Bell Potter

Bell FX: The AUD has opened below USD0.9350 after a very quiet session in offshore trade overnight. With some markets closed to observe Remembrance/Veterans' Day overnight trade was subdued. US Stocks edged higher, while the USD strengthened against most of its major rivals. The EUR strengthened against the USD Monday as the FX market focused on the potential fall out from the ECB's recent rate cut. The ECB surprised markets last week by cutting its benchmarket interest rate by a quarter of a percentage point to 0.25%. Reports indicated that at least a quarter of the ECB Governing Council opposed the cut, if only just the timing of it and this has offered support to the EUR. The GBP lost ground ahead of tonight's UK inflation data and the Bank of England's Inflation report later this week. Today's Forecast Range: 0.9420 - 0.9520


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