A review of things you need to know before you go home on Friday; flurry of TD rate changes, Auckland and Christchurch look to Wellington for their projects, markets await US NFP result

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

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

TODAY'S DEPOSIT RATE CHANGES
TSB Bank raised its 18 month term deposit offer marginally to 4.60% from 4.55%. Heartland Bank went a bit further raising its six month rate to 4.40% from 4.00%, its 9 month offer to 4.45% from 3.95%, its 18 month offer to 4.65% from 4.50% and their five year term deposit to 5.70% from 5.50%.

TSB Bank has also raised interest rates on its WebSaver account to 3.50% from 3.25%. And they have raised the rates on their Premier Chequeing accounts. Balances over $100,000 now will get an interest rate of 4.35%; up to $20,000 the rate is 3.25%. There are other intermediate rates between these two levels, all up about 25 bps.

LEN'S TRAIN SET 'CHEAPER'
Auckland Council has advised that they have found savings in its gold-plated train project it wants the country to fund. They now say the cost will be $2.4 bln rather than $2.86 bln. To achieve those savings they have abandoned one new  underground station and agreed to seek less equipment.

ASSET SALES AHEAD?
Another independent report says the Christchurch City Council may need to find an additional $783 million to $883 million by 2019. The total amount of extra funding required will depend on issues such as the planning of anchor projects, spending on infrastructure repairs, and the level of insurance payments. Options proposed for closing the funding gap include increasing rates, borrowing more, maximising insurance payments, and "freeing up capital from its commercial assets" (that is, asset sales).

CHINA FACTORIES EXPANDING
The China PMI today came in at 51.7, slightly above expectations. 51.4 was expected. This is the same as the unofficial HSBC China PMI. Both are at at least an 18 month high.

PPI LOWER IN AU
Producer prices were down across the board in Australia in June compared with March, according to data out today by the ABS.

WHOLESALE RATES
Swap rates started August pretty much unchanged today, despite the run up in yields in New York last night. The 90 day bank bill rate was also unchanged at 3.71%.

OUR CURRENCY
The NZ dollar is basically unchanged as well today. The NZD is still at 85.0 USc, is at 91.5 AUc and the TWI is at 79.7. Direction in currency markets is completely on hold awaiting the US Non-farm Payrolls report early tomorrow morning NZ time. Even the good Chinese PMI data hasn't moved anything.

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