Australian Dollar: Traders were content to play the ranges once again during yesterday's local session with buyers of the Aussie emerging down at 1.0530 - not far from the key support level around the 1.0480 region.

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Market participants are unwilling to take on board too much risk at present ahead of developments in Greece where Prime Minister George Papandreou will next week seek approval for EUR78bio package of budget cuts and asset sales that will help ensure more financial aid from the EU and IMF.

During the offshore session, the greenback strengthened across the board pushing the Aussie briefly beneath the afore-mentioned support level of 1.0480 down to a one-month low of 1.0454. The Aussie recovered some lost ground late in the New York session and opens on Friday at 1.0520.

We expect a range today of 1.0460 - 1.0550

New Zealand Dollar: The New Zealand Dollar was supported during local trade on Thursday after the government announced spending initiatives aimed to compensate households in Christchurch who have been affected by the recent earthquakes. The kiwi traded between a low of 0.8129 before a steady climb to an intraday high of 0.8175. The currency was also supported on the cross rates, hitting a record high against the British Pound at 0.5095. During the offshore session, the greenback strengthened against several major currencies pushing the kiwi to a 24-hour low of 0.8081 ahead of this morning's opening level of 0.8130.

We expect a range today of 0.8100 - 0.8160

Great British Pound: Pound Sterling (1.5990) is weaker today on speculation that any monetary policy tightening by the Bank of England (BoE) is likely to be delayed further than previous expectations. Prompting the pound sell-off overnight to a low of 1.5937 was the Confederation of British Industry's retail gauge which fell to minus 2 this month from 18 in May. According to minutes released yesterday, the BoE has not ruled out further stimulus amid "downside" risks to growth. Meanwhile, the pound opens steady against the Australian Dollar (1.5200) and weaker against the New Zealand Dollar (1.9660).

We expect a range today of 1.5180 - 1.5250

Majors: The greenback moved higher overnight against a basket of currencies after the US Federal Reserve yesterday ruled out further economic stimulus measures. The US Dollar opens today at 80.48 from a 24-hour low of 80.27 as local data revealed new house purchases fell in May by 2.1 per cent whilst applications for jobless benefits rose 9,000 in the week ending June 18. Meanwhile, the Euro continues to face strong headwinds amid ongoing concerns the Greek government will struggle to get parliamentary approval for deep budget cuts and asset sales needed to qualify for further EU and IMF aid. The 17-nation currency moved to an overnight low of 1.4126 against the greenback and opens today at 1.4250.

Data releases

AUD: No data today

NZD: No data today

JPY: No data today

GBP: No data today

EUR: German retail sales, May

USD: Durable goods orders, May

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