NZ dollar reaches new post-float high

Key highlights NZ dollar surged to new post-float high of 0.8264 against the US dollar. NZ Budget, encouraging domestic data and upward revision to Fonterra dairy payout boost appeal of NZ assets. Global market sentiment weighed down by continued concerns over European debt and disappointing data.     Report prepared by: Christina Leung ASB Economist Phone: +64 9 369 4421 Fax: +64 9 302 0992