:: Australian Dollar: The Australian Dollar opens steady today a shade under the US90 cent level. The local unit was buoyed during the domestic session on Monday on speculation members of the Eurozone were working on a proposal to support Greece. A strong day for the region's equity markets also provided support to the currency which briefly hit an intraday high of 0.9014. During overnight trade, the unit gradually moved from a low of 0.8972 back towards resistance at 0.9000 despite an EU spokesperson stating there were no such plans to bail out Greece.

- We expect a range today in the AUD/USD rate of 0.8970 to 0.9040 

:: Great Britain Pound: The Pound opens steady against its U.S. counterpart on Tuesday at 1.5485. In the absence of any economic data releases in the United Kingdom overnight, Sterling traded between a low of 1.5429 and a high of 1.5520. Near-term, the pound is likely to remain under pressure due to the market's concerns over the U.K.'s fiscal deficit. Meanwhile, the pound is steady against both the Australian Dollar (1.7190) and the New Zealand Dollar (2.2060).

- We expect a range today in the GBP/AUD rate of 1.7100 to 1.7260 

:: New Zealand Dollar: In the absence of any local economic data on Monday, the New Zealand Dollar traded in a subdued fashion compared to recent sessions hovering around the US70 cent mark. Support for the local unit came in the form of market speculation that members of the Eurozone were working on a proposal to support Greece get through their sovereign debt concerns. The kiwi opens today at 0.7010 after moving between a low of 0.6990 and a high of 0.7036 during offshore trade.

- We expect a range today in the NZD/USD rate of 0.6960 to 0.7035 

:: Majors: The Japanese Yen moved higher overnight against the big dollar (91.14) on market concerns as to the pace of the Federal Reserve's stimulus withdrawal. Speaking in San Diego yesterday, Fed Bank of San Francisco President Janet Yellen said the U.S. economy will operate below potential this year and that for the time being, the economy still needs the support of extraordinarily low rates. Meanwhile, the greenback also rose against the Euro (1.3600) as the market awaits clarity on the Greece situation after the European Union denied there were any plans at this stage for a bailout

:: Data Releases:

  • AUD: RBA Deputy Governor speaking
  • CAD: No data today
  • EUR: German IFO Business Climate Index, Feb
  • GBP: Mortgage Approvals, Jan; House Prices, Feb
  • JPY: Bank of Japan meeting minutes
  • NZD: Q1 RBNZ 2yr inflation expectations
  • USD: House prices, Dec; Richmond Fed factory Index, Feb