Here is David Chaston's 90 seconds at 9 am summary of overnight financial news in association with Bank of New Zealand, including news that 'risk' is definitely 'on'.
A combination of rumours of a Greek bond deal and the dovish statement from the US Fed is buoying markets today. The Greek bond rumours haven't been confirmed yet, but the Fed's 'exceptionally low' interest rate promise through to 2014 has been interpreted by markets as setting the scene for the next round of money printing - that is, the long foreshadowed QE3. If Ben Bernanke does launch it, it will be controversial.
But markets like the prospect, and it signals 'risk-on'.
The Dow and S&P500 are both up strongly - in fact the Dow went through 12,800 a few minutes ago, a level not seen since 2008. Oil is higher - slightly - and gold is holding on to the $50 jump it got when the Fed made its announcement.
And, the NZ$ has also held on to its higher levels and is currently at just under 82 US cents. I doubt we will see a significant fall in our currency any time soon, especially now that Russia has announced that it is ready to use the Aussie dollar as one of its reserve currencies.
In New Zealand today, we await the announcement of the OIO decision on the Crafar Farms sale. It is one that has implications wider than the specific issue, and will set the tone on foreign investment for a while, a bit like the Canadian Pension Fund / Auckland Airport decision did in the Clark/Cullen government.