:: Australian Dollar: The Australian Dollar opens on Friday at a 3-month high of 0.7150 against its U.S. counterpart. In the last 24 hours the Aussie has put on US2 cents and traded between a low of 0.6973 and an overnight high of 0.7198. The rally commenced during local trade on Thursday after February’s balance of goods and services showed a surplus of $2.109 billion – well ahead of the $700 million expected by financial markets. Also aiding the local unit’s recovery have been overnight rallies on global equity markets and agreement by world leaders at London’s G20 summit on new regulatory measures aimed at reining in the excesses that led to the current economic woes. In a very small nutshell, world leaders and policy makers have pledged more than US$1 trillion in emergency economic funding and called for stricter limits on hedge funds, executive pay and risk-taking by banks.

- We expect a range today in the AUD/USD rate of 0.7060 to 0.7220

:: Great Britain Pound: Pound Sterling opens today at 1.4696 and has risen on speculation the pace of the U.K.’s contraction may be slowing after a report released overnight showed a small increase in home prices. Over the past 24-hour hours the pound has traded between a low of 1.4444 and a high of 1.4749. Also aiding the pound on Thursday was another spectacular rally in equities with London’s FTSE-100 up by another 169 points (or 4.25 per cent). Meanwhile, the pound has been outperformed by the Australian Dollar and open slightly lower today at 2.0500. Against the Kiwi, the pound opens steady at 2.5420.

- We expect a range today in the GBP/AUD rate of 2.0340 to 2.0680

:: New Zealand Dollar: The New Zealand Dollar opens on Friday at a 3-month high of 0.5775. In the last 24 hours, the kiwi has put on US2 cents and traded between a low of 0.5634 and an overnight high of 0.5835. After spending Thursday’s local trading session in limbo, the kiwi came to life offshore as stocks rallied across the globe and positive sentiment returned to financial markets on the back of outcomes from London’s G20 summit. Amongst other things, world leaders and policy makers have pledged more than US$1 trillion in emergency economic funding and called for stricter limits on hedge funds, executive pay and risk-taking by banks in an effort to rein in the excesses that have led to the world’s current economic woes.

- We expect a range today in the NZD/USD rate of 0.5720 to 0.5855

:: Majors: The European Central Bank (ECB) lowered interest rates overnight by a less-than-expected 25 basis points to 1.25 per cent. The ECB has also deferred a decision on what other tools it can use to rescue its ailing economy as the bank’s President Jean-Claude Trichet indicated the bank may lower rates further next month. Meanwhile, the Euro opens today at 1.3439 but has not benefitted as much as other currencies from overnight greenback weakness after the outcomes of the Group of 20 summit in London. In a very small nutshell, world leaders and policy makers have pledged more than US$1 trillion in emergency economic funding and called for stricter limits on hedge funds, executive pay and risk-taking by banks.

:: Data Releases:

• AUD: CBA/AiG Perf of Services Index, March

• CAD: No data expected

• EUR: EZ PMI services/composite, March

• GBP: PMI Services, March

• JPY: No data expected

• NZD: No data expected

• USD: Non-Farm payrolls, Unemployment rate, March

:: 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.