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Australian Dollar:
The Reserve Bank of Australia lefts it’s official benchmark interest rate unchanged yesterday at 4.75 percent, matching the expectations of the majority of investors. With such decisions marking the ninth straight month without any changes in the cash rate, Governor Glenn Stevens did go further to emphasize that financial markets in recent times have been increasingly volatile and that domestic growth prospects remain uncertain given the softer outlook of both the US and European based Economies. While the Australian Dollars reaction was initially quite subdued the Nations Currency opens noticeably lower again this morning at a rate of 1.0483 against its US Counterpart, with Global Risk Aversion taking its toll overnight. In what is setting up to be another busy session, the market looks ahead to the release of domestic GDP Figures which are due for release at 11:30 am this morning.
 
We expect a range today of 1.0410 – 1.0520

New Zealand Dollar:
The New Zealand Dollar drifted lower for the majority of the intra-day session yesterday as investors continued to sell assets deemed to be riskier in nature. After initially opening at a rate of 0.8320 against its US counterpart the early signs for the Kiwi were not good, as noticeable dips in the Nations Currency were largely blamed on the volatilities surrounding Europe. While the Kiwi did enjoy a brief run well above the 83 US Cents Mark with positive manufacturing figures surfacing out of the US, global risk aversion again struck markets seeing the Kiwi immediately sold to an overnight low of 0.8205 as we open this morning a full cent lower at a rate of 0.8225
 
We expect a range today of 0.8180 -0.8275

Great British Pound:
The Great British Pound opens one and a half cents lower this morning at a rate of 1.5940 against its US Counterpart, the lowest level seen in almost two months. Driving the Sterling lower overnight was a report released showing UK Retail Sales dropped a staggering 0.6 percent for the month of August, sparking fresh speculation the Bank of England will begin further stimulus measures sooner rather than later. In what is shaping up as almost an inevitable Policy move by the Nation’s Central Bank the Sterling is likely to remain volatile in the coming months as uncertainty continues to have a strong hold over global markets.  Meanwhile this morning the Sterling opens lower also against the Australian Dollar at a rate of 1.5199
 
We expect a range today of 1.5140 – 1.5250
 
Majors:
A report released out of the US Overnight showed the Services Industry unexpectedly expanded at a faster than expected pace for the month of August. With the ISM Non-Manufacturing Index increasing to 53.3, improving from last month’s reading of 52.7 and comfortably beating the expected figure of 51.2. While such figures demonstrate that the US Economy has managed to improve amid a US Labour Market which failed to add any jobs to the economy in August, Global Markets remain very much on edge as concerns continue to grow over Europe’s Sovereign Debt Levels. Overnight Global Equity Markets recorded large losses with the EURO tumbling to an eventual low of 1.3971 against its US Counterpart, opening this morning a full cent lower at a rate of 1.3997. In further news out of Europe the Swiss Franc weakened the most since the creation of the EURO as the Swiss Central Bank announced their intention to set a ceiling on the exchange rate to try and curb a highly Appreciated Currency which is hurting the Nations exporters. Meanwhile the Greenback also opens stronger against the Japanese Yen at a rate of 77.640 with the US Currency benefitting from a slight return to safety. 
 
Data releases
 
AUD: AIG Construction Index, GDP q/q
NZD; No Data Today
JPY: Monetary Policy Statement, Overnight Call Rate, Leading Indicators
GBP: Manufacturing Production m/m, Industrial Production m/m
EUR: German Industrial Production
USD: Beige Book