At the close of our Australian session we saw monetary policy meeting minutes released from the Bank of England, where we had the second straight month of a unanimous vote by the committee. We did have the extension to their Quantitative easing to 75 billion back on the 6th of October with the minute’s showing that they debated the extension of 50 - 100 billion and settled right in the middle. Language also suggesting they are willing to add further extension to the stimulus helped buoy the pound which took off post publication of the minutes and picked up 2 US cents at its peak overnight at 1.5847 USD. The Euro did come off overnight as the waiting game continues there; further Austerity measures were partially passed in Greece and were met with further rallies.

Mild economic news out the States did little to spark equity markets and risk assets through the US session, with the Dow off .58% and the NASDAQ down 2%. CPI came out as predicted at 0.3% in line with what the Federal Reserve had forecast in terms of a slowdown. Building starts did increase yet this was pared by building permits issued which more forward looking indicator contracted. The Australian dollar which had tipped 1.035 USD during the first few hours of the European session traded down to 1.02 USD in the wake of the dower US session.

The Australian Dollar, Euro and Pound have leveled off since towards the end of the US session tracking back up before the open of the Australian equity session. The wait for concrete details from Europe still remains as we approach this weekend and at the time of writing the Australian dollar is at 1.018 USD.