Gareth Vaughan, sitting in for Bernard Hickey, details key events from overnight in 90 seconds at 9am in association with the BNZ. The New Zealand dollar recorded broad rises boosted by a record high from the ANZ Commodity Price index for April, which was out late yesterday. In one of the broadest rises in the index's 24 year history, 10 out of the 13 commodities surveyed rose. The index climbed 4.9% with dairy prices a standout, up 9.9%. The New Zealand dollar hit US73.32 cents, its highest level against the greenback since January. Against the British pound the New Zealand dollar hit 48.01 pence, its highest level since the 1986 float. The Reserve Bank of Australia may raise interest rates today for the sixth time since October. They're currently at 4.25%. Figures out of the Australian Bureau of Statistics yesterday showed house prices in major cities up 20% in the year to March. Meanwhile, crude oil rose to a three week high as US data showed manufacturing activity expanded at its fastest pace since June 2004 last month. Crude oil for June delivery rose 4 cents to US$86.19 on the New York Mercantile Exchange.
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