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USD 1.00 = EUR Inter-Bank Mid-Market Rate    Invert Rate
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USD Mid-Rates & Charts (30 days & 3 years) :

Monday, 28 July 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
: We have a quiet start to the week as the market awaits Wednesday’s FOMC meeting and Friday’s US Employment data. The USD continues to gradually gain momentum as has been the theme for July. We observed a key technical break through 1.0780 and 1.0800 Friday (and held overnight), which appears to only be attributable to the general US strength theme in the overall market. Durable Goods orders were solid in the AM yet we did not observe the move favouring USD until thinner markets once the European trading session was finished. Key data releases to watch for this week are; US Advance GDP Wednesday AM; CAD GDP, US Weekly Unemployment Claims Thursday; US Employment data, US ISM Manufacturing PMI.
We expect a range today of 1.0780 to 1.0830
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 Greenback offered little to excite investors stagnating for much of the session with a slight easing bias against its Euro and Japanese counterparts. Price action was quiet across the board as investors prepare for a heavy docket filled with major risk events. The Federal Reserve is set to commence its two day monthly meeting today with GDP, unemployment and non-farm payroll numbers all due before weeks end. Strong readings mixed with a hawkish Fed tone will help solidify recent Dollar gains as markets continue to search for significant signals the world’s largest economy continues to recover. In other news Euro remains flat as investors watch key German inflation numbers due tomorrow. A soft reading coupled with positive US data will likely increase downward pressure on the 18 nation currency unit as its looks to new support levels below 1.34.
Data releases
HIA New Home Sales m/m
NZD: No Data
Household Spending y/y, Unemployment Rate and Retail Sales
GBP: Net Lending to Individuals m/m, M4 Money Supply and Mortgage Approvals
Charts : USD/EUR EUR/USD USD/JPY

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