Bell FX Currency Outlook: The Australian Dollar has held up well overnight despite some USD strength.

Australia: The AUD traded near USD0.9160 for most of the offshore session, having bounced off a low of USD0.9120 seen late here yesterday.
In Australian today, we have the RBA Deputy Governor Lowe speaking at 9:15am in Sydney on “Productivity and Infastructure”.

Today’s speech is unlikley to move the market with any comments likley to reiterate what the RBA have already said in the last few weeks. There is no other domestic events or key data today as we await tomorrow’s Q3 Construction Work Done and Thursday’s Capital Expenditure Survey.

Majors: A falling oil price helped equity markets overnight with both the European and US markets making gains. In currency markets the
USD/JPY was the main mover, bouncing from 101.20 to nearly 102.00.

Many market participants attributed the move to a reduction in “safe haven” demand for the JPY. USD held up well against most of its major
counterparts including the EUR and the GBP.

Spot Gold edged higher while Base metal prices were a mixed bag. Tonight we have a bit of US data being released inlcuding, US October building permits, November consumer confidence and the Richmond Fed manufacturing Index also for November.

Economic Calendar
26 NOV AU RBA Governor Stevens Speech in Sydney at 9.15am
JN BoJ 31 October Meeting Minutes
US Building Permits
US House Price Index

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