:: Australian Dollar: The Australian Dollar opens higher today at 0.9310 after a positive local session. Support held on Wednesday morning at US92 cents followed by a steady climb during Asian trade to an intraday peak of 0.9252. The Aussie was buoyed by a recovery in domestic equities and comments by Reserve Bank of Australia deputy governor Ric Battellino that a recent rebound in economic activity in Asia was positive for the nation. Attention soon turned to offshore events and a range of positive U.S. data had traders eschewing safety and heading into the Euro and high-yielders. The Euro hit a 15-month high against the greenback and the Aussie followed it higher late in the New York session briefly touching 0.9317.
- We expect a range today in the AUD/USD rate of 0.9250 to 0.9380
:: Great Britain Pound: Pound Sterling opens higher against the greenback today at 1.6710 after data revealed the U.K. economy shrank by 0.3 per cent in the third quarter which was less than previous estimates. The pound hit a one-week high of 1.6745 and local stocks rose amid speculation the global recovery is gathering pace. The pound has advanced 14 per cent against the greenback this year but the same cannot be said about its performance against the Australian Dollar which opens today at 1.7900 and the New Zealand Dollar which is currently trading at 2.2850.
- We expect a range today in the GBP/AUD rate of 1.7900 to 1.8100
:: New Zealand Dollar: The New Zealand Dollar opens higher today at US73 cents after spending another domestic session consolidating in the US72-cent range. The kiwi moved between 0.7247 and 0.7288 in lacklustre trade in the absence of any local economic data. During the offshore session the unit moved between a low of 0.7270 up to 0.7330 after various positive U.S. data releases pushed the greenback lower against several major currencies as the market took risk on board once again. Meanwhile, on the cross rates, the kiwi is buying 0.4820 euro and is trading at 0.7840 against the Australian Dollar.
- We expect a range today in the NZD/USD rate of 0.7250 to 0.9350
:: Majors: The Euro (1.5130) opens at a 15-month high today after the U.S. Federal Reserve described the greenback's recent decline as orderly. Also weighing on the greenback overnight was the release of several positive economic data releases in the United States which encouraged traders to eschew safety and take risk on board. U.S. consumer spending rose 0.7 per cent in October; jobless claims dropped by 35,000 last week; and new home sales climbed in October. Meanwhile, the Japanese Yen is sharply stronger today against the greenback (87.32) after data yesterday revealed that exports from Japan fell at their slowest pace in October (-23.2 per cent) as worldwide government spending boosts demand
:: Data Releases:
- AUD: CAPEX, Q3
- CAD: No data today
- EUR: German CPI, Nov
- GBP: No data today
- JPY: BoJ Monetary Policy meeting minutes
- NZD: Business Confidence, Nov
- USD: Thanksgiving Day