Bell FX: The AUD has opened this week in the mid .8900's

Bell FX: The AUD has opened this week in the mid .8900's. This week the FOMC meeting starts where speculation is rife the US Federal Reserve will begin the taper of their current level of USD85bn bond purchases monthly. Although many commentators believe the process will start this month but in a very modest way we tend to believe that no change will take place until the first quarter of 2014 and not until the new Chairwoman Janet Yellen has been in charge for a while. Her term starts January 30. Treasurer Joe Hockey will provide an update on Tuesday on the federal budget situation where most commentators expect he will announce the budget will not turn to surplus until after the 2016-17 fiscal year. We will also see the release of the RBA minutes from the board meeting held earlier this month. Today's Forecast Range USD: 0.8925 - 0.9000