Australian Dollar:

The Australian dollar opens higher this morning currently trading a rate of 1.0647 against its US counterpart. In what proved to be a very subdued day of trading with very tight ranges being seen throughout the Asian Session, the recent trend of investors buying the currency on dips continued.

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After hitting an overnight low of 1.0609, investors snapped up higher yielding currencies such as the Australian Dollar leading it to a high of 1.0710 late in the New York session. With such rates taking the Aussie to its highest levels seen since May 13, this was also the first weekly gain witnessed for the month of May

We expect a range today of 1.0680-1.0775

New Zealand Dollar:

Similar to its Trans-Tasman rival the New Zealand Dollar Opens higher this morning buying 0.7908 US Cents. Following a relatively uneventful day of local trading, moves by offshore investors spurred demand for the kiwi pushing it to an eventual high of 0.7998 against its US Counterpart. With positive Trade Balance figures released earlier in the week and a improving economic outlook for the South Pacific Nation upper side resistance has well and truly again been earmarked around the 0.8000 level. In what's shaping up to be a week dominated by the news of offshore happenings, the New Zealand Dollar managed a1.3 percent gain against the Greenback for the week just passed.

We expect a range today of 0.7880-.7980

Great British Pound:

After initially opening at a rate of 1.6236 against the Greenback, the Pound moved higher reaching an overnight high of 1.6304 on Friday. In what ended up being a relatively choppy day of trading the sterling opens flat this morning at a rate of 1.6220. As UK Stocks drifted slightly lower on Friday losing 0.1 percent the Market will be looking ahead this week towards the busy economic calender which lies ahead. As the pound sits close to its lowest levels seen in a month the market remains keen for some fresh fundamental strength to kick the British Pound out of its recent slump. Meanwhile the Pound is currently swapping hands a rate of 1.5230 against the Australian Dollar.

We expect a range today of 1.6240-1.6340

Majors:

As investors concern surrounding the Greek Debt Situation continued to mount on Friday, US Stocks declined for a third straight week. With US equities slumping to their lowest levels since August last year, the Dow Jones Industrial Average Fell 83.71 points or 0.7 percent. In what proved to be a ordinary week for the Greenback, there were further whispers out of the US Treasury suggesting that a rise in the US debt ceiling of 14.3 Trillion may not eventuate until August this Year. Meanwhile the USD was slightly stronger against the Yen on Friday and is currently trading at a rate of 81.708. In EURO Zone news the EURO was sold across the board late last week, hitting a seven week low of 1.4138 against the Greenback. As European Debt markets continue to remain unstable and unsettled, consumers confidence remains fragile as any changes in the Terms and conditions of Greece's debt situation likely to lead to significant swings in the underlying currency.

Data releases

AUD: No data today

NZD: No data today

JPY: BOJ Monthly Report

GBP: No data today

EUR: Flash Manufacturing PMI, Flash Services PMI

USD: No data today

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