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90 seconds at 9 am: NZ$ at six-month high against AUD; yuan rising; US house prices at 2003 levels; OECD urges more European money printing
Here's our summary of the key news overnight in 90 seconds at 9 am, includings news the New Zealand dollar was little changed overnight, except we rose against the Aussie dollar.
Markets are worried that China is slowing faster than expected, and Australia could be the main casualty.
Our dollar rose to its highest level against the Aussie in over six months. At the same time, China is signalling it is prepared to let its currency rise.
Meanwhile, in the world's biggest economy, stocks fell slightly - the Dow was off its recent highs - as consumer confidence fell in March (although it was higher than expected), hot on the heals of yesterday's news that US house prices sank as well. Home prices fell to new lows in January, but the rate of decline appears to be easing, offering the latest sign that an elusive bottom in prices could be in sight. US house prices are now back at 2003 levels.
But the stock market is holding near those recent highs because Ben Bernanke has held out the prospect of more quantitative easing - jobs growth seems to be the current focus of US monetary authorities.
In Europe, the OECD has come out supporting more money printing there to try and kick-start the region's economy.
Across the Tasman, the Aussies are strugging with some big issues in addition to grappling with the consequences of a China slowdown. They are coming to terms with the reach and security risks of China's state-owned Hauwei telecommunications equipment supplier, seeing house prices fall, and a big mid-market bank, the Bank of Queensland is struggling.