Here is a quick snapshot of some key overnight news, views, and data.
Counterfeit euros
In case you missed the link in AndrewJ's comment from yesterday's briefing, it is worth repeating. The Irish central bank may have been creating euros, big time. The legality, and the wisdom is very questionable. Heaven help the euro if every country does this. Can't imagine the Germans tolerating it.
Product recall notices
What if bankers had to recall dodgy products, just like manufacturers do? Mark Gilbert ponders the implications.
Starting slow
The number of home loans approved over the Christmas-New Year holday period was the lowest in at least six years - since November 2003 when the RBNZ monitoring started.
Right and wrong
"Pessimists are usually right and optimists are usually wrong but all the great changes have been accomplished by optimists."
- Thomas L. Friedman
more below ...
| 7 am | --- 52 week -- | |||||||
| Today | yesterday | high | low | |||||
| -------- | -------- | --------- | --------- | |||||
| FX rates | NZ$1=US$ | 0.7711 | 0.7698 | 0.7964 | 0.6584 | |||
| NZ$1=AU$ | 0.7698 | 0.7720 | 0.8212 | 0.7408 | ||||
| Gold | in US$/oz | 1,371 | 1,368 | 1,421 | 1,058 | |||
| in NZ$ | 1,778 | 1,777 | 1,877 | 1,507 | ||||
| Copper | in US$/t | 9,560 | 9,730 | 9,754 | 6,091 | |||
| in NZ$ | 12,398 | 12,640 | 12,811 | 8,951 | ||||
| Crude oil | in US$/bl | 92.01 | 91.44 | 91.91 | 70.15 | |||
| in NZ$ | 119.32 | 118.78 | 121.36 | 101.30 | ||||
| US Treasuries | 30 yr bond | 4.56% | 4.58% | 4.78% | 3.61% | |||
| Dow | DJIA 30 | 11,816 | 11,850 | 11,850 | 9,614 | |||
Recovering fast
For a long time, NZ farmers have been paid squat for their wool clip. Wool may have been a premium product, but farmers did not get a premium price. But since August 2010 that has changed, and fast. Now the premium is flowing through to the farm gate, doubling in six months. A pity so many farmers abandoned the product during the long years of pathetic returns.
Sharp slide
Goldman Sachs have announced a halving of their 4th quarter profits to US$2.4 billion, as their revenues fell 10%, more than analysts expected. Their shares took a hit. But 2010 bonuses were down just 5% to $15.4 billion.
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