Australian Dollar
Following a slow start to the day in which the Australian Dollar traded to an intraday low of 1.0060 against its US Counterpart the Nations Currency recovered well as it entered the offshore session. Buoyed by better than expected US Economic data in the form of reduced jobless claims and consumer confidence figures investors snapped up the higher yielding currency driving to it an overnight high of 1.0130. Finding fresh support above parity this week the Australian Dollar has now enjoyed three consecutive days of gains as markets continue to wind down ahead of the Christmas break. Meanwhile this morning following an overall positive session the Australian Dollar opens around 30 basis points higher at a rate of 1.0130

We expect a range today of 1.0050 – 1.0190

New Zealand Dollar
In Figures released yesterday New Zealand’s Gross Domestic Product rebounded strongly expanding 0.8 percent from the previous quarterly reading of 0.1 percent. With such figures coming well above the expected growth reading of 0.6 percent, the Kiwi’s initial reaction was relatively subdued as it traded down to an intraday low of 0.7664 against its US Counterpart. In overnight action however the fortunes of the New Zealand Dollar reversed, receiving positive leads out of the US in form of better than expected Consumer Confidence and Jobless Claims it climbed to an overnight high of 0.7750. In what has proven to be a beneficial week for the Nations Currency the Kiwi opens stronger this morning currently buying 77.28 US Cents

We expect a range today of 0.7670 – 0.7780

Great British Pound
The Great British Pound opens relatively unchanged this morning against its US Counterpart currently trading at a rate of 1.5677. In local data releases yesterday UK Economic growth accelerated 0.6 percent from the previous quarter faster than the anticipated reading of 0.5 percent. Further dampening the outlook for the Sterling the Bank of England has said that the UK economy is unlikely to grow at all in the early parts of 2012 given the impending recession in neighbouring Europe. Despite some positive news flows out of US the Sterling has again struggled to find any real support above the 1.57 level. Meanwhile this morning the Great British Pound opens lower also against both the Australian Dollar (1.5473) and New Zealand Dollar (2.0278)

We expect a range today of 1.5410 – 1.5570

Majors
Markets returned to fundamental trading overnight with US Stocks, Commodities as well as a handful of major currencies all closing the session higher. In economic data flowing out of the US yesterday the number of Americans applying for unemployment benefits decreased to 364 000 the fewest since April 2088 with the Reuters/University of Michigan Index of consumer sentiment also beating expectation, rising to a six month high. Despite US GDP figures coming slightly below those levels forecast at 1.8 percent, such figures did little to dent investor optimism as the S&P 500 gained 0.9 percent. In what has been another week of positive news flows out of the US the major question mark still remains to what extend will an impending recession in Europe effect US recovery efforts. Meanwhile in Europe overnight in the absence of any fresh news from Policy Makers, the EURO enjoyed a minor appreciation against its US Counterpart climbing to an overnight high of 1.3118, opening this morning however relatively unchanged from the same time yesterday currently swapping hands at a rate of 1.3042

Data releases

AUD:
No data today

NZD: No data today

JPY:
Bank Holiday

GBP: BBA Mortgage Approvals, Index of Services 3m/3m

EUR:
NO Data Today

USD: