:: Australian Dollar: The Australian Dollar opens at 0.8970 today after another turbulent 24 hours. The Aussie hit a session-high 0.8937 during European trade but fell sharply after the release of stronger-than-expected U.S. jobs data. The greenback strengthened across the board after April payrolls increased by 290,000 - the highest monthly jump in almost four years - pushing the Aussie back down to US88-cents. The local unit is likely to remain volatile today as European Finance ministers reveal details of the latest emergency fund for Greece.
- We expect a range today in the AUD/USD rate of 0.8880 to 0.9050
:: Great Britain Pound: Pound Sterling hit a one-year low on Friday at 1.4475 against the Greenback after the U.K. election failed to produce a clear winner. As negotiations continue between the Liberal Democrats and the Conservatives the pound is likely to remain under pressure. British shares also moved lower on Friday and have lost over 6 per cent this month adding to the bearish mood of investors. Meanwhile, the pound opens lower against both the Australian Dollar (1.6500) and the New Zealand Dollar (2.0640).
- We expect a range today in the GBP/AUD rate of 1.6470 to 1.6550
:: New Zealand Dollar: The New Zealand Dollar is weathering the storm in financial markets and opens higher today against the greenback at 0.7180. After Thursday night's wild ride, the kiwi spent most of Fridays local session trading between 0.7090 and 0.7140. Stronger-than-expected U.S. economic data released during the offshore session saw the unit plunge to a 24-hour low of 0.7037 as the greenback strengthened across the board. Currency markets are likely to remain volatile for the early part of this week at least as European Finance ministers reveal details of the latest emergency fund for Greece. Meanwhile, against the Australian Dollar, the kiwi is nudging calendar-year highs at 0.8000.
- We expect a range today in the NZD/USD rate of 0.7110 to 0.7220
:: Majors: The Euro (1.2900) has moved off 14-month lows around 1.2600 against the Greenback after European Union (EU) finance ministers pledged to do “whatever it takes” to defend the 16-nation currency and solve the debt crisis. EU officials met in Brussels all weekend and have agreed on a stabilization fund made up of money borrowed by EU central authorities and guaranteed by national governments. At time of writing, precise details and the size of the fund are yet to be disclosed. Meanwhile, the greenback strengthened against the Japanese Yen (92.20) after better-than-expected U.S. economic data. Payrolls increased by 290,000 in April – the highest monthly increase in four years – for a jobless rate of 9.9 per cent. In another sign of economic recovery, U.S. consumer credit rose in March by US$2bio – the second rise in three months. The data was dollar-supportive taking it from a 24-hour low of 90.00.
:: Data Releases: AUD: ANZ Job Ads, April CAD: No data today EUR: No data today GBP: No data today JPY: BoJ Monetary Policy Minutes for April NZD: No data today USD: No data today