Bell FX Currency Outlook: The US budget committee has agreed on a spending plan through until September 30th, which alleviates concerns about the US fiscal situation, further supporting the USD.

Australia: AUD was the key underperformer overnight, sliding steadily below USD0.9000 through the session and is currently trading around
USD0.8960. In Australia today, the Chair of the Abbott Government's Commission of Audit, Tony Shepard and the Head of the Secretariat,
Peter Crone will appear (starting at 2pm AEDT) before a Senate Select Committee to answer Senators' questions about the progress of the Audit.

The Commission has been tasked with making recommendations to achieve Commonwealth Government savings sufficient to deliver a surplus
of 1 per cent of GDP prior to 2023-24. The mid-year budget update in December suggests that on current projections, the underlying cash
balance will be a deficit of around 0.5% of GDP by 2023-24.

The Government will reportedly not otherwise be releasing details of the Commission of Audit's recommendations until the fiscal repair plan is
announced in the 2014-15 Budget on 13 May.

Majors: US retail sales rose 0.2% m/m (mkt: +0.1% m/m) in December, a ninth consecutive monthly gain, and further evidence that the US
consumer is responding to improving employment conditions and low interest rates.

Overnight the USD reasserted itself after a better than expected data print and comments from Federal Reserve officials highlighted their continued commitment to tapering. Many of the moves from Friday were reversed and the JPY and AUD slipped while the GBP out-performed. NZD also performed well after strong confidence data buoyed the market, against our expectations.

However, medium term we continue to believe that the NZD is priced to perfection and the RBNZ will be stretched to meet market expectations.
Economic Calendar
15 JAN AU New Motor Vehicle Sales MoM/YoY Dec
US Empire Manufacturing Jan
US PPI MoM/YoY Dec
US US Fed Reserve Releases Beige Book Report

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