90 at 9: NZ$ strong over 60 USc on global risk appetites; GM likely to go bankrupt
12th May 09, 9:02am
Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB. The New Zealand dollar rose to a 6 month high of 61.5 USc in the last 24 hours before easing back to 60.5 US cents overnight. Global investors are feeling luckier about the economic outlook and looking for riskier assets such as the New Zealand dollar. But the Dow was down 1.6% in late trade as profit takers moved after the biggest 1 month rally in 7 years and as banks looked to sell shares to fill the black holes identified by the stress tests. Also, General Motors said it was more likely to seek bankruptcy protection.