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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
: The USD/CAD is weak, down 10 bps, from yesterday’s close. Oil is not suffering from anymore loss for now, as it seems to be stabilizing close to their lows. Unemployment claims were better than expected releasing at 280K rather than the forecasted 290K. Markets are expecting a 25% chance of BOC to hike rates in the next 12 months. As with most currencies, liquidity will be thin. We expect a range today of 1.1597 to 1.1630 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
During a session dominated by top tier data releases from the United States, treasuries fell, whilst oil, US Stocks and the dollar climbed. Expanding at its fastest pace since 2003, third quarter GDP numbers comfortably surpassed expectation surging 5 percent during the July-September period compared to the consensus forecast of 4.3 percent growth. Whilst a separate report also showed consumer spending rose more than previously estimated orders for US durable goods and the purchase of new US homes declined. Advancing for a fifth consecutive day when valued against the Japanese Yen the US dollar opens stronger this morning at a rate of 120.712. In what’s shaping up as a lacklustre end to the week given the extended Christmas break tier two data flows from Japan are the only indicators on hand which may provide some direction. Data releases No data today NZD: No data today No data today GBP: Bank Holiday 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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