:: Australian Dollar: The Aussie dollar began the week on somewhat of a negative note with early Asian sellers pushing it down from the open of 0.9145 to a low near 91 cents. Support held however as local equity markets opened strongly and New Motor Vehicle Sales for the month of October increased by 3.7%. The AUD entered offshore exchange testing the 92 cent level finally consolidating gains above this level following an increase in risk appetite thanks mainly to upbeat European and U.S economic data. After topping out near 0.9275 the AUD/USD opens this morning slightly lower at 0.9250 ahead of tomorrow's speech by RBA deputy Governor Battellino at the National Housing Conference in Melbourne.

- We expect a range today in the AUD/USD rate of 0.9220 to 0.9300

:: Great Britain Pound: The Pound Sterling staged a rally overnight jumping from 1.6500 against the Greenback to test 1.6650. With no U.K economic data released the move was spurred by broad based U.S dollar selling following a move higher in equity markets and some optimism that Wednesday's U.K GDP data could surprise the market to the upside. This morning sees the GBP exchanging marginally above 1.66 against the USD whilst the GBP/AUD cross is slightly lower at 1.7965.

- We expect a range today in the GBP/AUD rate of 1.7900 to 1.8020

:: New Zealand Dollar: The Kiwi bounced back from an early Monday morning sell off which saw it exchange as low as 72 cents to post an overnight high of 0.7365. Better than expected European data in the form of the PMI index and strong U.S existing house price numbers spurred a flight back into riskier assets and as a consequence the Kiwi benefited. Tomorrow's N.Z November Business Confidence data should provide further direction on the state of the economy with the NZD likely to remain well supported on dips towards 72 cents whilst the Greenback remains weak.

- We expect a range today in the NZD/USD rate of 0.7285 to 0.7375

:: Majors: The Euro received a boost in early offshore trade following a better than expected result in the Purchasing Managers Index for both the manufacturing and services sectors. The news saw EUR/USD jump from 1.4930 to a London high of 1.4990 before drifting sideways for the remainder of the session. Strong U.S housing data in the form of a 10.1% rise in October existing home sales triggered another attempt at a rally however resistance around the psychological 1.5 handle once again kept a lid on any further gains. With risk appetite improving once again North American equity markets gained over one percentage point helping the EUR/JPY cross move to a high above 133.50 which put USD/JPY back above the 89 level. In other news Canadian Retail Sales date came in higher than the forecast 0.6% rise during September to post a 1% increase, triggering demand for the CAD against its southern neighbour the USD. The Loonie, as it is commonly referred to, moved to 1.0540 and opens t his morning exchanging near the lows at 1.0555 as demand for commodity based currencies like the Canadian dollar continues to weigh on the USD/CAD.

:: Data Releases:

  • AUD: No Data Expected Today
  • NZD: No Data Expected Today
  • USD: FOMC Minutes, Q3 GDP, Q3 PCE, Nov Consumer Confidence & Oct Durable Goods
  • GBP: Q3 Prelim Total Business Investment & Oct BBA Loans for House Purchase
  • EUR: Nov German IFO & Sep Euro-zone Industrial New Orders
  • JPY: BoJ Monthly report & BoJ Deputy Governor Speaking
  • CAD: No Data Expected Today

:: Note: The above exchange rates are based on interbank rates. If you are considering a transfer then please login, register or call us for a live dealing rate.

Regards,
OzForex Dealers

United kingdom