:: Australian Dollar: The rebound in the greenback continued on Friday night as the Australian Dollar consolidated its recent losses. The Aussie opens lower today at 0.9140 after hitting an offshore low of 0.9059 (a two-week low), as Wall Street fell for third straight session. Increased risk aversion is keeping a lid on the local unit for the time being as recent economic data releases in the United States have failed to impress investors. There is no major local economic data due in the early part of the week and near-term direction will largely be influenced by movements in regional equity markets.

- We expect a range today in the AUD/USD rate of 0.9080 to 0.9190

:: Great Britain Pound: Pound Sterling opens weaker on Monday at 1.6500 on U.K. budget deficit concerns. This month's Bank of England minutes showed policy makers were split three ways on whether to extend asset purchases. Britain's budget deficit ballooned to a 16-year high of 11.4 billion pounds. Adding to the bearish pound sentiment was a negative week for U.K. equities. The pound hit a low of 1.6459 on Friday night. Meanwhile, the pound opens marginally lower against both the Australian Dollar (1.8020) and the New Zealand Dollar (2.2750).

- We expect a range today in the GBP/AUD rate of 1.7900 to 1.8100

:: New Zealand Dollar: The New Zealand Dollar opens the new week lower at 0.7240 as the general theme of risk aversion curtails the recent uptrend. The kiwi hit a session low of 0.7199 on Friday night as U.S. equities finished weaker for a third straight day as concerns linger that the U.S. economy lost momentum in the third quarter. The kiwi has also eased on the cross rates and opens at 0.4850 euro and 0.7900 against the Australian Dollar. There is no major economic data released in New Zealand until Friday's October trade balance.

- We expect a range today in the NZD/USD rate of 0.7180 to 0.7290

:: Majors: The greenback opens the new week higher against most of its major rivals as investors shunned risk and squared positions to avoid losses. The Euro (1.4850) hit a 3-week low on Friday night at 1.4800 as equity markets in the U.S., Germany and Japan dropped, discouraging demand for riskier assets. Meanwhile, the greenback is steady against the Japanese Yen (88.83) after the Bank of Japan left its benchmark interest rate unchanged at 0.1 per cent at the end of its policy meeting on Friday and raised its monthly assessment, saying the economy is picking up.

:: Data Releases:

  • AUD: New motor vehicle sales, Oct
  • CAD: Retail Sales, Sep
  • EUR: No data today
  • GBP: No data today
  • JPY: No data today
  • NZD: Visitor arrivals, Oct
  • USD: Existing home sales, Oct

:: 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.

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