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:: Australian Dollar: The Australian Dollar opens higher today at 0.6320 after another late Friday-night rally on Wall Street. Earlier in the session the local unit hit its lowest level in three-and-a-half weeks at 0.6088. Also supporting the currency during the local session last Friday was confirmation The Reserve Bank of Australia had once again intervened in the foreign exchange market. The RBA is not necessarily defending the Aussie at any particular level but its measures are designed to alleviate some of the recent extreme volatility and improve liquidity. There is no local economic data due for release today and further movements in line with the regions equity markets are likely to continue.
- We expect a range today in the AUD/USD rate of 0.6220 to 0.6440
:: Great Britain Pound: Pound Sterling opens slightly higher this week against its US counterpart at 1.4917 after trading between 1.4705 and 1.5063 on Friday night. Sterling has managed to claw its way back from its record low against the Euro and a six-and-a-half year low against the greenback as it was lifted by hope that today's pre-budget report will offer enough measures to stimulate the economy. Despite these gains on Friday night, the Pound has lost ground against its southern hemisphere rivals. This morning, GBP/AUD opens lower at 2.3600 and GBP/NZD opens at 2.7700.
- We expect a range today in the GBP/AUD rate of 2.3400 to 2.3740
:: New Zealand Dollar: Like its Rugby League team, the New Zealand Dollar has outperformed over the weekend and opens the week at 0.5375. The Aussies raced to a 10-nil lead and the kiwi hit a 6-year low on Friday of 0.5209. However, a late penalty-try and an eventual 6 per cent rally on Wall Street saw the kiwi recover against its US counterpart and also on the cross-rates. There is no local economic data due for release today and the Kiwi is likely to take its lead from movements in the regions equity markets.
- We expect a range today in the NZD/USD rate of 0.5270 to 0.5500
:: Majors: The dollar remains strong against the Euro and has also picked up some ground against the Japanese Yen after another tough week for global stocks and prevailing risk aversion. The Euro managed an overnight high of 1.2638 on Friday but lost ground in the New York session after yet another late rally in U.S. stocks. Strength in the Japanese Yen remains amid speculation that investors will continue unwinding carry trades. Meanwhile, the Bank of Japan kept its official interest rate at 0.3 per cent on Friday and has pledged to pump more money into the financial system to prop up the economy which fell into a recession last quarter.
:: Data Releases:
* AUD: No data expected today
* CAD: No data expected today
* EUR: Current Account; Industrial New Orders, Sept
* GBP: No data expected today
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Investment property owners will continue to enjoy positive cash returns on investment property despite yesterday's Reserve Bank of Australia (RBA...
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