Here's my summary of the key issues from overnight that affect New Zealand, with news of a third consecutive drop in dairy prices in the latest auction overnight.
But first, the US economy continued to expand in February and March, though a strong dollar, falling oil prices and harsh winter weather slowed activity in some sectors, according to the Fed’s latest beige book report.
ECB boss Mario Draghi last night announced the bank would roll out its money-printing program 'firmly' and granted continued backing for Greece, saying there was no need to limit emergency funding for Greek banks yet.
Ratings agency S&P has downgraded Greece's credit rating again, saying it expects its debt and other financial commitments will be "unsustainable". It has dropped long and short-term sovereign credit ratings to CCC+ from B- and says its outlook is negative.
China's economic growth slowed to +7% in the first quarter, down from +7.3% in the fourth quarter of last year.
Dairy prices fell -3.6% in US dollars and -5.2% in New Zealand dollars. Whole milk powder was down -4.3%, while skim milk powder dropped -7.8%. It's the third fall in a row, and prices have dropped -23% since mid March. Analysts will be revising down their view of what Fonterra can support in the new season payout.
UST 10yr yields were unchanged on Wall Street earlier today at 1.88%.
The US oil price has jumped today to US$57/barrel and Brent crude to $60 a barrel. There was a surprise fall in US production last week.
The gold price also rose and is up $10, now at US$1,203/oz.
The New Zealand dollar will start today higher at 76 US¢, at 98.9 AU¢, and the TWI is now at a very high 81.1.
If you want to catch up with all the local changes yesterday, we have an update here.
The easiest place to stay up with event risk is by following our Economic Calendar here »