Australian Dollar:

The Australian Dollar commences the week buying 76.19 US cents after declining steadily over the entirety of Friday’s trading session. With no local data to help spur the Aussie the waning local currency saw intraday lows of AUD/USD0.7606 while trading within a 100 point range. Furthermore the downward trend unexpectedly continued throughout the overnight session, even as negative US economic announcements were made. On the horizon the AUD will look to RBA Assistant Governor Debelle speaking at the KangaNews DCM Summit in Sydney for direction, as well as new motor vehicles sales figures released later in the afternoon.

We expect a range today of 0.7580 – 0.7660

New Zealand Dollar:

After a disappointing conclusion to the week the NZD opens today’s trade lower at NZD/USD0.7322. Positive business manufacturing index results were witnessed last Friday however this was not enough to keep the Kiwi at levels it had seen earlier in the week, with the NZ local currency dropping constantly throughout the day, and even further overnight bottoming out at NZD/USD0.7311. With no local data releases scheduled for today the NZ Dollar will look overseas for any direction, however with only moderate impact announcements scheduled in the U.S later in the evening, a relatively lacklustre trading session is expected today.

Great British Pound:

The Pound Sterling starts the day much lower than last week valued at GBP/USD1.4742. The cable trended sideways for the most part of Fridays session, until January construction data was printed showing a decrease in the total amount builders had spent on construction projects for that month. This release sent the Pound tumbling against its US counterpart to an intraday low of GBP/USD1.4695. With no major economic releases set for announcement today the GBP will look overseas for direction, however with labour and unemployment data coming up on Wednesday it is expected that most price driving action would occur mid-week.

We expect a range today of GBP/AUD1.9300 – 1.9380


Friday’s session saw the Greenback release a string of negative data including inflationary numbers, core inflationary numbers, and consumer sentiment figures that missed the mark. However, the EUR continued to slide against the USD as the session progressed due to ongoing concerns regarding Greece and it future in the Eurozone currency bloc. The EUR/USD opens trade today at 1.0473, and all eyes will be on ECB President Draghi speaking at the SZ Finance Day in Frankfurt, and the German ZEW Economic statement released today for any hints on which direction the EUR/USD may be headed.

Data releases: 

AUD: RBA Assist Gov Debelle Speaks, New Motor Vehicle Sales m/m

CHF: PPI m/m, Retails sales y/y

CAD: Foreign Securities Purchases

GBP: Rightmove HPI m/m, CB Leading Index

EUR: ECB President Draghi Speaks

USD: Empire State Manufacturing Index, Capacity Utilization Rate, Industrial Production m/m, NAHB Housing Market Index, TIC Long-Term Purchases