Australia: The Australian Dollar has opened firmer this morning after trading to a high of USD1.0025 in the offshore session. US economic data released overnight was generally better than expected, while the FOMC kept its official rates unchanged at 0.25%. Yesterday the AUD remained well supported throughout the local session despite the Australian NAB Business Confidence coming in slightly lower at +6 points for November following +8 in October. The dwelling starts data reported for the 3rd quarter fell 13.25, with lower private and public housing. Base metals were generally softer overnight with copper down 0.7%, aluminium +09% and nickel -0.1%. Gold remained firm, trading around US$1,400.00 per ounce, while oil fell 0.6% to be trading at US$88.12 a barrel. The AUD is likely to remain well supported while economic data is improving and investor confidence continues to build.

Majors: As mentioned above, the US FOMC meeting held overnight saw the Fed keep its official rates unchanged at 0.25%. The FOMC accompanying statement reaffirmed the comments that it would maintain exceptionally low rates for an extended period. Data released overnight saw the US Retail sales for November rise 0.8%, much better than expected, with October’s number revised up by 0.5%. The NFIB Small Business Optimism index in November rose again to 93.2 from 91.7 previously and the index is now back to the highest level since December 07. US equity markets finished firmer with the Dow up 0.4% the S&P and Nasdaq up 0.1%. The DOW is now trading at a two year high. Tonight in the US will see a raft of data releases starting with the US CPI.

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