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90 at 9: NZ dollar back up to 65.5USc; Dow up 1%; CIT survives for now

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Uploaded by on Jul 20, 2009

Bernard Hickey delivers the key news overnight in 90 seconds at 9am in association with ASB, including news the New Zealand dollar rose to a fresh 9 month high of 65.5 USc overnight as calmer stock markets encouraged investors to take more risk in risky currencies like the NZ dollar.

The Dow was up 1% after Goldman Sachs forecast a stronger stock market and CIT, America's biggest lender for small businesses, found a US$3 billion rescue package from bondholders at libor plus 1,000 bps. The US government refused to bail out CIT, which was deemed small enough to fail.

Meanwhile New Zealand Treasury Secretary John Whitehead has delivered a major speech push for productivity changes in the public sector, where 250,000 people work.

Also, an ASB survey shows rental property is most popular again for the first time in a year.

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