Here are the key things you need to know before you leave work today.
TODAY'S MORTGAGE RATE CHANGES
There were no changes today.
TODAY'S DEPOSIT RATE CHANGES
There were no changes today.
THE NZ DOLLAR FALLS TO UNDER US80c AFTER WHEELER COMMENTS
The level of the NZ dollar is unjustified and unsustainable and is susceptible to a significant downward adjustment over the next 6-9 months RBNZ governor Graeme Wheeler said. In a statement released by the bank Wheeler said the level of the dollar is unjustified when it is inconsistent with the economic factors that typically explain its movement during a business cycle.
BAD LOANS FEW AND FAR BETWEEN FOR BANKS
Bad loans are almost as rare as hen's teeth and banks aren't expecting the picture to worsen anytime soon, KPMG says in its June quarter Financial Institutions Performance Survey. "Bad loans are harder to find than a cheap house in Auckland," KPMG says in the report, and even though asset quality deteriorated in the June quarter, this merely moved the level of impaired loans from miniscule to tiny.
ANZ MAY FACE STRIKE OVER CHANGE TO WORKERS' HOURS
First Union, which represents financial services workers, said its members who work for ANZ were considering strike action over the bank's desire to implement more flexible working hours. First Union represents about 1300 (16%) of ANZ staff.
FMA KEPT BUSY IN THE COURTS
The Financial Markets Authority dealt with 2701 inquiries and 839 complaints in the year to June and stepped up its action in court as it completed a number of finance company investigations, it latest report shows.
WHOLESALE RATES
Swap rates remain at levels similar to yesterdays close. The 90 day bank bill rate rose another +2 bp to 3.74%.
OUR CURRENCY
Check our real-time charts here. The Kiwi dollar strengthened first thing however a mid-afternoon statement from RBNZ Governor Wheeler saw the NZD/USD trade below 80c as we noted above. The NZD is currently trading at 80 USc and 90.6 AUc. The TWI is at 78.22.
You can now see an animation of this chart. Click on it, or click here.
3 Comments
Wheeler smashes the AUD
Markets Live: RBNZ jawbones - Aussie plunges
The Aussie dollar hit a fresh seven-month low, pulled down by a plunge in the Kiwi, while local stocks trimmed their early gains, as banking stocks face some renewed selling pressure.
www.smh.com.au/business/markets-live/markets-live-rbnz-jawbones-aussie-plunges
Short sellers take huge bet on China using ASX mining sector as a proxy
Short sellers swoop on Australia's stock market to bet that the iron ore rout has further to run.
www.smh.com.au/business/mining-and-resources/short-sellers-swoop-on-aussie-miners
Deja-Vu for Fonterra and Global Dairy
Some sadistics quoted on RadioLive ( Andrew Patterson ) that Australians own $NZ 115 billion of real estate in NZ ... the Chinese as a group own $NZ 8 and a half billion ...
... those Aussies have 12 times as much invested here , in our houses and farms , as the Chinese do ...
Shifty eyed Aussies ... don't trust them .... and they sound weird too , don't talk proper , ay !
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