BestExchangeRates compares the latest Foreign Exchange Rates from Banks & leading Currency Brokers to find you the best deals for your Overseas Transfers and Travel Money/Card transactions. We also provide currency converter calculators, up-to-date foreign exchange research, news, charts and information on currency vendors.
: 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
: Canadian GDP which was just released was much stronger than anticipated with the Q2 Annualized rate at +3.1% versus expectations of +2.6%. The quarterly figure dropped from 0.4% to 0.3% when the market anticipated a drop to 0.2%. The annualized figure is the largest gain sinceQ3 2011 and the export sector led the way with a gain of +4.2%. USDCAD had sat in a range of 1.0845 to 1.0863 overnight and the initial reaction to the release was a move to 1.0830 (the Aug 27th low) without a break. We now sit at 1.0840 and it will be interesting if there is an appetite for the Loonie to challenge the 55 Day moving Average at 1.0811 as traders consolidate positions ahead of the NA long weekend. We expect a range today of 1.0820 to 1.0895 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
Whilst numbers out of Europe outperformed on Friday they were not enough to stop the Greenback’s gains as the US posted their own impressive numbers with geopolitical events also further weighing on broader risk sentiment. In European trade the Euro found momentum underpinned by inflation on forecast. Following the strong release expectations surrounding further accommodative measures have been wound back in the lead up to this week’s European Central Bank meeting. The combination of the crisis in the Ukraine and positive US results later on saw the US fight back and open half a cent stronger against the Euro. US Consumer sentiment and the Chicago PMI numbers lead the way surpassing expectations. The robust releases are a good sign for the US economy and are pointing to the time frame to an interest rate increase being closer than previously anticipated. The coming week should begin slowly with Labour Day in the US however a heavy economic docket should bring volatility back into a recently quiet market. Learn more about Jay Goodman 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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