Bell FX Currency Outlook: The Australian Dollar has recovered back above USD0.9100 overnight, after a fairly quiet trading session Monday.

Australia: The AUD made steady gains overnight alongside the NZD as we saw offshore equity markets have a positive session. While there was little in terms of data offshore, positive news about Greece and Portugal helped boosted markets with the London's FTSE 100 index ending 1.17% higher and the US market up 0.5%.

The Eurogroup meeting of Finance Ministers got underway with a statement being released saying that the fiscal and structural reform progress in Greece was "broadly on track" and conditionally approved the next installment of EUR3bn, in two installments.

The market also took comfort in news of an agreement in Portugal to keep the governing coalition together, averting a political crisis. In terms of economic data releases today we are pretty light on with just the NAB's Monthly Business Survey for June being released. In China we price data today with the CPI and PPI inflation data for June being released.

Majors: The USD slipped against most currencies overnight as trader's locked in profits following last week's strong gains. The USD fell against the EUR and the JPY and retreated against the GBP despite markets watchers saying that the US currency was still in rally mode after Friday's better-than-expected payrolls number.

Investors are now shifting their focus to Mr Bernanke's speech of Wednesday, as they try to gauge whether the unexpected rise in jobs has had any effect on the central bank's policy. It is expected that the Fed Chairman will likely rein in fears
that the data will warrant an interest rate increase next year.
Economic Calendar
09 JULY AU NAB Business Confidence
CH CPI
UK Industrial Production
US NFIB Small Business Optimism

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