Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB, including news the NZ dollar almost hit 67 US cents overnight as appetites for risk returned on news of a recovering global economy.
Good news on manufacturing from America and Europe boosted demand for riskier currencies such as the New Zealand and Australian dollars. Also, Dr Doom, Nouriel Roubini, said he expected commodity prices to rise, Bloomberg reported. That also helped the New Zealand dollar.
Meanwhile the good economic news helped boost the Dow by 1% and lifted the S&P 500 over 1,000 for the first time since November. Crude oil prices rose over US$70/bbl and copper prices rose too. But soft commodity prices, including dairy and wheat, remain soft.
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