Here's my summary of the key news overnight in 90 seconds at 9 am, including news that yesterdays revelation by RBNZ Governor Wheeler that the central bank has been intervening in the currency markets has seen our TWI fall by more than 100 bps since the beginning of the week.
And overnight, Sweden said it is doing the same. NZ and Sweden have joined Switzerland, Israel and Turkey who are trying this strategy, and may soon be joined by South Korea, Thailand and Australia.
A currency war looks like it is being started in the provinces, in response to the effects of massive QE major economies are using to reinvigorate their economies.
It's a delicate time for the international monetary system.
China’s exports unexpectedly grew faster in April even as shipments to America and Europe fell.
Analysts are increasingly concerned about the reliability of this data however, some even saying they are being inflated by "fake reports".
However, global equity markets seem unconcerned and and the euro rose overnight on that strong Chinese trade data and signs that Germany may escape a sharp slowdown.
The Dow marks new records daily and may do so again today.
And core hard commodity prices are rising; copper prices are up 2%, oil is rising too, as is the gold price. Soft commodity prices are taking a breather though.
Later this morning we get our Q1 unemployment data, and that is something that could well move our currency.
The NZ dollar starts today at 83.9 USc, 82.4 AUc and our TWI now stands at 77.4.
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