FX DAILY REPORT FRIDAY JUNE 3RD 2011

Bell FX Currency Outlook

Australian Dollar / US Dollar
The Australian dollar has opened slightly higher this
morning as poor economic data weighed on the US
currency. 1.15

1.05

0.95
Australia: Reassuring news out of Europe on the Greece debt crisis also
helped the AUD gain a little ground towards the USD1.0700 level. 0.85

Yesterday’s stronger than expected Australian Retail Sales figures failed 0.75

to have much of an impact on the AUD; instead the local currency 0.65
remained confined to overnight ranges, finding it difficult to rally past 0.55
USD1.0650. Concerns over global growth continued to limit the AUD gains Aug-06 Aug-07 Aug-08 Aug-09 Aug-10 Aug-11

overnight, despite the good news out of Europe and this is likely to
continue during today’s trading session, ahead of US Non-farm payrolls Today’s Forecast Range
tonight. If we see a weak number tonight this could push the AUD back
through USD1.0700, however investor risk appetite may limit its gains USD 1.0600 - 1.0725
above this level.
Currencies Last High Low
AUD / USD 1.0664 1.0689 1.0587
Majors: It was a fairly quiet session for financial markets overnight with
USD / JPY 80.99 81.32 80.56
the USD lower against most of the major currencies. The EUR rallied
following optimistic reports about the Greek debt restructuring plan and its EUR / USD 1.4482 1.4513 1.4324
efforts to avoid default. Euro-zone governments are likely to accept GBP / USD 1.6360 1.6418 1.6305
Germany’s demands that Greece’s private sector creditors contribute to fill
NZD / USD 0.8142 0.8181 0.8109
the country’s financing gap over the next three years. Combined with
expected austerity and privatization measures, investors are hoping AUD Crosses Last High Low
Greece will avoid the debt restructuring many have feared. Today is the AUD / JPY 86.38 86.63 85.75
final day of talks between the IMF/EU/ECB and Greece so investors are
AUD / EUR 0.7359 0.7418 0.7352
hoping to hear something relatively soon. After a few session of weaker
than expected data, the US is bracing itself for tonight’s Non-farm payrolls AUD / GBP 0.6515 0.6528 0.6494
report. Many believe the figure is going to be weak following Wednesday AUD / NZD 1.3094 1.3093 1.2989
night’s ADP data which showed the US private sector had only added
38,000 jobs in May. The market is expecting tonight’s data to show AUD / CAD 1.0404 1.0429 1.0356
165,000 jobs to of been added for the month of May. Australian Rates Last Previous
Official Cash 4.75
3 Month Bill 5.00 4.99
10 Year Bond 5.28 5.23
US Rates Last Previous
Economic Calendar
03 JUNE CH China Non-manufacturing PMI MAY Fed Funds 0.25
UK PMI Services MAY 3 Month Libor 0.252 0.253
US Change in Non-farm Payrolls MAY
10 Year Bond 3.030 2.941
US Unemployment Rate MAY
Commodities Last - / + (%)

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the basis that it is only for the information and exclusive use of the particular person to whom it is Oil (WTI) US$/bbl) 100.88 +0.6
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omission, that may have occurred, or for any opinion expressed. The Information is general in ASX 200 4600.4 -2.27
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without seeking expert financial advice. Ranges in this publication are indicative ranges over the Hang Seng 23254 -1.6
past 24 hours. Last is around 9.00am Sydney. Please speak with Bell Foreign Exchange if you
require latest pricing and ranges. Nikkei 9555 -1.7

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