90 at 9: NZ$ hits 72 USc; NZers most confident in banks; FDIC asks banks for cash

Click here for this morning's video. Bernard Hickey details the key news overnight in 90 seconds at 9am, including news the NZ dollar hit 72 USc overnight after apparently better than expected current account deficit news and Fonterra's announcement of a higher forecast payout. But the deficit improvement may be shortlived because BNZ's tax case loss and the resulting reduction in profit flow across the Tasman made the numbers look better. That could easily be reversed as BNZ is appealing. Meanwhile a RaboPlus survey of Financial Confidence has found that New Zealanders trust finance companies the least and banks the most, but prefer property above all other financial investments. Overseas, the US Federal Deposit Insurance Corp (FDIC) has asked banks to replenish its depleted deposit insurance fund, rather than taxpayers. There's also news that US railroad loadings are down 19.8% from a year ago, signalling signs of US green shoots may be premature.