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Australian Dollar:
The Australian Dollar rallied against its US Counterpart for a second consecutive week as increased demand for higher yielding assets saw the Aussie Dollar strengthen to an overnight high of 1.0343. In what proved to be the biggest five-day rally versus its US counterpart in almost three years, investors snapped up the Nations Currencies as European officials met over the course of the weekend to discuss the evolving strategy as to how best contain the regions debt situation. Having gained over 2 Cents since its earlier 24 hour low of 1.0144, the Australian Dollar opens stronger this morning currently trading at a rate of 1.0340
 
New Zealand Dollar:
The New Zealand Dollar opens a full cent higher against its US Counterpart this morning, currently buying 80.49 US Cents. Starting the week at its highest level seen since the 20th of September, the major driving force behind the rally again came from Europe as the Group of 20 Finance Ministers met in Paris over the weekend to discuss varying strategies as to how best grapple with the regions debt concerns. In further news on Friday the US economy also showed signs of modest growth with Retail Sales coming in above expectation, helping improve global sentiment as the US economy continues to show signs of relative growth. Looking ahead this week any sustained rally above the 80 US Cents mark is again likely to be sentiment driven as the local economic calendar remains thin.
 
Great British Pound
Having traded previously within a 24-hour range of 1.5720 -1.5851, The Great British Pound Rallied on Friday opening this morning higher against its US Counterpart at a rate of 1.5812. With the FTSE 100 Index also climbing 1.2 percent, European Officials met late on Friday to outline initiatives to tame the threat of contagion throughout the region and whilst full details of the plans have yet to be made public, there does appear to be a renewed optimism that European Leaders are finally starting to take decisive action to end the turmoil which has rattled financial markets of late. Looking ahead this week Local Inflationary data due for release tomorrow is likely to provide short-term direction for the Sterling as The Great British Pound Opens lower against the Australian Dollar at a rate of 1.5284

Majors:
Commodities, Global equities and a handful of major currencies all rallied overnight on Friday as European Officials met in Paris from the group of 20 economies to discuss a revamped strategy to beat the regions two year sovereign debt crisis. Whilst Europe’s plan has yet to be made public US Treasury Secretary Timothy F Geithner, who attended the meeting has told reporters that the plan does contain the correct elements and that if implemented correctly would be sufficient to end the turmoil which has rattled financial markets in recent months. With such plans clearly winning the confidence of Global Markets the EURO rallied to a 24-hour high of 1.3893 against its US Counterpart, opening this morning a full cent higher at a rate of 1.3882. In other news released on Friday, market sentiment was given a further boost with US Economic Data surprising the market on the upside as Retail Sales came in well above expectation, advancing 1.1 percent for the month of September. Meanwhile this morning the US Dollar opens stronger against the Japanese Yen at a rate 77.196
 
Data releases
 
AUD: New Motor Vehicle Sales m/m  
NZD; No Data Today
JPY: Revised Industrial Production
GBP: Rightmove HPI m/m  
EUR: No Data Today
USD: Empire State Manufacturing Index, Capacity Utilization Rate, Industrial Production m/m