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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
: US Dollar strength is the central theme as North America returns from the long weekend with the greenback seeing strong gains against a weakening Euro and Yen. USD/CAD broke back above 1.0900 during late European trade as weak European and Chinese data added to a negative global outlook and risk averse environment. The focus for this week will be the Bank of Canada’s policy decision on Wednesday but with no press conference at this announcement there shouldn’t be too many surprises. We expect a range today of 1.0870 to 1.0940 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
With a bank holiday for Labour Day in the US market movements were anticipated to be dull and as expected most currencies traded in a fairly tight range. The Euro opens this morning flat against the US dollar however sentiment towards the down side is prevalent given the growing worries over the Ukraine crisis and the impending possibility of quantitative easing being implemented by the European Central Bank. The situation in the Ukraine appears to be dragging on and there are talks over further sanctions being placed on Russia by the EU. Putting additional pressure on an already struggling Euro, Russia is one of their largest trading partners. In European trade, another poor release overnight showed the manufacturing sector is struggling, specifically in two power houses, Spain and Italy. These numbers are important given the Eurozone is on the cusp of implementing additional stimulus measures to try and give their economy a boost towards recovery and they could help give investors clues as to a timeframe. With the US markets opening this morning all eyes will turn to the Manufacturing numbers released to give direction for the week to come. Data releases: Building Approvals m/m, Current Account, Cash Rate, RBA Rate Statement ANZ Commodity Prices m/m Monetary Base y/y, Average Cash Earnings y/y, 10-y Bond Auction Construction PMI 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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