Australian Dollar: The Australian Dollar fell back below 99 cents at the start of Asian session on Friday and consolidated around 0.9890 for the remainder of onshore trade. Heading offshore however the Aussie experience some bullish tendencies and with the help of some large orders pushed back over a full cent to find resistance at 0.9980. Risk aversion then seized the markets during the North American session and a flight away from riskier assets saw the Aussie drop back but hold above 0.9900. Opening lower today around 0.9890 investors are still watching events in Egypt closely as well as the local private sector credit figures due later this morning.

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We expect a range today of 0.9850 - 0.9940

New Zealand Dollar: The New Zealand Dollar traded quietly on Friday, spending the majority of Asia moving between 0.7710 and 0.7730. An attempt to break this channel was seen as we entered London hours and the Kiwi surged above 0.7780. The commodity currency however soon fell victim to adverse risk sentiment and support was once again found at 0.7710. With the spotlight focused very much on overseas events at the moment the Aussie and Kiwi pair have done little in the way of forging any direction. Trading at 0.7780 this morning, markets will be watching NZ Trade Balance and Building consents due within the hour.

We expect a range today of 0.7670 - 0.7750

Great British Pound: A decrease in Consumer Confidence on Friday saw the Sterling drop from a comfortable range around 1.5930 to find support at 1.5880. The index was expected to move from -21 to -20, however an unexpected 8 point drop has added to the UK's economic concerns.

A flock back to safe-haven assets ensured the Great British Pound moved lower during European and American trade and despite a push through 1.5950, support was established at 1.5830. Sterling opens this morning against the Australian dollar right on the 1.6000 handle and at 2.0560 against the Kiwi.

We expect a range today of 1.5940 - 1.6080

Majors: Safe-haven currencies have strengthened in the light of recent events in Egypt, with the Japanese Yen and the US Dollar both gaining against most of their counter-parts in the lead up to close of markets on Friday. Political turmoil in the troubled region have left investors demanding safer assets and the Greenback erased recent losses as well as the Yen which gained despite its recent debt rating down-grade by Standard and Poor. The Euro dropped from 1.3740 to lows near 1.3580, though the Japanese Yen managed gains with local CPI and unemployment figures coming in above expectations, in addition to US preliminary GDP figures disappointing investors. A quick move from 82.65 saw USD/JPY drop to 82.12 before briefly moving through the 82.00 handle to 81.98. This morning opens with the Euro relatively unchanged at 1.3580 and the Yen just above 82.00.

Data releases

AUD: Private Sector Credit m/m

NZD: Trade Balance; Building Consents m/m

JPY: Prelim Industrial Production m/m; Manufacturing PMI; Housing Starts y/y

GBP: No data due for release

EUR: German Retail Sales m/m; CPI Flash Estimate y/y

USD: Core PCE Price Index m/m; Personal Spending m/m; Chicago PMI