Australian Dollar: The Australian dollar opens this morning at a rate of 1.0435 against the greenback after hitting a fresh post-float high of 1.0450 in offshore trade.

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Despite disappointing Australian housing finance figures which saw home loan commitments fall by a significant 5.6% for the month of February, such a rally is seen as a result of stronger commodities with gold hitting all time highs overnight at US$1,460/oz and increased demand by investors to purchase the higher-yielders such as the Aussie and the New Zealand Dollar. With new ground being established above the 1.04 levels all eyes will be on the Australian Employment figures which lie ahead today, with the official unemployment rate expected to remain unchanged at a rate of 5%.

We expect a range today of 1.0380 - 1.0460

New Zealand Dollar: The New Zealand Dollar opens sharply higher against the greenback today at 0.7785. The unit, which has rallied over nine per cent in the last three weeks from a low of 0.7108, has been supported in recent sessions around the 0.7650 level. The buying continued during the Asian time zone to hit fresh two-month highs above US77 cents as commodity prices remain firm and gold was trading at an all-time high above US$1,450/oz. Greenback weakness across the board overnight took the currency towards US78 cents. The kiwi opens higher against the Australian Dollar at 0.7450 and the Japanese Yen at 66.50.

We expect a range today of 0.7740 - 0.7810

Great British Pound: Softer-than-expected industrial numbers announced in the UK overnight have dented the pound against the Euro (0.8760) and stalled its progress on the greenback (1.6320). Manufacturing growth was unchanged in February at 0.9 per cent adding fuel to speculation the Bank of England will be forced to leave rates on hold tonight at 0.5 per cent. The greenback was weaker across the board and the pound managed an overnight high of 1.6363. Meanwhile, the pound opens weaker against both the Australian Dollar (1.5640) and the New Zealand Dollar (2.0950).

We expect a range today of 1.5580 - 1.5670

Majors: Positive risk sentiment along with broad greenback and Yen weakness has combined to push the Euro to a fourteen-month high of 1.4348 overnight. The European Central Bank meets tonight and is widely tipped to increase interest rates by 25 basis points to 1.25 per cent. The 17-nation currency has appreciated mare than 7 per cent against the big dollar this calendar year on speculation that further rate hikes may be required to tame inflation. Meanwhile, the Japanese Yen hit fresh six-month lows at 85.50 on speculation Japan will lag behind many other nations in ending economic stimulus measures as it rebuilds after the recent catastrophic earthquake.

Data releases

AUD: Unemployment rate, March

NZD: No data today

JPY: Bank of Japan rate decision, April

GBP: Bank of England rate decision, April

EUR: ECB rate decision, April

USD: Initial jobless claims (week ending April 2)

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