Bell FX: The Australian Dollar has recovered slightly, after hitting a low of USD0.8660 over the long weekend

Bell FX: The Australian Dollar has recovered slightly, after hitting a low of USD0.8660 over the long weekend. The AUD hit a low of USD0.8660, its lowest level since July 2010. However we saw investors take this opportunity to lock in some profits on the latest fall, driving the AUD back above the USD0.8700 level in offshore trade yesterday. Today we have the release of NAB's business survey for December. Most are expecting business confidence to have declined. US equities were mixed while European markets were generally softer overnight. The Dow rose 0.3% while the Nasdaq traded lower by 0.4%. There was little in the way of data releases with weaker than expected US house sales against an upbeat German business confidence report. The USD was relatively stable against it major trading rivals, while the JPY stabilised. Today's Forecast Range USD: 0.8715 - 0.8785