Although the AUD flirted again with the 1.0800 level on Friday evening the recent news flow has been fairly light as increasingly better economic news comes out of the US and recent European PMI's were slightly better than expected.
Last week saw European banks take up EUR529.5bn of 3 year funding at 1% from the ECB which was on the higher side of analysts' estimates.
Equity markets on Friday in Europe and the US were virtually flat as the USD was stronger and oil prices fell 2% for the first time in the last four weeks. On the weekend we learned that Chinese banks increased their lending in the first two months of 2012 perhaps in response to recent cuts in the reserves they must keep with the central bank.
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