Australian Dollar: The Australian Dollar weakened against the US Dollar as Japan's biggest earthquake dampened demand for higher yielding assets.

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The Aussie finding support at 1.0060 against the Greenback as global equity markets dropped on concerns for the Japanese economy on the back of a slump in Japanese consumer confidence and potential cuts in production. Overnight the Aussie briefly slipped below 1.0050 before finding its way back above 1.0100 US Dollars. This morning the Aussie opens buying 1.0096.

We expect a range today of 1.0030-1.0150

New Zealand Dollar: All eyes were on Japan as investors ignored house sales figures in New Zealand which declined -10.5% for the year in February. Global stocks and commodity markets tumbled sending commodity currencies lower as risk aversion prevailed. For New Zealand, Japan's earthquake and tsunami will strike a blow as both countries struggle to recover from their tragic disasters. Japan is New Zealand's fourth largest trading partner accounting for approximately 8% of exports. This morning the Kiwi opens buying 0.7390 US Dollars.

We expect a range today of 0.7330-0.7430

Great British Pound: The British Pound opened offshore at an intraday low of 1.6026 against the US Dollar. Investor confidence was boosted by comments from Fitch Ratings who decided the UK's weaker than expected recovery was not 'sufficiently material' to threaten the nation's AAA credit rating. The sterling met with some resistance at 1.6120 US as it travelled up toward 1.6200. This morning the Pound opens at 1.6010 Australian Dollars and 2.1865 Kiwi.

We expect a range today of 1.5950-1.6070

Majors: The Bank of Japan's moved to loosen monetary policy and inject 15 trillion Yen to support the country's financial system saw the US Dollar retake 82.00 Yen in Asia. Policy makers also agreed to double the central bank's asset purchasing program, expanding it by 5 trillion yen. Moving offshore the pair drifted towards 81.50. In Europe, EU leaders reached an agreement to expand the European Financial Stability Mechanism, widening its scope to 440 billion. The negotiated concessions have allowed the purchase of bonds directly from individual countries and reducing the cost of loans to Greece. New found investor confidence in the region's financial stability carried the Euro to 1.4000 against the Greenback.

Data releases

AUD: Monetary Policy Meeting Minutes

NZD: No Data Today

JPY: Machine Tool Orders (Feb)

GBP: CB Leading Index

EUR: German ZEW Economic Sentiment

USD: Empire State Manufacturing Index, Federal Funds Rate