:: Australian Dollar: The Aussie dollar followed the Euro higher in early offshore trade to post a high around 0.6925 before running into resistance as profit takers stepped in to cap any further advances following some poor European economic data and a drop in U.S equities. In early Monday morning exchange the AUD is trading near Friday’s lows marginally above 0.6850 ahead of what is a very light local economic calendar this week with direction likely to continue to come from developments in the U.S and global equity markets.

- We expect a range today in the AUD/USD rate of 0.6825 to 0.6925

:: Great Britain Pound: With no UK economic data released on Friday the Pound Sterling followed movements in the Greenback. After opening around 1.4450 in London the GBP/USD jumped to a high of 1.4585 before beginning a steady decline for the remainder of the offshore session. This morning sees the GBP exchanging at 1.4440 and 2.1045 against the U.S and Australian dollars respectively with all eyes this week focusing on key U.K economic data releases on Tuesday, Thursday and Friday.

- We expect a range today in the GBP/AUD rate of 2.0920 to 2.1120

:: New Zealand Dollar: After hitting a two month high around 0.5620 in offshore trade on Friday the NZD/USD opens this morning back at 0.5580 seemingly running on tired legs. With U.S equities closing down on Friday on the back of an almost 7% decline in banking stocks amidst the AIG bailout currencies like the Kiwi are open to downside shocks hence the markets reluctance to extend any of its recent gains. Despite the absence of any meaningful N.Z economic data early this week the calendar sees important releases between Wednesday and Friday.

- We expect a range today in the NZD/USD rate of 0.5520 to 0.5620

:: Majors: Offshore markets opened Friday with the same level of optimism exhibited during the previous few sessions taking EUR/USD up to 1.3725 ahead of German Producer Prices and Euro-zone Industrial Production data. The 3.5% decline in production during the month of January was less than many economists had been expecting however the massive annual drop of 17.3% was worse than forecast, the largest decline since records began in 1990. February PPI in Germany also disappointed falling a larger than expected 0.5% against predictions of a 0.2% fall. The news put a dent in the stride of the Euro triggering a sell off to an eventual low of 1.3515 during NY trade. U.S equities trimmed back some of the gains from earlier in the week to finish down on Friday, weighing on risk appetite. The U.S dollar weakness helped USD/JPY trade 2.2% higher to open this morning near its highs at 95.90.

:: Data Releases:

• AUD: No Data Expected today

• NZD: No Data Expected today

• USD: Feb Existing Home Sales & Geithner conference

• GBP: Mar Nationwide House Prices

• EUR: Jan Trade Balance & Jan Construction Output

• JPY: BoJ Board minutes

• CAD: Feb Leading Indicators

:: 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.