90 seconds at 9 am: US jobs growth underwhelms; BofE knew of fx manipulation in 2006; IMF calls for ECB rate cut; another China rate jump; AU growth surprises; NZ$1 = US$0.842 TWI = 79.0

Here's my summary of the key news overnight in 90 seconds at 9 am, including news markets are much calmer now despite Ukraine tensions.

In the US, according to the ADP employment survey, a pre-cursor to this weekend's official Non-Farm Payrolls report, American firms added only a modest number of new jobs in February - 139,000 and down from the 175,000 in the January survey. The February result was lower than what markets were expecting which was growth of 159,000. The Fed Beige Book focussed on the recent weather-related impediments to the US economy.

The Bank of England has suspended a staff member and published records showing concerns about the risks of benchmark currency-rate manipulation were raised in meetings as early as July 2006.

The ECB is set to review its interest rates tomorrow and the IMF has called on them to cut them and add a big new QE effort. Japanese-style deflation is the worry, say the IMF staffers.

China’s benchmark money-market rate rose for a second day as the central bank drained excess cash released by its intervention to weaken the yuan. It's now at 3.81% up more than 100 bps from 2.78% on Monday. Beijing is deliberately making policy that injects more risk into their financial system, one that has grown used to bailouts and other government support.

Australia's Q4 GDP growth beat estimates in data released late yesterday. It grew at 2.8% in 2013 and the December quarter came in at +0.8% topping forecasts. Australia’s economy may have shaken off the threat of a serious downturn, helped by growing household spending and booming exports, and that's according to John Edwards, a prominent RBA board member.

And in Australia, the court judgment that S&P is liable for its ratings when a company goes bad has S&P warning that its business may not be viable if the legal system calls its ratings 'investment advice'.

Oil has dropped another US$1/barrel overnight and gold is up slightly after yesterday's fall and is now just below US$1,340/oz. The benchmark UST 10yr bond is up again at 2.71% and equities are range trading in New York in early afternoon.

Here's an echo from the recent past involving Ben Bernanke. As the Fed boss, his pay was US$199,700 per year. Now that he is not the Fed boss, a speech yesterday in Abu Dhabi netted him US$250,000 - in a week where this was one of three speeches he will give.

The NZD is higher today and it is the first time the NZD has been over 84 USc since October last year. We start today at 84.2 USc, 93.8 AUc and the TWI is up a tick at 79.0.

If you want to catch up with all the changes yesterday, we have an update here.

The easiest place to stay up with today's event risk is by following our Economic Calendar here »

(Updated with Beige Book details.)