Click here to watch this morning's video. Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB, including news the NZ dollar rose over 76 USc in morning trade to new 15 month highs and is strong against all the currencies, not just the US dollar. The NZ dollar strengthened to 82 Australian cents from 81 cents and rose to 68 on the trade weighted index from 66. The NZ dollar moved followed comments from RBNZ governor Alan Bollard that there was not much he could do to stop the rise in the NZ dollar, Bloomberg reported from a Radio NZ report. He said his rates decision would not take into account the NZ dollar and that short term intervention may not work. This seems to have encouraged traders to push the currency higher. This is bad news for exporters but great news for importers or those who want an overseas holiday. Meanwhile, US hedge fund Galleon is being forced to liquidate after insider trading charges against its founder Raja Rajaratnam, Bloomberg reported.
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