Here's my summary of the key events overnight that affect New Zealand, with news the NZD has touched its highest level since May 2015, a twenty month high on the TWI.
There are a set of reasons. Firstly, the British pound has fallen sharply. This happened because their Supreme Court has decided that Brexit cannot be triggered without a vote in Parliament - and most parliamentarians campaigned to stay in the EU. A mid-March parliamentary vote is likely.
Secondly, Australia is leading an effort to ratify the TPP - without the US. And China is keen to get its RCEP and a proposed FTAAP re-energised. So when the US comes seeking its Trump-style bilateral deals, the regional deals which will set the negotiating framework, will be in place and very difficult for the Trump team to work around. New Zealand is in a good position.
In China, the same state-owned company that recently agreed to buy UDC has announced it is buying SkyBridge Capital, Trump adviser Scaramucci's company. That will put them at the heart of "alternate investing' in New York.
In Washington, the Congressional Budget Office is projecting that US Federal debt will grow by another US$9 tln over the next ten years to reach about 90% of US GDP. And that is before any of the new Administration's aggressive ambitions around tax cuts and major infrastructure spending. All this will happen with the US Federal deficit being the smallest in 2017 since 2008.
And staying in the US, sales of existing homes fell in December, with low inventory levels catching the blame. The industry is calling for more home building to ease the shortages.
And a sharp increase in new orders is seeing US factories expanding at their fastest pace in January 2017, since September 2014. Interestingly however, this same survey does not show a pickup in factory employment.
In New York, the UST 10yr yield has gained back almost all of yesterday's fall. It is now at 2.47%.
Oil prices are a touch higher today, up to just over US$53.50 for the US benchmark, while the Brent benchmark is now just on US$55.50 a barrel.
The gold price is also a touch higher at US$1,212/oz
The New Zealand dollar has moved higher overnight and will open at 72.6 US¢. On the cross rates we are at 95.8 AU¢, and against the euro at 67.6 euro cents. The NZ TWI-5 index is at 78.1.
If you want to catch up with all the changes on yesterday, we have an update here.
The easiest place to stay up with event risk today is by following our Economic Calendar here ».