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USD 1.00 = EUR
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USD Mid-Rates & Charts (30 days & 3 years) :

Tuesday, 22 April 2014 - 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
: CAD is quiet today after the long weekend. The Loonie initially traded slightly higher on better than expected Wholesale Sales in February but has since given back all its gains. Main focus today will be on US March Existing Home Sales which is expected to drop by 0.7% due to winter weather and limited supply. This would be the slowest pace in 21 months and should put some pressure on the USD. We expect the USD/CAD to continue trading comfortably on around the 1.1000 area.
We expect a range today of 1.0990 to 1.1050
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 subdued tone across markets continued overnight that is despite the fact financial centres returned to full operation following the extended holiday break. Whilst markets have continued to shrug off lurking unrest in the Ukraine in general six consecutive sessions worth of gains across US equity markets have ensured an optimistic mood.  With numbers also showing the sale of existing homes within the world’s largest economy also beat forecast during March further data prints later in the week specifically New Home Sales data and Durable Goods numbers should both garnish a moderate degree of interest from investors. Opening in familiar territory this morning the Greenback is unchanged against the Yen (102.562) and weaker against the Euro (1.3804)
Data releases
CPI q/q,
NZD: Visitor Arrivals m/m, Credit Card Spending y/y
No data today
GBP: MPC Asset Purchase Facility Votes, MPC Official Bank Rate Votes, CBI Industrial Order Expectations

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