OUTLOOK CURRENCY: Central banks will drive currencies today. Watch: the BOJ meeting and press conference (JPY); BOE minutes (GBP); FOMC minutes and Bernanke testimony (USD). Liquidity taps are expected to remain open.

OUTLOOK CURRENCY: The focus will remain on the US data this week. We expect global activity indicators to remain slow but steady. The key question for currencies continues to be: growth or defensive portfolio allocation?

OUTLOOK CURRENCY: The NZ Budget today is expected to be a strong contrast to Tuesday’s Australian Budget. Overnight, further US data will be the focus with the Philadelphia Fed and housing data the focus for USD bulls.

OUTLOOK CURRENCY: There is little to change markets trends today, but if the Chinese monthly data dump is very weak (unlikely, given recent strength), this might cause markets to question their rotation from defensive to growth.

OUTLOOK CURRENCY: Once the dust settles, there is little in the way of news flow to move markets. Having snapped lower, markets are likely to be nervous and jumpy, influenced by positioning and technicals, which generally point to AUD and NZD weakness persisting today.

OUTLOOK CURRENCY: Both Australia and NZ release employment numbers and both releases have been very volatile of late. We would advise looking through any outlier results from today’s numbers as the RBNZ indicated it would.

NZD The NZD/USD has traded a very steady path over the past 24-hours, despite quite a lot of movement in a number of its peers. It trades around 0.8500 this morning.

NZD The NZD was amongst the weakest performers over the past 24-hours. The NZD/USD trades around 0.8490 this morning.

OUTLOOK CURRENCY: Markets will watch the Chinese PMI, US ISM and FOMC meetings for direction today. The key will be the contraction/expansion line for the PMI/ISM and how much emphasis the Fed places on the weaker data. RATES: We expect local rates to open broadly unchanged.

OUTLOOK CURRENCY: Expect a weaker NZD to begin the trading week, with Asian demand taking a breather with Japan on holiday, and focus turning elsewhere for currency markets. RATES: Expect local rates to open with a bias to the downside. REVIEW