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Australian Dollar:
Despite the Australian Dollar losing 5.4 percent against the Greenback last week, the worst since May 2010, the Nation's Currency rebounded on Friday. With choppy trading conditions remaining throughout the session the Australian Dollar traded within a broad 24 hour range of (0.9667 - 0.9866) against its US Counterpart, snapping two consecutive days of losses. Helping to support the currency on Friday Standard & Poor's Ratings Services affirmed Australia's AAA Credit Rating as Finance Ministers met for the G-20 over the course of the weekend affirming that every step will be taken to tackle ongoing financial risks. Meanwhile this morning the Australian Dollar opens slightly higher at a rate of 0.9773 with risk-aversion likely to again dominant the market over the coming days. 

We expect a range today of 0.9720 -0.9870

New Zealand Dollar:
The New Zealand Dollar opens noticeably lower this morning at a rate 0.7749 against its US Counterpart. In what proved to be a monumental week of losses, the Kiwi shed a full 6.1 percent, the most seen since January 2009. Following on from a relatively strong start to the day on Friday, the New Zealand Dollar traded as low as 0.7723, with global risk aversion taking its toll on the Nations Currency, further downside risks remain a distinct possibility. Looking ahead this morning, markets attention will be focused on the Nations Trade Balance Figures due for release at 10:45am local time 

We expect a range today of 0.7710 – 0.7820

Great British Pound
The Great British Pound rallied throughout Friday’s session as European Leaders explored the idea of speeding up the start of a permanent rescue fund for their cash-strapped economies. After initially opening at a rate of 1.5331 against its US Counterpart the Sterling rallied to a 24-hour high of 1.5473, with International pressures mounting any further signs of immediate credible action by its European leaders likely to bold well for the Nations Currency. In what is shaping up as another busy week for the Great British Pound, the Sterling opens stronger against the Australian Dollar also against the Australian Dollar at a rate of 1.5810

We expect a range today of 1.9910 – 2.0020

Majors:
International Pressures mounted against European Policy Makers on Friday with the International Monetary Fund meeting in Washington over the course of the weekend. With financial markets remaining on the verge of a cascading default cycle, there appeared a mutual concession, that a more concentrated and co-ordinated approach is required in order to prevent the sovereign debt crisis further infecting the world economy. As investors continue to push for a more fundamental solution ahead of the current re-active stance the Greenback appears to be major benefactor of global risk aversion. Throughout currency markets on Friday the Worlds Reserve Currency, the Greenback rallied against the Japanese Yen opening higher this morning at a rate of 76.493. In European news the G20 Meeting had a stabilising effect on the 17-Nation Currency, with the EURO advancing to an overnight high of 1.3566 against its US Counterpart. Looking ahead this week investor’s attention will again be solely focused on happenings out of Europe, with any further talks of Greece’s Default Woes likely to trigger another retreat to safe-haven asset holdings.
 
Data releases
 
AUD: No Data Today
NZD; Trade Balance  
JPY: No Data Today
GBP: Nationwide HPI m/m
EUR: German Ifo Business Climate
USD: New Home Sales