:: Australian Dollar: The Australian Dollar opens the new week above US93 cents and remains strong across the board on the back of solid economic fundamentals and our yield advantage. The local unit entered Friday's European session changing hands at 0.9295 ahead of a steady climb towards 0.9340 in New York on stronger-than-expected U.S. economic data which boosted demand for currencies linked to global growth. On the cross-rates, the Aussie remains near record levels against the Euro (0.6875), and 25-year highs versus the UK pound at 0.6060.
- We expect a range today in the AUD/USD rate of 0.9320 to 0.9390
:: Great Britain Pound: Pound Sterling (1.5440) opens higher against the U.S. Dollar on Monday after better-than-expected local economic data. Producer prices rose 0.9 per cent in March whilst the average home price in England and Wales increased 1.1 per cent from the previous month adding to signs of an economic recovery. The pound is now trading at a 6-week high against the greenback. Meanwhile, the pound opens steady against both the Australian Dollar (1.6460) and the New Zealand Dollar (2.1490).
- We expect a range today in the GBP/AUD rate of 1.6400 to 1.6500
:: New Zealand Dollar: The New Zealand Dollar opens higher against the greenback on Monday at 0.7170. Stronger-than-expected U.S. economic data released on Friday boosted demand for currencies linked to global growth. After commencing Friday's European session at 0.7095, the kiwi broke through resistance at US71 cents and briefly hit a 4-week high of 0.7172. The kiwi remains strong against both the Euro (0.5250) and the British pound (0.4650).
- We expect a range today in the NZD/USD rate of 0.7135 to 0.7195
:: Majors: The Euro advanced against the big dollar for a second consecutive session on speculation that the European Union has agreed to a below-market interest rate for Greece as part of any bail-out package. The Euro opens at a 3-week high just beneath 1.3600 as concerns?the financially-troubled nation will default eased. However, the gains may be short-lived as investors continue to weigh up the merits of holding the debt of other European nations such as Portugal and Spain. Meanwhile, the greenback also lost ground on Friday against the Japanese Yen and opens the new week at 92.90.
:: Data Releases:
- AUD: Housing Finance, Feb
- CAD: No data today
- EUR: No data today
- GBP: No data today
- JPY: Bank Lending, March
- NZD: No data today
- USD: Budget Statement, March
Provided by Ozforex.com.au