Australian Dollar:
The Australian Dollar advanced yesterday as US President Barack Obama announced that party leaders had reached an agreement to raise the US Debt Ceiling, saving the US economy and broader global financial markets from a potential catastrophic default. Following the announcement early on in the session the Australian Dollar was snapped up by investors reaching an intra-day high of 1.10604 against its US Counterpart. With Global equities also advancing the outlook for riskier assets such as the Australian Dollar also improved before a late session sell-off was triggered with profit takers selling the Australian Currency to an eventual low of 1.0921. Today the market looks ahead to the RBA's Rate decision in which The Central Bank is widely expected to keep the Official Cash Rate unchanged at 4.75 percent, with any signs of a medium-term rate hike likely to spur demand for the Aussie, as the Australian Dollar opens lower against the Greenback this morning stronger at a rate of 1.0968. My eye

New Zealand Dollar:
The recent strong performance of the New Zealand Dollar continued during Asian Trade yesterday as the Kiwi touched its highest level seen since it was openly floated against its US Counterpart in 1985. Asian Stocks and local equities also gained considerable ground yesterday as refreshing news out of the US Surfaced that Congress had finally come to an agreement to avoid the Nationals first-ever financial default. With demand for riskier-assets being the major theme of the domestic Session the Kiwi traded between a range of 0.8732 and 0.8842 against the Greenback, as the New Zealand Dollar opens slightly down this morning currently buying 87.61 US Cents following some slight profit taking overnight 
 
Great British Pound:
Contrasted from a solid start to the day The Great British Pound was sold heavily during European Markets overnight with the Sterling bottoming out at a rate of 1.6236 against its US Counterpart. Triggering the sell off was the release of a US ISM Manufacturing Index which slumped to 50.9, its lowest level since 2009. Erasing gains off the back of news that US Lawmakers will vote in favour of a plan to raise the debt ceiling the Sterling opens more than a cent lower against its US Counterpart at a rate of 1.6295 lower also against the Australian Dollar currently swapping hands at a rate of 1.4853. As the market looks to the week ahead, attention is likely to turn to local happenings with a rates decision expected out of the Reserve Bank of England on Thursday. 

Majors:
US Stocks were dragged lower yesterday as manufacturing data released came in worse than economists originally forecast. With further soft manufacturing data also surfacing out of the UK and China the S&P 500 finished down 0.4 percent, as concerns continue to be raised surrounding the resilience of the broader global economy. Overnight the US Based Currency rallied against a basket of major counterparties reaching an eventual high of 77.193 against the Japanese Yen. As financial markets look to move beyond the recent headlines which have been dominated by US Debt Ceiling talks, investor’s attention is likely to move back to the EURO Zone with the regions broader currency remaining volatile in recent times. With a large degree of underlying debt and credit markets still wary of any further contagion fears the EURO traded between a wide 24hour range of (1.4183 - 1.4453) as it opens a full cent lower against its US Counterpart at a rate of 1.4247.
 
Data releases
 
AUD: Building Approvals m/m, HPI q/q, RBA Rate Statement
NZD: Labour Cost Index q/q
JPY: Monetary Base y/y, Average Cash Earnings y/y
GBP: Construction PMI, BRC Shop Index y/y
EUR: PPI m/m
USD; Core PCE Price Index m/m, Personal Spending m/m, Personal Income m/m, Total Vechicle Sales