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 was slightly weaker overnight at just under 75 USc and has been the worst performing of the most traded currencies so far this year.
However, it has remained relatively strong and stable despite the worst natural and economic disaster in our history. See our interactive chart below.
Record high commodity prices have helped. The ANZ Commodity Price index rose 2.7% last month to a fresh record high. See more here in our article.
Overnight milk powder prices in Fonterra's fortnightly internet auction rose 5.9% to a record high for the internet auction and their highest level since January 2008.
Prices are only 12% below their October 2007 peak.
See our full article here on the Fonterra powder price surge.
Meanwhile, the Dow was down 1% overnight despite news of the fastest US factory outpute growth since May 2004. See more here at Bloomberg.
Markets are worried about another surge in the oil price overnight on fears of turmoil in Iran, where protestors clashed with security officials overnight.
Meanwhile, US Federal Reserve Chairman Ben Bernanke said the US economy was in a 'self sustaining' growth mode with growth expected this year of around 4.1%. See more here at Bloomberg.
But he said he was determined to keep his QE II programme of money printing going because jobs growth was anemic. He said any inflation gain from rising commodity prices would only be temporary. See more here at Bloomberg.
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