Australia: The Australian Dollar has opened today's trade firmly in the mid 0.9800's after a raft of announcements last week locally and internationally.

The last big announcement was on Friday evening when China made another "inflation fighting decision" (their second in two weeks) to increase the reserve requirements on local banks by 0.50% to 17.5%.

This dominated the news along with the long awaited acknowledgement that Ireland would apply for a bailout from the EU and IMF, which would be in the order of EUR 80-90bio.

Initially the AUD took a hit after the decision from China, but later recovered, as US equity indices were slightly stronger on better than expected corporate profits and the news of Caterpillar's takeover of Bucyrus International.

The central bankers gathering in Frankfurt on Friday produced the typical comments that countries with strong surpluses and high saving ratios and undervalued currencies should increase their spending and change their ways to help even out the deficit spending and low saving rates of some western countries.

Most analysts saw this as just another swipe by Fed Chairman Bernanke and the ECB's Trichet at China's currency values.

This week in Australia sees the release of construction activity on Wednesday and private capex on Thursday for Q3. RBA Chairman
Stevens speaks before the House on Friday.

Majors: The EUR and GBP are little changed this morning after the Chinese announcement on reserves was made on Friday and the news of a bailout of Ireland.

Trading in all financial markets will be quiet later in the week as the US celebrates the Thanksgiving holiday on Thursday.

On a somber note, today marks the 47th anniversary of the assassination of President Kennedy in Dallas. For those that are old enough, we can all remember where we were when we heard this tragic news.

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