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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
: Headline Canadian CPI was as expected at 2.1% yoy while the core beat expectations of +0.2% on the monthly reading at +0.5%. This is the largest jump in Core CPI since April 2012. The Loonie gained a quick 60 bps on the back of this release and now sit’s within striking distance of challenging the 1.0900 level. The healthy reading is positive for the economy yet is not enough to cause the BOC to budge on their neutral stance. Canadian Wholesale sales released at the same time disappointed at -0.3% when the market anticipated a positive move from 0.6 to 0.8%. We expect a range today of 1.0940 to 1.1030 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
Similarly to most majors the Euro managed to take advantage of the mixed US numbers overnight to gain around half a cent against the US dollar. Mixed data provided a good opportunity for investors to sell the safe haven currency taking profits from the recent string of USD gains. In European markets the Central bank announced 82.6 billion Euro’s in loans available to banks with a reduced interest rate. This is designed to help push money into the market and boost the European economy. On the US front we saw building permits and the Philly Fed manufacturing index struggle to impress however the negative reaction was softened by reduced unemployment claims.Heading into the weekend there is very little from the US and Eurozone and eyes will focus on the results of the Scottish referendum vote being announced today. Data releases: No Data Visitor Arrivals m/m, Credit Card Spending y/y All Industries Activity m/m No Data 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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