Australian Dollar: The continued recent resurgence of the greenback is capping any gains on the Aussie around the US99 cent area and we open today at 0.9870. In the absence of any local economic data last Friday, the unit marked time before heading towards a high of 0.9926 early in the European session. Traders took profits here and sold the Aussie back down to a 24-hour low of 0.9839. This week's local economic data calendar looks as bare as Englands batting cards in Perth which will leave the Aussie at the mercy of greenback sentiment, which at present is quite positive. The Aussie remains very strong on a trade-weighted basis and opens today at 0.6360 against the pound, 0.7485 against the Euro, and a ten-year high against the kiwi at 1.3390.

We expect a range today of 0.9845 – 0.9920

New Zealand Dollar: After last weeks softer-than-expected consumer and business confidence results the kiwi has been left reeling and endured another bearish session on Friday. During offshore trade the unit hit a 10-week low against its US counterpart at 0.7349 and opens today at 0.7362. Positive economic data in the United States and the recently-approved tax cuts by President Barack Obama have combined to strengthen the greenback across the board. Worse news for the kiwi however is its underperformance against the Australian Dollar with the NZD/AUD trading at 10-year lows (0.7450).

We expect a range today of 0.7320 – 0.7400


Great British Pound: Pound Sterling hit a 3-month low on Friday at 1.5453 against its US counterpart after U.K consumer confidence fell to a 20-month low in November. The currency opens today at 1.5510. The sentiment index slipped 7 points from the previous month to 45, the third consecutive monthly decline. Also weighing on Sterling is a stronger greenback across the board after recent better-than-expected economic data in the United States. Meanwhile, the pound opens weaker today against both the Australian Dollar (1.5690) and the New Zealand Dollar (2.1040).

We expect a range today of 1.5640 – 1.5725

Majors: The Euro begins the new week lower at 1.3170 amid continued concern Europes debt crisis will spread. The 16-nation currency hit low on Friday against the greenback at 1.3132 and appears headed for a three-month low beneath 1.3000 as the greenback strengthens against a basket of currencies. In a meeting of EU leaders in Brussels late last week, agreement was reached to create a permanent crisis-management mechanism, however this does not take effect until 2013. Investors instead focussed on the struggle amongst the leaders to ease divisions about immediate steps to stabilise bond markets. Meanwhile, the US Dollar opens higher against the Japanese Yen today at 82.90.

Data releases

AUD: No data today

NZD: No data today

JPY: BoJ Policy Meeting

GBP: No data today

EUR: German PPI, Nov

USD: Chicago Fed National activity index, Nov

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