No changes to report today. However, ASB became the latest bank to sign up to the Kianga Ora First Home Loan scheme, joining Westpac, Kiwibank, SBS Bank, The Co-operative Bank, and some credit unions and building societies. More here<\/a>. All current mortgage rates are here<\/a>. And note, you can compare mortgage offers with our new calculator that takes into account other costs and cashback incentives, here<\/a>.<\/p>\n
TERM DEPOSIT\/SAVINGS RATE CHANGES BREMAN IS A DOVE SUBDUED, WITH A RESET RBNZ REJECTS DOSH BANK APPLICATION AS IT DOESN’T LEND MONEY PRODUCERS PASS ON MORE THAN THIER COSTS BUT CAPITAL GOODS NOT INFLATING ESSENTIALLY NO FARM INFLATION TAKE A BREAK, DO OUR NEW QUIZ UP +20% IN 2026 NZX50 TURNS BACK UP FLETCHER’S ‘DEMANDING YEAR’ SWAP RATES STABLE EQUITIES MIXED OIL DIPS CARBON PRICE STALLS GOLD EASES FURTHER NZD SOFTISH BITCOIN FALLS Select chart tabs<\/p>\n US$ Select chart tabs<\/p>\n 1 year % \n This soil moisture chart is animated here<\/a>.<\/p>\n
There are no changes today. Here is a review<\/a> of the current state of play. All updated term deposit rates less than 1 year are here<\/a>, for 1-5 years, they are here<\/a>.<\/p>\n
As expected, the RBNZ held<\/a> its OCR at 2.25% today, and said “The Committee is confident that inflation will fall to the 2 percent midpoint over the next 12 months due to spare capacity in the economy, modest wage growth, and core inflation within the target band.” So that probably means the April or May hike financial markets had priced in are less likely now – if they are right about the inflation track. It also lowers the chance of a pre-election rate hike. More here<\/a>.<\/p>\n
Cotality said<\/a> the housing market started the year in ‘subdued fashion’ as the rental market undergoes a ‘reset’.<\/p>\n
Shane Marsh, co-founder of fintech Dosh, says the Reserve Bank has rejected Dosh’s application to become a transactional bank focusing on accounts, payments, cards and savings. Marsh says the application was rejected primarily on the basis lending is a mandatory business activity for a NZ bank. He says the Reserve Bank is open to Dosh resubmitting an application that includes lending activity, and Dosh is considering this and other options.<\/p>\n
Producer cost inflation<\/a> came in at 3.2% in the year to December, up from +2.8% in the year to September. Producers raised their prices<\/a> by +3.5% (up from 3,25%) in the same December year.<\/p>\n
Capital goods inflation<\/a> is much lower, up just +1.5% from a year ago.<\/p>\n
Data from StatsNZ shows<\/a> that there is still no inflation on the farm. Their farm expenses tracking to December 2025 across all farm types ranged from +0.3% (dairy) to +2.0% (horticulture), averaging +0.6% for the year.<\/p>\n
Our quiz has been updated for this week’s edition. You can do it here<\/a>. And a new one will be added every Monday.<\/p>\n
The overnight\u00a0dairy auction<\/a>\u00a0brought another good rise, the fourth in a row, up +3.6% in USD terms this time, up almost +4% in NZ terms. Both SMP (+3.0%) and WMP (+2.5%) posted good gains again. But the star the show today was the +10.7% rise for the butter price. This result probably won’t change any farmgate payout forecasts, but it will solidify current levels.<\/p>\n
As at 3pm, the overall NZX50 index<\/a> is up +1.2% so far today and falling. That puts it down -2.4% over the past five working days. It is up +1.7% from six months ago. From a year ago it is now up only +1.1%. Market heavyweight F&P Healthcare is dup +1.9% so far today.\u00a0Gentrack, Property for Industry, Spark, and Kathmandu lead the NZX50 gains while Serko, Mainfreight, Napier Port, and Precinct are the major decliners.<\/p>\n
Fletcher Building made an after-tax loss<\/a> of -$11 mln for the first half of the 2026 financial year. They gave no update on the pending sale of the company’s residential business.<\/p>\n
Wholesale swap rates<\/a> are probably lower today after the RBNZ release. Keep an eye on our chart<\/a> below which will record the final positions closer to 5pm. The 90 day bank bill rate was down -1 bp at 2.50% on Tuesday. Today, the Australian 10 year bond yield is up +2 bps at 4.72%. The China 10 year bond rate is unchanged at 1.81%. The Japanese 10 year bond is down -6 bps at 2.11 bps today. The NZ Government 10 year bond rate is down -8 bps from yesterday at 4.40%. The RBNZ data is now ‘prior day’ with Tuesday’s rate down -2 bps at 4.42%. The UST 10yr yield is up +2 bps from this time yesterday, now just on 4.06%.<\/p>\n
The local equity market has recovered in Wednesday trade, up +1.2% so far. The ASX200 is up +0.4% in afternoon trade. Tokyo is up +1.2% in its opening trade. Hong Kong and Shanghai are closed for the CNY holiday. Singapore is closed today too. Wall Street is up +0.1% in its Tuesday trade.<\/p>\n
American oil prices are down -50 USc at just under US$62.50\/bbl, while the international Brent price is on US$67.50\/bbl.<\/p>\n
There have been very few trades again today on the secondary market and the price is still at $40\/NZU. See our daily chart tracker<\/a> of the NZU price for carbon, courtesy of emsTradepoint<\/a>.<\/p>\n
In early Asian trade, gold has fallen again from this time yesterday, down -US$55\/oz and now at US$4904\/oz. Silver is down-US$2 at just under US$76\/oz.<\/p>\n
The Kiwi dollar is down -20 bps from this time yesterday against the USD, now at just on 60.2 USc. Against the Aussie we are up +10 bps at 85.3 AUc. Against the euro we are unchanged at 50.9 euro cents. This all means the TWI-5 is now just on 63.5 and down -20 bps from this time yesterday.<\/p>\n
The bitcoin price is now at US$67,363 and down\u00a0 -1.9% from this time yesterday. Volatility has stayed modest however at +\/- 1.7%.<\/p>\n
\n AU$
\n TWI-5
\n \u00a5en
\n \u00a5uan
\n \u20acuro
\n GBP
\n Bitcoin<\/p>\n
\n 2 years %
\n 3 years %
\n 4 years %
\n 5 years %
\n 7 years %
\n 10 years %<\/p>\n
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