Australian Dollar:
The Aussie has opened marginally lower today as offshore data sets once again remained the focus of investors due a lack of local economic announcements. The AUD/USD moved downwards throughout daily trade reaching intraday lows of 0.6936, however was then bolstered throughout overnight markets to touch highs of 0.7023. Trader attention today will be on domestic building approvals numbers which will report the change in the number of new building approvals issued for the month of August. The Australian Dollar starts today buying 69.80 US cents.
We expect a range today of AUD/USD 0.6940 – 0.7020
New Zealand Dollar:
Overseas stimuli fuelled direction once more yesterday as an absence of domestic data saw the Kiwi remain in a familiar trading range. After shifting between lows of NZD/USD 0.6288 and highs of 0.6393 overnight, the Kiwi starts today a touch higher this morning at 0.6345. An action packed day is on the cards for the NZ Dollar as domestic August building consents numbers and local monthly ANZ business confidence reports are both scheduled for release.
Great British Pound:
The Pound sterling has depreciated against most its major counterparts overnight and commences trade weaker this morning at GBP/USD 1.5146, GBP/AUD 2.1683, and GBP/NZD 2.3859. Scheduled for announcement today are the current account figures being released from the Office of National Statistics. As this report will show the difference in value between imported and exported goods and services for the previous quarter, traders and investors alike will be looking to this announcement for any clues about the current health of the economy.
We expect a range today of GBP/AUD 2.1640 – 2.1720
Majors:
The Euro Dollar has opened in a virtually identical position today at EUR/USD 1.1246 as poor Eurozone data released yesterday (German import prices, German CPI, Spanish CPI, Goods trade balance) appeared to have little effect on the currency pair. Furthermore the US released a consumer confidence report showing that economic conditions appear to have improved in domestic opinion. Once more today there is a myriad of economic data due out of the Eurozone which may contribute to some EUR/USD price driving action overnight, as well as US employment data scheduled and Federal Reserve Chairman Yellen speaking in the US.
Data releases:
AUD: Building Approvals m/m, Private Sector Credit m/m
CAD: GDP m/m
CHF: UBS Consumption Indicator, KOF Economic Barometer
EUR: German Retail Sales, French Consumer Spending m/m, German Unemployment Change, Italian Monthly Unemployment Rate, CPI Flash Estimate y/y, Core CPI Flash Estimate y/y, Unemployment rate, Italian Prelim CPI m/m
GBP: GfK Consumer Confidence, Nationwide HPI m/m, Current Account, Final GDP q/q, Index of services 3m/3m Revised Business Investment q/q
JPY: Retail Sales y/y, Prelim Industrial Production m/m, Housing Starts y/y
NZD: Building Consents m/m, ANZ Business Confidence
USD: Crude Oil Inventories, Fed Chair Yellen Speaks, Chicago PMI, FOMC Member Dudley Speaks, ADP Non-Farm Employment Change