The Aussie made a very minor advancement as it entered the US and European markets reaching an overnight high of 1.0582. With commodities rebounding and local equity markets also recording gains the Australian Dollar has done well to open this morning at a rate of 1.0553
New Zealand Dollar:
The New Zealand dollar opens significantly higher this morning currently buying 0.7968 US Cents. While there was a broad recovery across all Riskier Asset classes, the main driving force behind the advancement was a RBNZ Report released yesterday which showed inflationary expectations exceeded those previously forecast. With the stronger inflationary outlook investors took this result as sign to suggest a New Zealand economy which is more robust than originally thought. Overnight we did see the kiwi break temporary through the psychological 80 US Cents level, reaching an overnight high of 0.8014, with such rates proving to be its core upside resistance mark.
We expect a range today of 0.7910-0.8010
Great British Pound:
After drifting lower and trading as low as 1.6057 against the Greenback in the Asian Session, the Great British Pound rebounded strongly overnight trading as high as 1.6208. While a UK Retail-Sales index released yesterday fell for the first time in 3 months as well as Public Sector Borrowing Figures which disappointed the market the pound still managed to gain 0.2% against its US counterpart. Meanwhile with UK stocks finishing higher and Metal Prices firming the Sterling opens this morning relatively unchanged against the Australian dollar at a rate of 1.5320
We expect a range today of 1.5280-1.5375
Majors:
A report released out of the US overnight showed that the Sale of New Homes Rose for the month of April to their highest level seen so far this year. While this result did lead to early gains in the US such advances proved to be short-lived. Despite sales climbing 7.3%, the market finished lower with the Dow Jones Industrial Average falling 0.2%. While the Yen opens this morning relatively unchanged at a rate of 81.91, the EURO was again the big mover in yesterday's session. Overnight the market saw the release of German Business confidence figures as well as Final GDP which both came in relatively unchanged and in line with expectations. With European Stocks advancing and commodities rebounding volatility is expected to remain in the short-term. The EURO opens half a cent higher this morning at a rate of 1.4097 against the Greenback. source hken.ibtimes.com... For the latest updates PRESS CTR + D or visit Stock Market news Today
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