Currency Update: The Australian Dollar has opened lower this morning following continuing tension in the Ukraine

Currency Update: The Australian Dollar has opened lower this morning following continuing tension in the Ukraine. The AUD is currently around 0.89 against the USD, its lowest levels for almost a month. Friday night saw the AUD generally weaker against the major crosses. China's official manufacturing PMI was released, coming out at 50.2, just missing expectations of 50.1. Although a number above 50 indicates expansion this was the third straight month of decline. The week ahead sees a number of important economic releases for Australia, with the RBA interest rate decision tomorrow, GDP on Wednesday and retail sales and trade balance Thursday. As stated above, Eurozone CPI for February was slightly above expectations, at 0.8% vs. 0.7% expected. Unemployment for the Eurozone was unchanged at 12%. US GDP came out slightly lower than expected (2.4% vs. 2.5% expected).