:: Australian Dollar: The Australian Dollar opens marginally higher today at 0.9285 after a fairly lack-lustre local session on Tuesday. In the absence of any major economic data, the Aussie was vulnerable to a bout of profit-taking pushing it down to an intraday low of 0.9220 - a long way from 0.9380 just 24 hours earlier. The release of the NAB''s positive business conditions index did little to inspire the currency, nor did a weaker local equity market. In overnight trade, greenback weakness saw the Aussie move from an overnight low of 0.9230 back up to this morning's opening level.
- We expect a range today in the AUD/USD rate of 0.9240 to 0.9310
:: Great Britain Pound: Pound Sterling opens marginally higher against the greenback today at 1.5376 after positive economic data fuelled optimism the economy is beginning to recover. U.K. exports grew 9.5 per cent in February, cutting the trade deficit to its lowest level in almost four years. In overnight trade, the pound hit a high of 1.5448. Meanwhile, the pound is steady against both the Australian Dollar (1.6550) and the New Zealand Dollar (2.1550).
- We expect a range today in the GBP/AUD rate of 1.6520 to 1.6600
:: New Zealand Dollar: The New Zealand Dollar opens higher today against its U.S. counterpart at 0.7130. In the absence of any major economic data in recent days, the kiwi has drifted lower as foreign exchange markets continue to digest the bailout package for Greece and its long-term implications. Over the past 24 hours, the local unit has traded between 0.7094 and a high of 0.7146. On the cross-rates, one New Zealand Dollar is buying 0.5230 Euros and 0.4630 UK Pounds.
- We expect a range today in the NZD/USD rate of 0.7080 to 0.7155
:: Majors: The greenback was weaker across the board overnight and opens lower against the Japanese Yen at 93.14. The dollar nudged a two-week low overnight at 92.56 after the U.S. trade deficit widened in February to US$39.7 billion as import demand grew. Meanwhile, across the Atlantic, the Euro moved marginally higher and opens today at 1.3600 as downside risk subsides for the time being after Greek bailout plans were announced over the weekend. Overnight, the Euro traded in a fairly narrow band by recent standards (1.3544 - 1.3626).
:: Data Releases:
- AUD: Westpac consumer confidence, April
- CAD: No data today
- EUR: EZ Industrial Production, Feb
- GBP: No data today
- JPY: No data today
- NZD: Retail Sales, Feb
- USD: CPI, Retail Sales, March; Business Inventories, Feb
Provided by Ozforex.com.au