Australian Dollar: Motor vehicle sale figures in Australia for October decreased by -0.6% compared to the month prior. The Aussie fell to a 2 week low as the Euro weakened over European sovereign debt concerns and Chinese monetary policy fears. Moving offshore the Aussie rebounded from it’s0.9810 low against the Greenback climbing more than 1% to breaking through its 0.9900 barrier. The overnight rally in risk triggered as stocks gained, increasing demand for higher yielding currencies. Despite Commerce Department data showing U.S. retail sales had gained 1.2%, the most in seven months in October, investor sensitivity tuned into the decline of Empire State Manufacturing Index (-11.1) and increases in business inventories which indicate that the recovery in the U.S. economy is still uneven. Today the Aussie starts the day at 0.9840 against the US Dollar.
We expect a range today of 0.9815-0.9960