WELLINGTON, Oct 13 (Reuters) - The New Zealand dollar gained on Monday as the New Zealand government joined with Australia in taking steps to guarantee savings within the banking system.
* NZ dollar regains the $0.60 level in early local trade, as the New Zealand government said it will offer a guarantee scheme for retail deposits. see
* Finance Minister Michael Cullen said the scheme covers deposits in retail banks and non-bank deposit-taking entities, and stressed the country's banking system remains sound.
* European leaders meet to co-ordinate a response to the credit crisis, pledging to inject capital to shore up ailing banks. see
* Analysts see continued volatile trade in kiwi until wider markets begin to settle. Support seen likely to start about $0.58 with resistance probable from $0.6240.
* On the local front, August retail sales is due at 10.45 a.m. (2145 GMT), with a Reuters poll picking a rise of 0.3 percent on July, and 1.2 percent higher than a year ago.
* House prices fell further in September, dropping 5.8 percent from a year earlier, with little sign of a recovery amid recession and tighter lending criteria. see
* The U.S. dollar hit a 15-month high against a basket of currencies as investors flocked to the safety of cash amid falling stocks and tighter credit markets.
* New Zealand bonds open steady, as U.S. Treasuries were buoyed by flows away from equities.
* NZ two-year swap rate at 6.43/46 percent compared with Friday's 6.49 percent. --------------Oct 13 snapshot at 9.00 a.m. (2000 GMT)------------
(figures in brackets from Oct 10)
90-DAY BILLS (DEC)untraded(PREV 93.41) 90
DAYS 7.60 (PREV 7.60)
90
DAY BILLS (MAR) 93.78 (PREV 93.79) 07/09 5.26 (PREV 5.26)
90
DAY BILLS (JUN)untraded(PREV 93.90) 11/11 5.32 (PREV 5.27) NZD TRADE WEIGHTED 59.79 (PREV 59.08) 04/13 5.43 (PREV 5.37) NZD/USD 0.6014/24 (PREV 0.5950/60) 12/17 5.68 (PREV 5.62) NZD/AUD 0.8996/15 (PREV 0.8898/19) RBNZ MCI+ 297 (PREV+ 239) NZD/EUR 0.4426/34 (PREV 0.4387/96) US 10-YR 3.88 (PREV 3.70) NZD/JPY 60.57/70 (PREV 59.01/12) AU 10-YR 5.14 (PREV 5.01) ***SPREADS: NZ/US 10-YR +180 (+198) NZ/AUS 10-YR +54 (+61)*** . ng COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
* NZ dollar regains the $0.60 level in early local trade, as the New Zealand government said it will offer a guarantee scheme for retail deposits. see
* Finance Minister Michael Cullen said the scheme covers deposits in retail banks and non-bank deposit-taking entities, and stressed the country's banking system remains sound.
* European leaders meet to co-ordinate a response to the credit crisis, pledging to inject capital to shore up ailing banks. see
* Analysts see continued volatile trade in kiwi until wider markets begin to settle. Support seen likely to start about $0.58 with resistance probable from $0.6240.
* On the local front, August retail sales is due at 10.45 a.m. (2145 GMT), with a Reuters poll picking a rise of 0.3 percent on July, and 1.2 percent higher than a year ago.
* House prices fell further in September, dropping 5.8 percent from a year earlier, with little sign of a recovery amid recession and tighter lending criteria. see
* The U.S. dollar hit a 15-month high against a basket of currencies as investors flocked to the safety of cash amid falling stocks and tighter credit markets.
* New Zealand bonds open steady, as U.S. Treasuries were buoyed by flows away from equities.
* NZ two-year swap rate at 6.43/46 percent compared with Friday's 6.49 percent. --------------Oct 13 snapshot at 9.00 a.m. (2000 GMT)------------
(figures in brackets from Oct 10)
90-DAY BILLS (DEC)untraded(PREV 93.41) 90
DAYS 7.60 (PREV 7.60)
90
DAY BILLS (MAR) 93.78 (PREV 93.79) 07/09 5.26 (PREV 5.26)
90
DAY BILLS (JUN)untraded(PREV 93.90) 11/11 5.32 (PREV 5.27) NZD TRADE WEIGHTED 59.79 (PREV 59.08) 04/13 5.43 (PREV 5.37) NZD/USD 0.6014/24 (PREV 0.5950/60) 12/17 5.68 (PREV 5.62) NZD/AUD 0.8996/15 (PREV 0.8898/19) RBNZ MCI+ 297 (PREV+ 239) NZD/EUR 0.4426/34 (PREV 0.4387/96) US 10-YR 3.88 (PREV 3.70) NZD/JPY 60.57/70 (PREV 59.01/12) AU 10-YR 5.14 (PREV 5.01) ***SPREADS: NZ/US 10-YR +180 (+198) NZ/AUS 10-YR +54 (+61)*** . ng COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.