Australian Dollar
Following a very slow start to the day in which the Australian Dollar temporarily touched on levels below the 1.06 handle, the Nation’s currency recovered well in offshore trade to eliminate the full extent of earlier losses. Helping spur demand for the higher-yielding currency, US Stocks ticked upwards following a better than expected US labour market report, further indicating that the US Economy is slowly recovering. Topping out at an eventual high of 1.0715 against its US Counterpart this morning sees the Australian Dollar open half a cent stronger, currently swapping hands at a rate of 1.0681. Looking ahead today whilst RBA Governor Glenn Stevens is due to speak in Sydney this morning, general risk-sentiment is again likely to be dictated by offshore happenings this evening

We expect a range today of 1.0620 – 1.0730

New Zealand Dollar
Despite an uneventful morning for the New Zealand Dollar, the kiwi was well purchased over the course of the offshore session, trading as high as 0.8354 against its US Counterpart. Helping spur demand for the Nations currency, global risk sentiment has remained positive over the past 12 hours following on from better than expected US Jobs Data as well as positive business confidence figures out of Germany. With local data releases remaining quite and New Zealand equity markets finishing with as many gains as there were losses yesterday, the kiwi has been a major benefactor of global-risk flows over the past 24 hours. Meanwhile this morning the kiwi opens noticeably stronger against the greenback as it currently buys 83.35 US Cents

We expect a range today of 0.8280 – 0.8370

Great British Pound
UK manufacturers enjoyed a rebound in their order books in the month of January according to CBI Industrial Order Expectations which were released yesterday. Helping improve the performance of the Sterling the market also received positive leads out of Europe where Greek Politicians are set to vote over the coming days on changing a clause that would essentially force losses on private bond holders resisting the voluntary debt restructuring. In currency movements, the overall performance of the Sterling was strong and after floating between a 24 hour range of (1.5649-1.5730) against its US Counterpart it opens stronger this morning at a rate of 1.5713. High-lighting the key risk event this evening, revised GDP Growth Figures expected overnight should cause some minor volatility for the Great British Pound

We expect a range today of 1.4650 – 1.4750

Majors
Global stocks returned to the green yesterday with the S&P 500 finishing 0.2 percent stronger. Positive news flows started in Europe as a report showed German Business confidence rose in February to the highest level in seven months, comfortably exceeding forecasts. In what was an overall very positive result for the 17-Nation Euro, looking ahead volatilities are expected to remain high leading up to Greece’s March 20 bond maturity date with plenty needed to be done to ensure Greece’s most recent 130 billion euro bailout package is fully enacted. Despite the European Union Commission announcing overnight that they expected the region’s economy to shrink this year this did little to dampen the progress of the 17-Nation currency which gained over a cent from its earlier lows around the 1.3220 level to open this morning a full cent stronger at a rate of 1.3333 against its US Counterpart. Jumping across to the US, the economic recovery story continued yesterday where US weekly jobless claims came in well below expectation. With risk-flows turning positive and significant headwinds still coming out of Greece the Greenback struggled to hold on to its recent gains opening just above the critical 80 mark against the Japanese Yen at a rate of 80.057

Data releases

AUD:
RBA Gov Stevens Speaks

NZD: No Data Today

JPY:
CSPI y/y

GBP: Revised GDP q/q, Prelim Business Investment q/q, Index of Services 3m/3m

EUR:
German Final GDP, Italian Retail Sales m/m

USD:
Revised UoM Consumer Sentiment, Revised Uom Inflation Expectations, New Home Sales