Australian Dollar:

The Aussie opens stronger today at AUD/USD0.7641 after a positive start to the week due to upbeat motor vehicle sales figures released yesterday. The announcement highlighted a 2.9% increase in the change of new cars and trucks sold domestically throughout February, and lead to a rally in the Australian Dollar against the Greenback reaching highs of AUD/USD 0.7680. Today investors will be keeping a close eye on the upcoming Monetary Policy Meeting Minutes being released in the afternoon, as this detailed report of the Reserve Banks most recent meeting will detail their view on current economic conditions that influenced their interest rate decision earlier in the month.

We expect a range today of 0.7600 – 0.7680

New Zealand Dollar:

In the absence of any local economic data yesterday the NZ Dollar has managed to open much higher today against its US counterpart, currently buying 73.76 US cents. The NZD/USD cross saw intraday highs of 0.7410 countered by lows of 0.7314, and with very little occurring throughout the overnight markets the Kiwi mostly trading sideways and kept between a 96 point range. Once more the local economic docket is free of any announcements, which points the NZDs attention overseas for any stimulus over the coming trading session.

Great British Pound:

The Cable starts the day on a high note opening stronger against its U.S and Australian counterparts at 1.4822 and 1.9394 respectively. Negative economic reports being released from the states appears to be the main catalyst for the Pound Sterling movement, as a string of undesirable statistics were announced from the U.S overnight including manufacturing index, capacity utilization, and industrial production that all missed expectations. With yet again another clear schedule for local economic announcements, overseas reports will provide direction for the Pound Sterling.

We expect a range today of GBP/AUD 1.9350 – 2.0030

Majors: 

The Euro edged higher against the Greenback throughout trade yesterday as negative US reports were released, in addition to positive comments being made by the head of the monetary union’s bailout fund relating to Greece’s future in the Euro bloc. While soft manufacturing data came from the U.S overnight, a U.S housing index also printed under expectations outlining the prospect for a not so favourable outlook on home sales for March. In Eurozone news the head of the European Stability Mechanism (ESM) was quoted as saying that “all governments want Greece to remain in the Eurozone”. They indicate that this is a good sign and should make a deal more likely to occur. The EUR/USD commences trading this morning higher EUR/USD1.0566.

Data releases:

 

AUD: Monetary Policy Meeting Minutes

CAD: Manufacturing Sales m/m

EUR: German ZEW Economic Statement, Final CPI y/y, ZEW Economic Sentiment, Employment Change q/q, Final Core CPI y/y

JPY: Monetary Policy Statement, BOJ Press Conference

USD: Building Permits, Housing Starts