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   Thursday, 03 September 2015 - Market Commentary
Daily currency news provided by OzForex

The Australian dollar maintained a relatively tight trading band through Wednesday despite widespread volatility and softening economic growth. Second quarter GDP numbers printed well below expectations and highlighted the dampening effect of falling commodity prices and only moderate global economic growth. The Australian dollar edged through the psychological 0.70 barrier before investors stepped in to defend the point of technical support. Touching intraday lows of 0.6971 the AUD is still vulnerable to a deeper downward correction as risk plays continue to drive direction. While policy makers in China are expected to step in and control speculation on Forward currency markets, lending some stability the pressure certainly remains to the downside and with little support below 0.70 a significant move lower could prompt an ugly and rapid selloff. Attentions today turn to Retails Sales and Trade Balance numbers for domestic direction.   
We expect a range today of 0.6950 – 0.7150
Charts : AUD/USD AUD/EUR AUD/GBP AUD/NZD AUD/JPY AUD/CHF AUD/CAD AUD/CNY
The Great British Pound enjoyed a mixed session touching near three month lows at 1.5261 before finding support and bouncing back through 1.5300. Investors extended the timeline of expectation surrounding Bank of England policy amendments with analyst predicting borrowing costs will remain accommodative well into 2016. The risk associated with a slowdown in global growth driven by concerns the world’s second largest economy is stagnating have waylaid plans to hike interest rates as inflation will likely remain muted. Attentions turn to Services data for macroeconomic direction through Thursday.
We expect a range today of 2.1525 – 2.2025 
Charts : GBP/USD GBP/AUD GBP/EUR GBP/NZD GBP/JPY GBP/CHF GBP/CAD GBP/CNY
The New Zealand dollar clung to a tight trading bracket through trade on Wednesday bouncing between intraday lows of 0.6318 and session highs at 0.6368. Under pressure after stable employment data kept talk of a September US monetary policy amendment on the table. The Kiwi will continue to face mounting bearish pressures as vulnerable commodity prices, heightened risk appetite and a slowdown in China dampen demand for risk. Attentions turn off shore as investors monitor positions into the end of the week and key U.S non-farm payroll numbers.
We expect a range today of 0.6290 – 0.6390
Charts : NZD/USD NZD/EUR NZD/AUD NZD/XPF NZD/JPY NZD/CHF NZD/CAD NZD/CNY
The U.S Dollar rebounded through trade on Wednesday pivoting higher as revised employment data remained steady and global equities stabilised. The Dollar index measuring the Greenback against a basket of 6 major counterparts rallied 0.5% as the rush to reverse carry trade plays eased. Preliminary Non-Farm payroll numbers printed above July’s soft 177K read while workforce productivity advanced at its fastest pace in 18 months adding support to calls for the Fed to amend borrowing rates when it meets later this month. Markets however remain hugely volatile as China’s economy continues to show signs of a deeper slowdown and global economic growth remains stagnant. China has created a highly sensitive risk driven environment forcing investors to seek safety in haven assets such as the JPY and CHF. The Euro edged back below 1.13 Wednesday and attentions now turn to the ECB and its monthly rate statement and monetary policy announcement.  
Data releases:
AIG Services Index, Retail Sales and Trade Balance
NZD: No Data
No Data
GBP: Services PMI
Charts : USD/EUR EUR/USD USD/JPY

BER Notebook - FX Market Research & Currency News/Views from our Partners See more >>

TorFX Research Team
Protect your International Currency Transfer from Events like ‘Black Monday’ with Risk Management Strategies Just as financial markets began to recover from months of ‘Grexit’ fears and investors started focusing on rate hike speculation again, there was another asset-shaking shift in the form of ‘Black Monday’. The state of China’s economy and the slowing pace… Continue reading
Posted on 27 August 2015 | 4:45 am
BER Team
Heavy selling in financial markets saw the AUDUSD fall more than 2% overnight as global financial markets experienced heavy selling. The steep losses in Chinese markets yesterday were the main driver of the Aussie’s fall as equity markets around the globe collapsed. The largest losses were against the lowest-yielding currencies like the euro and Japanese… Continue reading
Posted on 24 August 2015 | 4:04 pm
BER Team
Two charts that show the woe for emerging market currencies despite a pause in the devaluation of the renminbi, the cause of turmoil across global currencies. The implications — among them a more troubled Chinese economy than previously thought, deflationary strains in western countries and falling equity stocks — are being felt mostly by China’s… Continue reading
Posted on 24 August 2015 | 9:24 am
OzForex Research
Major Currency Pair Movements Last Week: EUR/USD - Extended its previous week’s gains. USD/JPY - Lost ground last week. GBP/USD - Extended its previous week’s gains. AUD/USD - Extended its previous week’s losses. USD/CAD - Gained ground last week. NZD/USD - Gained ground last week. Continue reading
Posted on 24 August 2015 | 9:15 am
OzForex Research
Major Currency Pair Movements Last Week: EUR/USD - Gained ground last week. USD/JPY - Showed little change. GBP/USD - Gained last week. AUD/USD - Reversed direction last week. USD/CAD - Lost a fraction last week. NZD/USD - Reversed direction last week. Continue reading
Posted on 17 August 2015 | 5:59 am

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