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Australian Dollar:
The Reserve Bank of Australia met yesterday and as expected left the official benchmark cash rate unchanged at 4.75 percent. Following the announcement the Australian Dollar was sold to its lowest level in over 12 months, reaching an eventual low 0.9386 against its US Counterpart. With Governor Glenn Stevens re-iterating that the pace of global economic growth is likely to remain slow and uncertain, the RBA has left the door open for a potential interest-rate cut in the medium term as the path for inflation is likely to remain consistent with the Central Banks target range of between 2-3 percent. Meanwhile this morning the Australian Dollar opens relatively unchanged compared to the same time yesterday, recovering remarkably well from its earlier losses, at a rate of 0.9568.   

New Zealand Dollar:
The New Zealand Dollar lost ground for the majority of yesterday as losses throughout Asian Equity Markets and softer commodities dampened demand for the Nations Currency. With Markets again succumbing to fears that the European Sovereign Debt Crisis is set worsen the Kiwi was traded as reach an eventual low of 0.7467 against its US Counterpart, its lowest level seen since the 24^th of March. Despite the heavy losses throughout the past 24 hours the New Zealand Dollar has recovered well this morning to open around 20 Basis points lower than yesterday at a rate of 0.7591.
  
Great British Pound
The Great British Pound lost ground yesterday following significant losses in Banking Shares throughout Europe. With Deutsche Bank AG Abandoning its 2011 profit forecast and fresh fears that the European Sovereign debt concerns are like to spread into the regions banks the early signs for the Sterling were not good. After being sold to reach an eventual low of 1.5339 against its US Counterpart, global markets did a somersault late in the session as news spread that EU Officials are examining how to recapitalize the regions banks. As European Shares gained over 4 percent in the final hour of trade the Great British Pound recovered all of its previous losses opening higher against the Greenback this morning at a rate of 1.5484.

Majors:
In a speech made to the Congress’s Joint Economic Committee in Washington yesterday US Federal Reserve Chairman Ben S Bernanke said he is ready to take further steps to help boost stagnating growth. With the US economy struggling to overcome joblessness and a weak housing market, Bernanke confirmed that he is willing to take further action in addition to the 2.3 trillion of debt purchases already undertaken since 2008. In European news overnight the EURO halted a two-day decline and after drifting to a 24-hour low of 1.3144 against its US Counterpart it opens this morning around 150 basis points higher at rate of 1.3326. With the S&P 500 rallying 4.1 percent in the final hour of trade, fresh news surfaced out of Europe that EU Officials are examining a means to recapitalize the regions banks. Looking ahead today the European Crisis is likely to remain the market driver, as there appears to be an increasingly shared view that the key for Europe requires a fully co-ordinated approach.
 
 Data releases
 
AUD: AIG Services Index, Retail Sales
NZD; No Data Today  
JPY: No Data Today
GBP: Current Account, Services PMI, Final GDP q/q, Revised Business Investment
EUR: Retail Sales m/m, Final GDP q/q
USD: ADP Non-Farm Employment Change, ISM Non-Manufacturing PMI