Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with Bank of New Zealand, including news the New Zealand dollar hit a 2010 high against the US dollar of 74.6 USc late on Friday night.
The US dollar is weakening on concerns the US Federal Reserve is about to print money, setting off another round of competitive devaluations in the Northern Hemisphere.
Cheap US dollars and Yuan are looking for homes elsewhere, hoping to acquire assets in the likes of Brazil, Australia and New Zealand before their currencies are devalued.
Luckily for New Zealand exporters, our trade weighted index is not near its highs as the New Zealand dollar is near 10 year lows vs the Australian dollar.
Australia is expected to put up its interest rates in coming months to cool down an economy doing well from the Chinese-fueled commodity boom.
Australia is doing so well that its currency is near 97 USc and set for parity.
Meanwhile, the shift to move cheap US dollars into other more solid assets is alive in the South Island where Harvard University has bought Central Otago's biggest dairy farm Big Sky Dairy for more than NZ$28 million, the Southland Times reports.
The converted farm was put into receivership in 2007 and has 6000 cows on 1,600ha.
The Dominion Post reports that more than 4,000ha of farmland has been sold in the last 3 months to Australian, UK, American and Israeli investors.
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