Bell FX Currency Outlook: The Australian Dollar has opened below USD0.9500 this morning following some disappointing
Chinese data over the weekend.

Australia: It has been a weekend of downward pressure for the AUD, starting Friday night when we saw the AUD pushed lower following some positive employment figures out of the US. Then over the weekend the AUD was pushed even lower to USD0.9394, its lowest level since September 2010.

The AUD was struck lower after it was reported that Chinese imports unexpectedly fell in May and industrial production figures weaken slightly. With more economic reports due locally and offshore this week, we may see the AUD trade is some volatile ranges as the market digest's the data.

Today kicks off with the NAB Business Survey, followed by April housing finance approvals.

Majors: The USD has strengthened, buoyed by better than expected employment numbers on Friday. Friday's report showed a headline employment gain of +175k, while the unemployment rate edged higher to 7.6%.

The USD was generally higher across the board as the market continues to hold onto hope for a better economic recovery in the US.

Elsewhere the EUR held its own after some economic reports last week showed some signs that the economy is starting to strengthen.

The latest data showed that French industrial production expanded at a much faster pace in April than economist expected. The JPY declined against the USD ahead of the Bank of Japan's monetary policy decision today.

Earlier this year the BoJ announced an expanded bond-buying program designed to keep interest rates low and support the economy, this is expected to be maintained at this week's meeting.
Economic Calendar
11 JUNE AU Home Loans
AU NAB Business Confidence/Conditions
UK Industrial Production
JN BOJ Target Rate and MPS