Australian Dollar: Movements in the Australian Dollar continue to be influenced by developments out of Europe. The Aussie has failed to hang onto the recent gains above US103 cents and on Friday took a sharp dip down to a December low of 1.0060 as European leaders failed to reach a unanimous accord to resolve the region's debt crisis.

The Aussie opens today at 1.0190 however, further moves to the upside are expected to be limited as investor reaction to last Fridays European Union summit in Brussels has been mixed at best. The 17-nation Euro currency has moved lower on speculation authorities will struggle to institute the agreements.

We expect a range today of 1.0140 to 1.0220

New Zealand Dollar : The kiwi opens lower today against its US counterpart at 0.7735 as movements continued to be dominated by risk sentiment and the ongoing developments in Europe.

The currency hit a two-week low beneath 0.7650 after UK Prime Minister David Cameron said there was "fundamental disagreement" in European Union talks in Brussels. The kiwi recaptured some of those losses late in New York trade however any upside is expected to be limited as investor reaction to the EU summit appears mixed. Meanwhile, the kiwi opens weaker against the Australian Dollar at 0.7580.

We expect a range today of 0.7710 to 0.7770

Great British Pound: Pound Sterling opens marginally lower against the greenback today 1.5630, failing to hang onto recent gains above 1.5700. During trade on Friday, sterling moved between a high of 1.5734 down to a low of 1.5583.

Keeping a lid on the pound was last weeks decision by the Bank of England to leave its benchmark interest rate at a record low of 0.5 per cent. The UK Central Banks bond purchasing program was also left unchanged. Meanwhile, the pound opens marginally lower against both the Australian Dollar (1.5330) and the New Zealand Dollar (2.0180).

We expect a range today of 1.5300 to 1.5400

Majors:
After much build-up ahead of last Fridays European Union summit, the Euro (1.3350) fell against several major counterparts as investors remain unconvinced the measures announced will resolve the regions two-year debt crisis.

During trade on Friday, the 17-nation currency moved from a high of 1.3433 down to a low of 1.3280 despite the summit agreeing on stricter budget rules to address structural problems. Whilst the European Central Bank has cut rates and improved bank funding, market participants are concerned that not enough is being done to support peripheral bond markets. Meanwhile, the greenback opens marginally lower against the Japanese Yen today at 77.60.

Data releases:

AUD: Trade Balance, Oct

NZD: Westpac consumer confidence, Q4

JPY: Consumer confidence, Nov

GBP: No data today

EUR: No data today

USD: Monthly budget statement, Nov