Australian Dollar
In a fairly uneventful past 4 days the majority of local markets have remained closed given the Easter long weekend. Given growth concerns out of China, a slightly more dovish RBA as well ongoing sovereign debt concerns still lingering out of Europe the Australian Dollar came under renewed selling pressure last week breaking through the critical downside support level of 1.03 against its US Counterpart. With disappointing US Labour Market figures released overnight Friday also doing little to help the cause of the higher-yielding asset the Australian dollar opens lower this morning currently swapping hands at a rate of 1.0305 against its US Counterpart. Looking ahead this week a further insight into the Nations short-term interest rate direction is likely to become a little clearer this morning with the RBA due to release minutes from its most recent meeting

We expect a range today of 1.0250 – 1.0350

New Zealand Dollar
The New Zealand Dollar has remained range bound for much of the Easter long weekend as investors appeared keen to lighten their risk holdings over the extended break. With the Greenback being the major benefactor of a move away from riskier-assets the New Zealand dollar failed to attract much interest trading within a general range of 0.8150 – 0.8200 against its US Counterpart. Given disappointing US non-farm payroll results on Friday and lingering concerns over Europe’s high level of debt a sustained move above the 82.50 US Cents level appears unlikely in the short-term. Meanwhile this morning with markets slowly returning to normal operation, we find the Kiwi currently buying 82.14 US Cents.

We expect a range today of 0.8160 – 0.8250

Great British Pound
As predicted by the majority of economists the Bank of England voted on April 5 to leave the asset-purchase program unchanged at 325 billion pounds. Whilst Industrial Production figures also came in on expectation for the month of March the Great British Pound has remained steady over the extended Easter break trading half a cent either side of the 1.5850 mark against its US Counterpart. In what has been a steady month for the Sterling some stiff resistance has again been established around the 1.60 level with remaining tensions in the euro area debt-market seemingly plaguing the attempts of investors to take the Nations currency higher. Meanwhile this morning the Great British Pound has found some minor upside against the Aussie (1.5423) and the Kiwi (1.9346) which both open higher.

We expect a range today of 1.5370 -1.5480

Majors:
Given the Easter long weekend which was hanging over markets investors remained cautious on Friday ahead of US non-farm payrolls which showed American employers added fewer jobs than forecast in March. With Stock Exchanges remaining closed on Good Friday non-farm payrolls increased by 120 000 last month, the smallest increase in five months, well below the estimated figure of 207,000. Despite the disappointing figure the overall unemployment rate fell 0.1 percent to 8.2 percent, the lowest level since January 2009. Given liquidity is likely to again return to markets over the coming 24 hours, the Easter break has benefitted the Greenback which has rallied against a handful of its major trading partners. Meanwhile in Europe the 17-Nation currency has come under renewed selling pressure currently swapping hands at a rate of 1.3105, half a cent lower than where we opened Friday. Driving the move away from assets deemed riskier in nature Spanish 10-year bond yields have jumped nearly one percentage point since the 2nd of March, when Spanish Prime Minister Mariano Rajoy announced the government would fail to achieve its budget deficit target this year. With broader Europe facing the prospect of flagging growth amongst tighter fiscal controls the shared currency is likely to remain under pressure as the 1.30 level remains crucial against its US Counterpart.

Data releases

AUD:
ANZ Job Advertisements, NAB Business Confidence, AIG Construction Index

NZD: No Data Today

JPY:
Overnight Call Rate, Monetary Policy Statement, BOJ Press Conference

GBP: CB Leading Index m/m, MPC Member Posen Speaks

EUR:
German Trade Balance

USD:
IBD/TIPP Economic Optimism, Wholesale Inventories m/m, FOMC Member Lockhart Speaks