Bell FX Currency Outlook: The Australian Dollar has opened back above USD0.9100 amid recent stronger data out of the US and China.

Australia: After touching an overnight low of USD0.9070, the AUD bounced back above USD0.9100 amid growing optimism following such strong economic data results out of the US and China over the last couple of days. The market seems to think that the world is actually doing better than first thought and that tapering isn't going to affect the US as much as initially thought.

Today in Australia, we have the NAB Monthly Business Survey for November being released as well as Housing Finance approvals for October. Out of China we have Industrial Production, retail sales and fixed asset investment. We expect the AUD to remain fairly contained within recent ranges.

Majors: US equity markets finished in the black this morning, supported by yesterday's positive Chinese economic data. After Sunday's strong Export figures, the Chinese CPI yesterday showed a slowing to 3% in November from 3.2%, easing the markets fears that the PBoC would start
tightening policy soon. In Europe markets also gained despite some softer data Industrial Production data in Germany.

The EUR briefly fell following the data but managed to claw back its losses to end the session higher at around 1.3740. The GBP was the surprise performer of the night however after the BoE Governor spoke in New York and said that the recent economic news out of the UK has been positive.

The GBP jumped to 1.6410 from 1.6390 and finished the session slightly higher near 1.6425. Offshore tonight we have UK Industrial production and Trade balance data for October being released while in the US we have the NFIB Small Business Optimism index for November.
Economic Calendar
10 DEC AU NAB Business Confidence / Conditions
CH Industrial Production / YTD
UK Trade Balance
US NFIB Small Business Optimism

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