:: Australian Dollar: The Australian Dollar opens the new week sharply lower at 0.8190. After a couple of failed attempts late last week to hold above the US84-cent level, the Aussie has succumbed to selling pressure and risk-aversion quicker than you can say European sovereign-debt crisis. Reports of further bad news out of Europe on Friday night sent the Euro to new four-year lows against the greenback and the Aussie followed, plummeting US1-cent to 0.8300 ahead of the New York session. It was a steady decline for the remainder of the offshore session after U.S. payrolls data came in weaker than expected. Investors eschewed risk and moved into the Japanese Yen, Greenback and Swiss Franc.
- We expect a range today in the AUD/USD rate of 0.8120 to 0.8240
:: Great Britain Pound: Pound Sterling opens the new weak softer against the greenback at 1.4411. Cable rose, particularly against the Euro, early in the session after a report showed U.K. house prices rose 6.9 per cent in the 3 months to May providing hope that the economic recovery is gathering pace. However, the gains were short-lived after U.S. non-farm payrolls data came in weaker-than-expected and investors shunned risk in favour of the Japanese Yen and Greenback. Meanwhile, the pound is higher against both the Australian Dollar (1.7560) and the New Zealand Dollar (2.1540).
- We expect a range today in the GBP/AUD rate of 1.7500 to 1.7625
:: New Zealand Dollar: The New Zealand Dollar lost ground on Friday night as risk-aversion took over after weaker-than-expected US payrolls data. The kiwi opens today at 0.6685 after hitting an overnight low of 0.6680 during the European session. Sovereign debt concerns in Europe sent the 16-nation currency to fresh four-year lows dragging the Australian and New Zealand currencies down with it as the greenback strengthened across the board. A thin local market due to a public holiday in New Zealand today is unlikely to assist any moves to the topside. Meanwhile, the kiwi opens at 0.8150 against the Australian Dollar.
- We expect a range today in the NZD/USD rate of 0.6610 to 0.6725
:: Majors: The Euro hit fresh four-year lows beneath 1.2000 against the greenback on Friday amid renewed speculation the European sovereign-debt crisis is widening. Dampening the mood of risk-wary investors were comments from a spokesman for the Hungarian Prime Minister who said their nation was in a grave situation because the previous government had lied about the economy. The 16-nation currency hit a low of 1.1954 - a level not seen since March 2006. It has gapped lower this morning, opening at 1.1925. The risk-aversion theme also crossed the Atlantic after U.S. employment data came in weaker than anticipated. The greenback and Japanese Yen (91.68) strengthened across the board after U.S. payrolls rose by 431,000. The gain was smaller than the 531,000 anticipated by most analysts.
:: Data Releases:
AUD: ANZ job ads, May CAD: No data today EUR: No data today GBP: No data today JPY: No data today NZD: Queen''s Birthday Public Holiday USD: Consumer Credit, Apr