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 the strongest performing of the most-trade currencies overnight.
The New Zealand dollar rose to 76.3 US cents overnight, back to levels last seen before the earthquake on February 22. See our interactive chart here and below.
The Australian dollar hit a post-float high of US$1.03. However, the New Zealand dollar also rose on a Trade Weighted Index basis back to 66.9, also back to pre-quake levels. See more here at Bloomberg.
Risk appetites have returned with relatively strong private jobs figures in the United States and another rise in the Dow boosting appetites for growth-related currencies. See more here at Bloomberg.
Meanwhile, New Zealand is also experiencing an influx of overseas capital, which is helping boost the currency and hurt exporters.
The New Zealand Debt Management Office will later today auction NZ$750 million of government bonds, bringing the total borrowed by the government in the last two weeks to NZ$1.7 billion. The NZDMO also announced a NZ$1.5 billion increase to NZ$15 billion in the borrowing programme for 2010/11. See Gareth Vaugahan's full article here.
Also, more than NZ$15 billion of foreign reinsurance money will flood in over the coming year to help rebuild Christchurch.
Meanwhile, the Euro rose overnight in response to fresh comments that the European Central Bank would start increasing its cash interest rate next month. See more here at Reuters.
Back in New Zealand, heavily indebted retail chain Colorado has been put into receivership. It struggled with the debt loaded onto it by a private equity investor and with the slowdown in the retail sector on both sides of the Tasman as consumers cool their spending and try to repay debt. See more here at Syd
Also in New Zealand, Jetstar has cancelled some flights to Christchurch after the quake. Visitor numbers have fallen 20% in the five weeks since the quake, according to Christchurch airport.
No chart with that title exists.
We welcome your comments below. If you are not already registered, please register to comment
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.