90 seconds at 9 am: Dow unchanged; US factory orders rise as do jobless claims; UK growing again; Australia facing big deficit; NZ$1 = US$0.806 TWI = 76.1

Here's my summary of the key news overnight in 90 seconds at 9 am, including news of treading water overnight.

The oil price has fallen back a bit - in fact pump prices here fell yesterday. Gold is holding at about US$1,330/oz, and the Dow is staying near its highs.

American factories received more orders especially for cars and machinery in June, pointing to a pickup in manufacturing that will help propel the world’s largest economy in the second half of 2013.

However, American jobless claims rose slightly last week.

Across the Atlantic, British economic growth accelerated in the second quarter as all main industries showed expansion for the first time in three years, indicating Britain’s recovery is on the mend.

In China, the main news is political, with a trial date finally announced for disgraced leader Bo Xilai.

An Australia, the consequences of the Rudd policy changes are starting to surface - a $A20 billion deficit is likely without bold new cuts, or the 'lucky country' is facing years of deficit spending.

Against these backdrops, New Zealand is looking quite different. Our recent reports of a rising trade surplus, tracking for a government surplus, real economic growth, and the first country likely to reverse tack and raise interest rates in 2014, are all pushing our currency higher.

The NZ dollar starts today a full 1c higher than this time yesterday at 80.6 USc, 87.5 AUc back near its 5 year highs, and the TWI is at 76.1 and the first time its been back over 76 since May this year.