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Tuesday, 03 March 2015 - 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 Loonie is trading higher today after Canadian Q4 GDP came in better than expected. Focus will be on Tomorrow’s BoC rate statement at 10:00 am EST. The BoC is expected to hold rates unchanged at 0.75%.
We expect a range today of 1.2400 to 1.2518.
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 U.S Dollar edged lower through trade on Tuesday as markets adjust positions in the lead up to the ECB’s policy meeting and announcement wherein details of its newly appointed bond buying program will be revealed. The Dollar index shifted away from decade highs in a jerky trading session; it seems investors are looking for the next directional cue and the breakup of the ECB’s 1.1 trillion Euro stimulus package is in the forefront of markets focus. Commodity propelled currencies stole much of the attention throughout trade on Tuesday with the AUD and CAD leading the charge. The RBA’s decision to maintain its benchmark cash rate and a better than expected annualised GDP report out of Canada saw markets scrambling to cover short positions prompting general Greenback weakness. The USD opens this morning lower against both its European and Japanese counterparts with suggestions the USD/JPY may have reached the upper limit within the current trading ranges.
Attentions now turn to prelim a Non-Farm Payroll report and the Fed Chair Janet Yellen as she addresses the Citizens budget commission as the key markers governing direction Wednesday.  
Data releases
GDP q/q 
NZD: No Data
No Data
Charts : USD/EUR EUR/USD USD/JPY

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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

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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

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