With bumper night of trade expected tonight with UK and Euro interest rates and a two day summit in Brussels to begin, performance was mixed overnight from risk assets as they fluctuated through the two sessions.  The Euro and Aussie dollar were both down early in the European session with conjecture over this week's summit the primary market driver.

The Euro hit lows of 1.33547 towards the end of the European session as mixed industrial production data helped further show the divide, with German industrial production rising 0.8% (estimates was for 0.3%) and matched with a fall in Italy of 0.9% (estimates was for -0.3%).  UK Manufacturing Production also fell more than expected contracting 0.7% in October, placing additional pressure on the Bank of England which are due to wind up their Quantitative easing measures February 2012.  The Pound rose over one cent versus the US dollar, pushing through 1.57 USD and has remained above there since the close of US equity markets.

Earlier this morning the RBNZ kept rates on hold at 2.5%, with inflation within the target range of 1-3% Governor Bollard stated that Given the current unusual degree of uncertainty around global conditions and the moderate pace of domestic demand, it remains prudent for now to keep the OCR on hold at 2.5 per cent.   The Australian dollar has weakened against the Kiwi, yet it only pared back gains that were made in the last 8 hours of trade as markets expectations were for them to remain on hold. The AUSNZD pair dropped from 1.32192 to 1.31840 in the 60 minutes following the print.

Yesterday's on-target GDP print is followed today by unemployment data which is expected to show similar to last month 10,000 new jobs - no change to the official unemployment rate of 5.2% is expected.  Again overnight the Australian dollar failed to break through 1.03 USD mark that it has tested 5 times in the last 8 days and the employment data today looks like not being enough for it to make a convincing break through, at the time of writing the Australian dollar is buying fraction below 103-figure.