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Australian Dollar:
Following a slow start to the day in which the Australian Dollar traded as low as 1.0117 against its US Counterpart the Nations Currency came to life in overnight trade, touching briefly on highs above the 1.03 level. In news out of China yesterday afternoon, Australia’s Largest trading partner released a another solid quarter of growth with  China’s economy growing at 9.1 percent, its ninth consecutive quarter of growth exceeding the 9 percent mark. Meanwhile in Europe overnight further support for the higher-yielding currency was established with rumours circulating that both Germany and France will combine to boost the size of the European Rescue package. Looking ahead this morning, currency markets have again covered some substantial ground over the past 48 hours as the Australian Dollar opens a full cent stronger at a rate of 1.0285.
 
New Zealand Dollar:
The New Zealand Dollar struggled for the majority of yesterday trading to reach an eventual low of 0.7859 against its US Counterpart late in the Asian Session. Despite relatively solid growth figures being released out China, the Kiwi failed to make any real inroads advancing very briefly to an overnight high of 0.8008. In news released locally yesterday Reserve Bank Governor Alan Bollard announced that interest rates will probably need to increase at some point in the future with reconstruction from the Christchurch earthquakes likely to provide significant stimulus in the medium term, adding to inflationary pressures. In what ended being a mixed a session for the Kiwi the New Zealand Dollar opens lower this morning at a rate of 0.7913
 
Great British Pound
In a report released yesterday UK Inflation accelerated to match a record high in September with Consumer Prices rising 5.2 percent, well above the median forecast of 4.9 percent. While the Bank of England did re-start asset purchases on Oct 6, such figures do further emphasise the major priority of the Central Bank to putting Growth ahead of Inflation. Following on from a relatively directionless day the Sterling traded between a 24 hour range of (1.5630 – 1.5821) against its US Counterpart as it opens relatively unchanged this morning at a rate of 1.5725. Taking a brief look at the cross rates this morning the Sterling opens noticeably lower against both the Australian Dollar (1.5285) and New Zealand Dollar at (1.9741).

Majors:
The S&P 500 rallied 2 percent and US Stocks surged, led by financial shares in the early hours of this morning, after a report by The Guardian wrote that both Germany and France will boost the size of the European Rescue Fund by a staggering amount of 2 trillion EURO’s to help resolve the regions ongoing sovereign debt crisis. Whilst investor’s eyes and ears will be strongly fixed on this weekend’s European crisis summit there remains hope that Europe may have turned the corner, should such rescue expansions be endorsed. Following the report the EURO traded as high as 1.3816 against its US Counterpart after earlier being sold to a low of 1.3652. Making headlines in the US overnight, minutes released from the Federal Reserve’s September meeting showed that there does remain an increased need for transparency in decision making as pressures on the Central Banks Chairman Ben S Bernanke continue to mount. Despite the large swings in equity in markets last night currency movements were relatively subdued as the Greenback opens relatively unchanged against the Japanese Yen at a rate of 7.813
 
Data releases
 
AUDRBA Assist Gov Debelle Speaks, MI Leading Index m/m
NZD; No Data Today
JPY: All Industry Activity   
GBP: MPC Meeting Minutes    
EUR:Current Account
USD: Building Permits, Core CPI m/m, Housing Starts, Beige Book