Australian Dollar: As expected the Australian Dollar remained relatively subdued throughout the Asian Session on Friday trading between a tight 30 basis point range. After initially drifting to a mid afternoon low of around 1.0680 against its US Counterpart the Aussie Dollar lost further ground as New York Investors sold Higher-Yielding Assets such as the Australian Dollar.

Driving the Nations Currency Lower overnight was a report out of the US showing Payrolls remained unchanged for the month of August with no additional jobs being added. In what is shaping up as an eventful week the market looks ahead to the Official Cash Rate Decision tomorrow where the RBA is widely tipped to keep to the Cash Rate unchanged at 4.75 percent. Meanwhile this morning the Australian Dollar opens lower at a rate of 1.0616

We expect a range today of 1.0580 - 1.0700

New Zealand Dollar: In what proved to be an extremely quiet day of trading for the New Zealand Dollar, the Kiwi was sold overnight Friday as the highly anticipated US Employment Figures came in well below expectation.

In the absence of any local data and offshore happenings dominating headlines the New Zealand Dollar opens half a cent lower against its US Counterpart this morning currently buying 84.56 US Cents. Ending what has been a tumultuous month for the Kiwi tighter than average ranges are again expected over the course of next 24 hours as the US Markets take a day off to celebrate Labour Day.

We expect a range today of 0.8410 - 0.8510

Great British Pound:

UK Construction Figures released overnight on Friday showed signs of continued activity, posting a positive reading of 52.6 for the month of August. While such figures managed to push the Sterling higher to 1.6253 against its US Counterpart, disappointing US Employment Figures and noticeable losses on Global Equity Markets both managed to spark a sell-off in the Sterling as it traded to eventual low of 1.6170. Erasing earlier gains the Pound opens lower this morning currently trading at a rate of 1.6156 with all eyes on the Bank of England with the Central Bank due to meet on Thursday to discuss the relevant Monetary Policy settlings. On the Cross-Rates this morning the Pound opens significantly stronger against the Australian Dollar at a rate of 1.5218

We expect a range today of 1.5160 – 1.5270

Majors: The Dow Jones lost 253 points or 2.2 percent on Friday wiping out all of last weeks gains. Driving the push lower was the worst Monthly US Job Report in a nearly year as the US Economy failed to add any new jobs for the month of August. Against an expected rise of 68 000 Jobs the official Unemployment Rate remained unchanged at 9.1 percent. With US Fed Chairman Ben Bernanke due to speak on Thursday the market will be listening carefully to any hints of further stimulus as world growth remains stagnant amongst a very weak US Labour Market.

Meanwhile this morning the US Dollar opens lower against the Japanese Yen at a rate of 76.799. In European news overnight the EURO initially traded as high as 1.4287 against its US Counterpart however following the disappointing US Employment Data again fell to a eventual low of 1.4283 as it opens over half a cent lower this morning at a rate of 1.4193.

Data releases

AUD: AIG Services Index, MI Inflation Gauge m/m, ANZ Job Advertisement, Company Operating Profits

NZD: No Data Today

JPY: No Data Today

GBP: BRC Retail Sales Monitor y/y, Halifax HPI m/m, Services PMI

EUR: Retail Sales m/m

USD: Bank Holiday