:: Australian Dollar: The Aussie dollar shrugged off weak European GDP data to hold on to support at 0.9260 and rally on Friday night. Greenback weakness emerged following disappointing University of Michigan and Trade Balance data which assisted the Aussie in its rally to finish the week on its highs at 0.9340. The week ahead sees the release of several key figures with the RBA's minutes to the recent meeting kicking off proceedings on Tuesday to be followed by more RBA speak on Wednesday and the release of Q3 Wage price data. Bullish sentiment early in the week should see the AUD/USD retest last week's highs around 0.9370 with the 94 cent handle a distinct possibility should the central bank continue its hawkish rhetoric.

- We expect a range today in the AUD/USD rate of 0.9320 to 0.9385

:: Great Britain Pound: The Pound Sterling remained in a fairly well contained range during Friday's trade hovering between 1.6650 and 1.6700 against the Greenback for the majority of the offshore session. There was a momentary dip towards 1.6620 in early U.S trade however the move was short lived as it recovered to open this morning near the top of the range at 1.6690. Another rally in the Aussie dollar however sees the GBP/AUD cross rate open decisively lower this morning with early exchange occurring on its lows at 1.7860. With more upside expected on the AUD early in the week the cross rate could be in for a retest of last week's lows of 1.7700.

- We expect a range today in the GBP/AUD rate of 1.7780 to 1.7900

:: New Zealand Dollar: The Kiwi firmed on Friday rallying during U.S trade to finish the week at 0.7440 after a positive session on Wall Street. Confidence returned somewhat despite a poor preliminary reading on the Uni of Michigan confidence survey and despite a massive blow out in the U.S trade deficit the market gained some confidence from a large increase in imports, a strong sign the recovery is under way. Today's Producer Prices will give the market some direction in local trade before offshore markets resume trading this evening.

- We expect a range today in the NZD/USD rate of 0.7420 to 0.7470

:: Majors: Euro-zone seasonally adjusted economic growth increased 0.4% during the third quarter coming slightly below 0.5% consensus forecasts. As a consequence EUR/USD drifted lower from 1.4900 to post a low of 1.4825 before the U.S open. Worse than expected U.S economic data in the form of the September Trade Balance and the November preliminary University of Michigan confidence survey triggered a selloff in the Greenback taking EUR/USD back to close the week at 1.4920. USD/JPY also reacted negatively to the news dropping from above 90 to a low of 89.45 and opens this morning around 89.65. The week see the release of important data on the state of the U.S economy with Retail Sales Data out of the U.S on Monday followed by Tuesdays PPI and Wednesday's CPI.

:: Data Releases:

  • AUD: No Data Expected Today
  • NZD: Q3 PPI
  • USD: Oct Retail Sales & Nov Empire Manufacturing
  • GBP: Nov Rightmove House Prices
  • EUR: No Data Expected Today
  • JPY: Q3 GDP
  • CAD: Sep Manufacturing Shipments

:: Note: The above exchange rates are based on interbank rates. If you are considering a transfer then please login, register or call us for a live dealing rate.

United kingdom Michigan