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Bernard Hickey details the key news overnight in 90 seconds at 9am in association with BNZ, including news that US Federal Reserve Chairman Ben Bernanke said in a semi-annual statement to Congress that the Federal Funds rate would stay 'exceptionally low' for an 'extended period' to help a struggling economy recover.

He said the Federal Reserve would tighten at some point, but reassurance about rates being lower for longer boosted the Dow 1%. This helped boost risk appetites globally, and therefore lifted the NZ$ to 69.3 USc from 68.8 USc.

However, the NZ$ fell to 77.5 Australian cents as fears grew about our gap in performance vs Australia is widening.

Meanwhile, China tightened its lending to local governments and Hong Kong lifted a tax on luxury homes to cool its market.

In Greece, a strike by public and private workers paralysed the country. More than 20,000 strikers marched in Athens to protest plans to cut government spending and raise taxes. Scuffles broke out on the fringes of the protest and tear gas cannisters were used. The fear is political opposition to the fiscal tightening will disrupt the plan and trigger Greece's exit from the euro.