Australian Dollar:

Data released out the Australian economy yesterday showed private sector credit rose by a disappointing 0.3 percent for the month of May. Despite such results coming in lower than expected, the Australian Dollar advanced and was heavily bought trading as high as 1.0750 against its US Counterpart during intra-day trade.

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As the market continues to trade solely off the back of any fresh news surrounding Greek''s Sovereign Debt concerns, the approval of Austerity Measures by the Greek Parliament overnight on Wednesday continues to raise short-term demand for riskier assets such as the Australian Dollar. With commodities and local equities also strengthening we see the Aussie open higher this morning at a rate of 1.0711

We expect a range today of 1.0660 - 1.0760

New Zealand Dollar:

In what proved to be an eventful day of trading for the New Zealand Dollar we see the kiwi open slightly higher this morning currently buying 82.79 US Cents. With reports out of New Zealand yesterday showing business confidence slowly gaining momentum and the number of building consents for the month of May also trending upwards the New Zealand Dollar was purchased to reach a 24 hour high of 0.8318. As the currency briefly tested the Psychological 83 US Cents level late in the Asian Session the kiwi is likely to remain well supported in short-term with a further vote out of Greece last night being past, surrounding the implementation of authorisation of austerity measures required to avoid a potentially crippling default scenario.

We expect a range today of 0.8210 - 0.8320

Great British Pound:

The Great British Pound opens relatively unchanged from the same time yesterday currently trading at a rate of 1.6050 against its US Counterpart. In what proved a choppy day of trading, the sterling was sold late in the Asian session and after reaching an eventual high of 1.6117 was sold as low as 1.5972. Despite positive news out of Europe overnight the Pound Continues to be plagued by a faltering economy with Consumer Sentiment falling more than forecast for the month of June. Meanwhile we see Sterling open noticeably lower against the Australian Dollar this morning trading at a rate of 1.4972

We expect a range today of 1.4960 - 1.5080

Majors:

Global Stocks rose last night giving the Standard & Poor's Index its biggest four-day gain since December last year. With reports out of the US last night showing businesses expanded at a faster than expected pace for June and Consumer confidence reaching a 10-year high there was a general move away from the Safe-Haven Greenback as investors flocked to riskier assets. This morning the US Currency opens lower against the Yen currently trading a rate of 80.522. Meanwhile in Europe last night the EURO Currency gained a further half a cent ,trading as high as 1.4537 against the Greenback. With lawmakers backing a bill to authorise an austerity plan required to keep rescue funds flowing, there are signs that Greece may be turning the corner despite reports of continued domestic unrest. The EURO opens higher this morning currently trading at a rate of 1.4502.

Data releases

AUD: AIG Manufacturing Index, Commodity Prices y/y

NZD: No Data Today

JPY: Household Spending y/y, National Core CPI y/y, Unemployment Rate, Tankan Manufacturing Index

GBP: Manufacturing PMI

EUR: Final Manufacturing PMI, Italian Quarterly and Monthly Unemployment Rate, Unemployment Rate

USD: Revised UOM Consumer Sentiment, Revised UOM Inflation Expectation, ISM Manufacturing PMI, Construction Spending m/m, ISM Manufacturing Prices.

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