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: Australian Dollar: Another day, another 3-cent range for the Australian Dollar which opens at 0.6577. Not helping the local unit was yesterday's release of the NAB monthly business survey for October which revealed the lowest level of confidence in the survey's 19-year history. The Aussie hit an overnight low of 0.6477 and followed a sharp move down in the Euro during the New York session as risk aversion encouraged investors to unwind high-yielding assets and move them back into Yen and U.S. Dollars. With equity markets lower across the board overnight and base metals also down, the risk for the Australian Dollar remains to the downside in the near term.
- We expect a range today in the AUD/USD rate of 0.6470 to 0.6720
:: Great Britain Pound: Pound Sterling remains under pressure and against its US counterpart opens this morning at 1.5396, down sharply from the overnight high of 2.5704. Further evidence of an imminent UK recession emerged yesterday in the form of a housing industry survey showing home sales slumped to their lowest level in at least 30 years. British Prime Minister Gordon Brown heads to this weekend's G20 summit pushing for a more broad coordination effort by the world's central banks. Meanwhile, the pound is steady against the Australian Dollar at 2.3400 and down slightly against the New Zealand Dollar at 2.6800.
- We expect a range today in the GBP/AUD rate of 2.3250 to 2.3600
:: New Zealand Dollar: The New Zealand Dollar opens today one-and-a-half US cents lower than this time yesterday after another session of risk aversion swept currency, equity and commodity markets overnight. The kiwi held up during the local session yesterday but moved sharply lower during the New York time zone in line with the Euro and falling prices for base metals. There is no major economic data due for release today in New Zealand and any kiwi rallies are likely to be short-lived. On the cross rates, the local unit is holding up well against its trans-Tasman rival and opens today above 0.8700.
- We expect a range today in the NZD/USD rate of 0.5600 to 0.5850
:: Majors: The Euro weakened overnight as risk aversion continues to be supportive for the US Dollar and the Japanese Yen. Equities and commodity prices all moved lower as the previous day's enthusiasm towards China's economic stimulus package began to fizzle out. The Euro opens a shade above its overnight low of 1.2507 after the ZEW Institute's index of German economic sentiment came in at minus 53.5 for the month of November which was an improvement from October and better than market expectations. Compared to other currencies, movements in the Yen were fairly subdued, trading between a low of 97.25 and a high of 98.35.
:: Data Releases:
* AUD: Lending Finance, Sept; MI/WBC Consumer Sentiment, Nov
* CAD: No data expected today
* EUR: EZ Industrial Production, Sept
* GBP: ILO Unemployment Rate, Sept; BoE Quarterly Inflation report
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