Bell FX Currency Outlook: Overnight the Australian Dollar has held onto recent gains above USD0.9000 in quiet trade.

Australia: The AUD was trading at USD 0.9059 this morning, up from USD 0.9028 Monday. Saturday's disappointing US non-farm payrolls have
seen the AUD rally more than one US cent against a weaker US Dollar.

The very low figure had left investors more cautious about US growth, however most analysts view the outcome as a one-off event. There was
little data released in Australia yesterday, our housing market continued to improve, home loans were higher, as expected +1.1%mom in November,
while the labour market continued to soften. ANZ job ads were down 0.7month-on-month in December.

Yesterday's data had no impact on the market which was still digesting US payrolls data and saw the AUD break through USD 0.9000 pretty convincingly. It's a relatively quiet day today with no major Australian data being released.

Markets will look offshore for direction, starting with Japan which will release their Trade Balance figures for the month of November.

Majors: US equities suffered their biggest decline in months as investors digested Friday's weak jobs data and awaited further guidance from
earnings reports this week. The Dow tumbled 179 points to 16258.

The USD desperately held onto some gains against the EUR and GBP but lost ground against JPY, NZD and AUD. Ahead offshore we UK inflation being released tonight, this is expected to remain steady at 2.1%yoy.

The market is hoping for some clarification from the Fed tonight with a few Federal Reserve speakers due to speak. US retail sales are also due out
with many expecting the recent weather to have an impact on the figures so if the number comes in weak it may just be shrugged off.

Economic Calendar
14 JAN AK CPI MoM/YoY
US Retail Sales
NZ QSBO - Business Confidence

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