Bell FX Currency Outlook: Weaker commodity prices pushed the Australian dollar lower overnight with commodity currencies under immense pressure as gold, copper and oil all ended the session significantly lower.

Australia: The local unit opened at USD1.0260 against this Greenback this morning, down from support at USD1.0300. The AUD has been pressured by the deeper-than-expected 50bp rate cut on Tuesday and is testing support at USD1.0225 - USD1.0245. Today will see the release of the RBA Monetary Policy Meeting minutes released at 11:30am.

Markets will look to the statement for hints of further policy easing this year and the affect the resiliently high Australian dollar is having on output. A dovish tone will likely see the Aussie lower.

Majors: Mixed data out of the states saw US equities off for a second day, as investors await key jobs data due out tonight. A fall in unemployment claims to 365k was overshadowed as Non-Manufacturing PMI for April was released 2.5 lower than March at 53.5.

However, the US Non-Farm payroll data will be the key driver tonight with a poor read potentially bringing risk aversion across the market and prospects of further QE for the troubled economy.

The S&P 500 closed 1.8% lower at 1,392 in a choppy session, with the Dow Jones falling 0.5% to 13,207. European equities were mixed overnight as ECB president Draghi gave no hints as to further ECB policy moves.

Interest rates were kept on hold with the ECB seemingly comfortable with their accommodative policy in place and
confirming a change in rates was not discussed. The FTSE ended 0.1% higher at 5,767 whilst the German DAX fell 0.2% to 6,694. Oil prices fell sharply with weaker US data weighing on prices.

WTI futures closed 2.5% lower at USD102.58 per barrel and Brent 1.7% lower at USD116.16 per barrel. Gold and metals were also lower overnight after Draghi's comments.

Gold fell 1.1% to USD1635.93 per ounce, whilst base metals all ended the session lower.

Economic Calendar
4 MAY AU Statement on Monetary Policy
EU Euro-zone Retail Sales MAR
US Change in Non-Farm Payrolls APR
US Unemployment Rate APR