Here are the key things you need to know before you leave work today.
KIWIBANK TWEAKS ITS MORTGAGE OFFER
It has raised its 6 mth fixed home loan rate to 5.70%, up 15 bps from 5.55%. More interestingly, it is offering a two year rate of 5.85% "for up to 60% of your home loan".
CONFIDENCE FALLS
Admittedly its at an historically high level, but the ANZ-Roy Morgan monthly consumer confidence index fell today to 128 from 134. That is a six month low. It appears that higher interest rates are starting to bite with a drop in confidence across all five questions that asked to gauge household sentiment.
DAIRY PRICES FALL FURTHER
The latest USDA 'Oceania' dairy price monitoring reports further small falls. It's a trend and is adding up. In NZ dollar terms its more marked since the fall-off started, WMP is down 22% since early March. In US dollar terms the decline is 19%.
POLL STANDINGS CHANGE
Early political jostling sees the left/right battle switch in the latest Roy Morgan poll.
BANKRUPTCIES LOW
The latest bankruptcy and NAP data is not showing any special signs of credit or financial stress. This data is now back to pre-GFC levels.
WHOLESALE RATES STEEPEN
We haven't seen this for a while, but long rates rose faster than the short end today. Wholesale Swap rates rose 1 bp to 3 years, 2 bps to 5 yrs and 3 bps to 10yrs today. The 90 day bank bill rate popped up another 1 bp to 3.41%.
OUR CURRENCY
The NZ dollar has meandered today and is ending with the USD at 85.7 USc, the Aussie at 92.7 AUc. The TWI is at 79.95.
2 Comments
Picketty - er - unpicked, by the FT no less. Data tranpositions, making stuff up, dodgy statistical analysis it's beginning to sound like Hadley CRU (the Harry Readme is still good for a larf)
http://www.economist.com/blogs/freeexchange/2014/05/inequality-0
Even the Economist hardly the bastion of socialism, doesn't buy the Financial Time's analysis.
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