90 at 9: NZ$ jumps to 13 mth high; 2 year high vs euro; PGC capital raising soon?

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Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB, including news the New Zealand dollar jumped to a 13 month high of 71.4 USc overnight, which is appalling news for exporters but good news for importers and New Zealanders off for a foreign holiday. The worse news is that it's not just a weak US dollar. The New Zealand dollar strengthened against everyone except the Australian dollar. The kiwi rose to a 2 year high versus the Euro and a 12 year high versus the pound. On a trade weighted basis the New Zealand dollar rose to a 1 year high. This is all about perceptions of a global economic recovery and a surge in demand for commodities, which means a surge in demand for 'commodity currencies' such as the New Zealand and Australian dollars. Luckily for those exporting to Australia, we were steady versus the Australian but there are some who say we'll strengthen against the Aussie as well. Meanwhile, Adam Bennett reports in the NZHerald that PGC, which owns Marac, is close to announcing plans for a capital raising of more than NZ$160 million next week.