:: Australian Dollar: The Australian Dollar opens one cent lower today against the greenback at 0.9270. During yesterday's local session, investors appetite for risk was cooled somewhat after domestic housing finance data came in weaker than expected, falling 1.8 per cent in February. The Aussie retreated and headed into the European session changing hands at 0.9280. During offshore trade, the unit moved between a low of 0.9251 up to a high of 0.9295 early in the New York session.
- We expect a range today in the AUD/USD rate of 0.9240 to 0.9310
:: Great Britain Pound: Pound Sterling opens lower against the greenback today at 1.5370. Weighing heavily on the pound at the moment is speculation concerning Britain's debt burden. The UK's budget deficit, expressed as a percentage of GDP, is 11.8 per cent - only marginally lower than Greece. During overnight trade the pound hit a low of 1.5351. Meanwhile, the pound has moved higher against both the Australian Dollar (1.6570) and the New Zealand Dollar (2.1583).
- We expect a range today in the GBP/AUD rate of 1.6540 to 1.6600
:: New Zealand Dollar: The New Zealand Dollar opens lower today at 0.7120 after hitting an 11-week high yesterday at 0.7193. Recent news?that the European Union had come up with a support package?for Greece helped improve investors appetite for risk. During local trade the unit succumbed to profit-taking pushing it back towards 0.7130 ahead of the offshore session. In overnight trade, the kiwi moved between a low of 0.7108 up to a high of 0.7135 early in the New York session. In the absence of any local economic data today there is some risk to the downside.
- We expect a range today in the NZD/USD rate of 0.7080 to 0.7140
:: Majors: The Euro opens stronger today against the greenback at 1.3580 after Greece was offered a rescue package reducing market speculation the nation would default. The Euro hit a 3-week high at 1.3692 - it's biggest intraday rally in seven months. Loans worth up to EUR45bio will be offered by the European Union and the International Monetary Fund. Meanwhile, the budget deficit in the United States narrowed in March to US$65.4bio, however it is forecast to reach a record $1.6 trillion for the fiscal year. The greenback opens slightly higher today against the Japanese Yen at 93.23.
:: Data Releases:
- AUD: NAB Business conditions, March; Lending Finance, Feb
- CAD: No data today
- EUR: No data today
- GBP: RICS House Price balance, March
- JPY: No data today
- NZD: No data today
- USD: Trade Balance, Feb; Import Price Index, March
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