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: 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/USDUSD/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/USDUSD/GBP
: BOC Governor Poloz testimony to the Senate Standing Committee on Banking, Trade, and Commerce, in Ottawa at 4:15 should add some clarity to the Banks statement and MPR from last Wednesday. The market had some difficulty digesting the tone of the Central Bank as the messages were offsetting (hawkish/dovish respectively). The fact that this testimony is in the wake of the FOMC meeting and before Yellen speaks tomorrow at 9 AM could lead to a muted reaction. We expect a range today of 1.1135 to 1.1280 Charts :USD/CADCAD/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/JPYJPY/USD
After six years of unprecedented monetary stimulus the US Federal Reserve announced overnight that its quantitative easing program would come to end whilst retaining its existing language surrounding future interest rates rises stating that rates would not rise for “a considerable time” after the end of QE. With the accompanying statement painting an improved employment outlook, overall the tone and the markets reaction were substantially more hawkish than what had been anticipated. Rallying across the board the US dollar is stronger against all of its major counterparts with US Stocks and US treasuries declining. Opening stronger against the Yen this morning at a rate of 108.936 the Euro has struggled opening a full one percent lower at 1.2633. In addition developments which have the clout to further move the US dollar investors will now be eyeing advanced GDP figures scheduled for release this evening. Data releases Import Prices q/q NZD: Official Cash Rate, RBNZ Rate Statement No data today GBP: Nationwide HPI m/m Charts :USD/EUREUR/USDUSD/JPY
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
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
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
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