Bell FX Currency Outlook
The Australian dollar is currently trading around USD0.9660 weighed down by ongoing European debt concerns.

Australia: The Australian Dollar has opened weaker this morning after have been sold off on Friday night in the offshore session following a continued demand for USD.

The AUD is currently trading at 0.9660 and is likely to come under further selling pressure today given the thin local
markets due to the Labour Day Holiday.

Base metals where sold off again on Friday night with copper falling 2.9%, nickel -5.7% and aluminium down
4.1%. Gold finished higher up 0.3% to be trading at US$1,622.30 an ounce while oil fell 3.6% to US$79.20 a barrel. Friday's local data saw the release of the RBA credit for August which reported a rise of 0.2% for the month close to expectations, while the RP

Data Riskmark House prices came in -0.4% for August. Saturday's release of the Chinese PMI Manufacturing for September reported a rise from 50.9 to 51.2 slightly better than expected and could help to ease the negative concerns that the world's second largest economy will suffer a slump in economic expansion. While today could see some swings in the currency the week
ahead is likely to be another volatile one.

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Tomorrow will see the RBA Board meeting though unlikely to see and change by the board. Latter in the week will see both the BoE and ECB meet, with potentially rate cuts and asset purchases likely to be announced to stimulate the respected

economies.

Also this week markets will remain on edge and reacting to any headlines in regards to the ongoing European debt situation

Majors: Overnight in the US equity markets took a beating with the Dow ending down 241 points to 10,913 the S&P500 -2.5% and the NASDAQ - 2.6% as ongoing European debt issues and weaker data releases weighed on markets. The US Personal spending for August came in flat while the weekly leading index from the US Economic Cycle Research Institute declined further to -7.2% from -6.8%. On the manufacturing side, the Chicago PMI for September reported a rise to 60.4 from 56.5.

Economic Calendar
03 OCT Aust AIG Premormance Of Manufacturing
AU TD-MI CPI Inflation Guage
US ISM Manufacturing
US Construction Spending

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