yvalu;
updt=”Updated on “+xvalu;
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do {
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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";
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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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else if (mm == "Nov")
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mm= "11";
}

else if (mm == "Dec")
{
mm= "12";
}
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//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)
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Weeko = "Mon";
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else if (Weeko==2)
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Weeko = "Tue";
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else if (Weeko==3)
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Weeko = "Wed";
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else if (Weeko==4)
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Weeko = "Thu";
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else if (Weeko==5)
{
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)
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mm2 = "Jan";
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else if (mm2==1)
{
mm2 = "Feb";
}

else if (mm2==2)
{
mm2 = "Mar";
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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)
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fomat2=dd2+"-"+mm2+"-"+yy4;
}

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

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

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

try
{
var xmlhttp = new window.XMLHttpRequest();
xmlhttp.open("POST",file,false);
return xmlhttp;
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catch(e)
{
error=e.message;
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throw new Error("MSXML is not installed on your system.");
}

function readCSV(locfile) {
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var req = new getXMLHttpRequest(locfile);
//req.open("POST",locfile,false);
req.send("");
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}

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

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