FXstreet.com (London) - AUD/USD has fallen against the dollar after shedding gains made overnight. The pair is currently trading at USD0.8948.

Reduced rate cut expectations

The Aussie dollar strengthened early in the session, despite further weak Chinese numbers which pushed down Asian markets.

The Australian dollar was given support by reduced bets that the Reserve Bank of Australia would move to cut its benchmark rate from an already record-low 2.5 percent.

Data released by the Australian Bureau of Statistics is expected to show that Australias trade deficit narrowed in November. Consensus expectations are for a drop from AUD529m to AUD300m.

Chinese misses

The HSBC/Markit Economics services Purchasing Managers' Index (PMI) dropped to 50.9 in December, its lowest since August 2011, from 52.5 in November. New business expansion also dropped to its slowest pace in six months.

However, the Chinese services data was not as important to demand for Australian exports as last weeks manufacturing PMIs. After adjusting for seasonal factors, the HSBC PMIs posted at 50.5 in December, unchanged from the earlier flash reading, and down slightly from 50.8 in November. The print was a three-month low, but showed a rise in output for the fifth successive month.

AUD/USD sheds gains

AUD/USD has round resistance around USD0.8950 after falling from session highs at USD0.8982. The pair is currently trading at USD0.8948, undoing early session gains - down 0.9 percent.

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AUD/USD sheds early session gains

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By Andrew Hood Published 11 hours ago Rodrguez en route to winning the 2013 Giro di Lombardia. Photo: Graham Watson | http://www.grahamwatson.com

MADRID (VN) Joaquim Rodrguez is fed up with being Mr. Runner Up.

The 2013 season saw the eternally consistent Spaniard come ever closer to a major result that would catapult him into the realm of the elites, with third in the Tour de France and a gut-wrenching second at the world championships.

Rather than grow frustrated, Rodrguez remains optimistic that luck and fate will eventually turn his way. The important thing, the Katusha captain says, is to keep knocking on the door.

I start this season with the same motivation as ever, Rodrguez told VeloNews in a recent interview. I think winning a grand tour is the only thing that is missing. Lige-Bastogne-Lige is another race I love, and one that I want to win. To win a grand tour, and the world title, that would complete my career and give me a great palmares. There is still plenty to keep me motivated.

Rodrguez has come painstakingly close to winning both the rainbow jersey and a grand tour. In 2012, he lost the Giro dItalia by 16 seconds to Ryder Hesjedal (Garmin-Sharp). And last fall, Portugals Rui Costa caught the attacking Rodrguez near the line and then pipped him to relegate the Spaniard to bridesmaid status again.

That pent-up frustration and disappointment came pouring out of Rodrguez, who could not hide his emotions any longer.

Everything was pouring out of me on the podium, he said. We are people, too. We are professionals, and this is our job, but we cannot forget that we arrived to be pros because of a deep love for the bike. You have to remember that all of us started out as kids on the bike, and even though things change when youre a pro, that love for the bike always remains there.

On this day, for impotence, for anger, for circumstances of the race, for the desire of dreaming about ones entire life to be world champion, to lose it in the final moment, I just couldnt hold it back. Ive asked for forgiveness because it was a bit sad to see these images but before a moment like this theres no way to keep the emotions in check.

The 34-year-old Catalan admits it wont be easy to turn the page on the frustration of the worlds, but says he has no other choice.

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5-Jan-2014

Contact: Hannah Johnson hannah.johnson@bristol.ac.uk 44-011-792-88896 University of Bristol

Factors determining the frequency and magnitude of volcanic phenomena have been uncovered by an international team of researchers.

Experts from the Universities of Geneva, Bristol and Savoie carried out over 1.2 million simulations to establish the conditions in which volcanic eruptions of different sizes occur.

The team used numerical modelling and statistical techniques to identify the circumstances that control the frequency of volcanic activity and the amount of magma that will be released.

The researchers, including Professor Jon Blundy and Dr Catherine Annen from Bristol University's School of Earth Sciences, showed how different size eruptions have different causes. Small, frequent eruptions are known to be triggered by a process called magma replenishment, which stresses the walls around a magma chamber to breaking point. However, the new research shows that larger, less frequent eruptions are caused by a different phenomenon known as magma buoyancy, driven by slow accumulation of low-density magma beneath a volcano.

Predictions of the scale of the largest possible volcanic eruption on earth have been made using this new insight. This is the first time scientists have been able to establish a physical link between the frequency and magnitude of volcanic eruptions and their findings will be published today in the journal Nature Geoscience.

"We estimate that a magma chamber can contain a maximum of 35,000 km3 of eruptible magma. Of this, around 10 per cent is released during a super-eruption, which means that the largest eruption could release approximately 3,500 km3 of magma", explained lead researcher Luca Caricchi, assistant professor at the Section of Earth and Environmental Sciences at the University of Geneva and ex-research fellow at the University of Bristol.

Volcanic eruptions may be frequent yet their size is notoriously hard to predict. For example, the Stromboli volcano in Italy ejects magma every ten minutes and would take two days to fill an Olympic swimming pool. However, the last super-eruption of a volcano, which occurred over 70,000 years ago, spewed out enough magma to fill a billion swimming pools.

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David Cameron visited an outbuilding that housed migrants in west London [PA]

As the first coach loads of Bulgarians and Romanians roll into Britain, the specially-trained workers will use thermal imaging equipment to locate squalid accommodation in outbuildings.

Rising rents and overcrowding means the problem has reached epidemic proportions in London, where most foreigners are expected to stay.

Last night the capital was put on red alert hours before packed coaches arrive at Victoria station later today.

Council officials in Harrow in north-west London, which is already home to 5,000 Romanians, have found evidence of hundreds of migrants living in appalling conditions.

The authority is investigating 100 cases where desperate families pay rogue landlords 50 each a week to share a grubby mattress in a freezing outbuilding.

Council bosses vowed to prosecute those exploiting the most vulnerable in a borough where more than 4,000 people are waiting for social housing.

Tory council leader Susan Hall said: The rise in beds in sheds and overcrowding is now significant in parts of London and the likely influx [of eastern European migrants] is going to turn the pressure up on housing even further.

Harrow council leader Susan Hall speaks out against beds-in-sheds [PH]

Harrow has had to draft in hundreds of extra Romanian and Bulgarian interpreters as it prepares to be bombarded for information about benefits, housing and schools.

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British councils to blitz squalid beds-in-sheds that house illegal immigrants