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Monday, 24 November 2014 - Market Commentary
Daily currency news provided by UsForex

: EUR/USD is weaker having traded to the top of its recent range and come near the top of the long term down trend dating from its June 2011 high up at 1.48 . We expect this to be a heavy resistance zone and we may see some choppy moves around this 1.3250 – 1.3350 range. Relative interest rates have provided for recent strength in EUR, and are likely to provide for further support ahead of next week’s FOMC given the focus on the Fed’s forward guidance thresholds. The ECB meeting two days later on August 1st will be a key focus as market participants look to Draghi for his reaction to both the improving outlook for Europe (PMI’s) and the implications of the recent strengthening in Euro.
We expect a range today of 1.3240 to 1.3290
Charts : EUR/USD USD/EUR
: GBP/USD is weaker falling to near term support around 1.5370 – The pair has been trading in a narrow range all week, and we should see this move develop and give new direction coming into next week’s more data heavy calendar which will include on Thursday, the UK MPC minutes and interest rate decision, and on Friday the US non-farm payrolls numbers.
We expect a range today of 1.5330 to 1.5400
Charts : GBP/USD USD/GBP
: The North American trading week will be crammed into the first few days as US Thanksgiving will have markets closed Thursday and no data released on Friday. We will have US GDP, Consumer Confidence Tuesday and Durable Goods, New Home Sales on Wednesday. For Canada we will be watching for Retail Sales Tuesday followed by GDP on Friday. It is interesting to note that the Loonie is the only currency to have gained ground against the USD over the last 2 week period. Oil Prices remaining above $76 pbl to start the week will help to hold onto these gains, however the ongoing bullish USD trend will be difficult for the Loonie to keep pace. This will continue to be driven as the market outlook that the FOMC will be first in the G10 to raise rates while BOC continues to hold neutral stance.
We expect a range today of 1.1190 to 1.1290
Charts : USD/CAD CAD/USD
: USD/JPY has seen significant weakness today, falling back below the 100 level. The Yen strength was caused by market perception of a “stronger” than expected CPI number, coming in at 0.2% vs 0.1% expected and indicating an increase of inflation in line with the BOJ policies. However, looking at the various components which make up this number we can see that the core drivers of inflation have come from higher energy prices and higher food costs – indicating “bad” cost push inflation, instead of “good” demand pull inflation (via increasing wages). This is not a good sign for the long term health of Japanese companies or the economy.
We expect a range today of 98.00 to 98.60
Charts : USD/JPY JPY/USD
The US dollar cooled off during Monday’s trade and with no strong local data to help with direction the Greenback was at the mercy of offshore numbers. The Euro took advantage of the situation and impressive figures out of Germany saw the EUR break out of its recent slump to rally against the safe haven currency. The Euro moved to highs of 1.2443 as the German Ifo Business climate showed a strong improvement after a long stretch of disappointing releases. The surprising data will cool down the markets expectations of the European central bank implementing further stimulus policies immediately and further economic print will be watched closely. All eyes tonight will be firmly on the US and Germany’s growth numbers for guidance.
Data releases: 
RBA Deputy Gov Lowe Speaks
Inflation expectations q/q
Monetary Policy Meeting Minutes, SPPI y/y, BOJ Gov Kuroda Speaks
BBA Mortgage Approvals, Inflation Report Hearings
Charts : USD/EUR EUR/USD USD/JPY

Foreign Real Estate Investing Do's and Don'ts

Bloomberg Television interview with Michael Ward, CEO, North America and Europe for USForex on getting the Best Exchange Rates when sending money abroad from the US plus his thoughts on what to look for when Buying Property Abroad and which global cities are popular right now. ⇒ watch video

Why is it that when I go into a currency vendor to send money I never get the rate on the news?

You may well think that you are being ripped off, but it is not always the case. In simple terms what you see on the news or in the paper or on yahoo finance is the Middle Rate or mid-rate. Some people want to buy a currency and some people want to sell a currency and there is a gap (or margin) between the price at which you buy and the price at which you sell. ⇒ read article

What makes sending money internationally so expensive?

There are a number of cost components to making and receiving international payments, most of which are far from transparent to customers: Currency fees, Transit fees, Correspondent bank fees etc ⇒ read article

BestExchangeRates in the PressSMH.com.au Money

“A check with the foreign-exchange comparison website bestexchangerates.net shows a big variation in the exchange rates available when sending money and buying cash.” SMH.com.au ⇒ read article

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