Here's my summary of the key news overnight in 90 seconds at 9 am, including news its all about the exchange rate this morning.
The New Zealand dollar is to be the sixth currency to have direct convertibility to the Chinese yuan, after the US dollar, Japanese yen, Australian dollar, Russian ruble and Malaysian ringgit.
ANZ, HSBC and Westpac all announced that they were approved by the Chinese central bank to be market makers for the currency pair.
As this was being announced in Beijing last night, the Kiwi dollar took off higher and is currently at an all-time, post float TWI high of 80.4.
We are at 86.3 USc the highest since April 2013 and as you read this it may have gone even higher, threatening the August 2011 all-time post float levels. We have also surged higher against the euro and the English pound, as well as the Chinese yuan where we are the highest since April 2013 as well.
All this is despite another big fall in the Fonterra dairy auction, down another 5.2% on top of the previous 4% decline, even more - 7.9% - in NZ dollars. Over the past two auctions, proces have fallen more than 12% in NZ dollars. The payout levels may be under question.
As this was happening, a large Chinese real estate developer with more than half a billion dollars in debt has collapsed and its largest shareholder detained in what could be a further sign of financial stress in the world's second largest economy. Chinese house price inflation is cooling.
Meanwhile, consumer inflation in the US was little changed in February, coming in at 1.1% over the past year. Real average hourly earnings in the US (wage rises less inflation) also rose 1.1% over the past year. The US Fed meets on Friday (our time) and they will be little concerned about inflation; jobs will be their focus and they will almost certainly reduce the bond buying program by another US$10 bln per month.
American housing starts and building permits issued came in at or above expected levels.
Wall Street rose for a second straight day as it became clear Russia will take Crimea but apparently has no intention of taking any more of the Ukraine. Those eased tensions encouraged more risk appetite and is another reason the NZ dollar rose.
Gold fell to US$1,350/oz although it has risen slightly since then. US oil is back up to almost US$100/barrel, although there is little change in the Brent benchmark today.
In Germany, their highest court has approved German participation in the EU bailout fund - provided German lawmakers approve. That's the second decision this key court has ruled against local sceptics.
Later this morning we get the December current account data and it is expected to be sharply better than for the September quarter, down to 3.3% of GDP. Tomorrow we get Q4 GDP.
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 »