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Thursday, 21 August 2014 - Market Commentary
Daily currency news provided by OzForex

During a testimony delivered to a parliamentary panel in Brisbane yesterday RBA Governor Glenn Stevens said Australia’s economy would benefit more greatly from heightened levels of confidence than it would from lower levels of interest rates. Hinting that monetary policy has its limitations growth forecasts for 2015 remain moderate and cautious given the questions marks over where Australia’s next batch of demand will come from. Whilst steady during intraday trade the Australian dollar attracted some selling interest overnight weighed down by a notably stronger US dollar bolstered by a string of positive macro developments. Opening this morning weaker at a rate of 0.9284 when valued against its US Counterpart in a release likely to capture the full attention of investors all eyes will be on China’s manufacturing number which is scheduled for release at 11:45am AEST.
We expect a range today of 0.9250 – 0.9310
For the first time in the three years minutes from The Bank of England’s August meeting revealed that two out of the nine Monetary Policy Committee members had in fact voted for interest rate rises last month. Whilst Governor Mark Carney has provided some mixed signals surrounding the timing of future rate rises only last week he commentated at a Press Conference “now is not the time” to raise rates giving growth and geopolitical concerns in neighbouring Europe. In currency moves overnight the Great British Pound has been unable to keep pace with a significantly stronger US dollar falling to an overnight low of 1.6588. Opening weaker this morning at a rate of 1.6592 the Sterling is also lower against Aussie (1.7869) whilst stronger against the Kiwi (1.9814) 
We expect a range today of 1.7830 – 1.7910
The New Zealand dollar suffered its fourth consecutive daily decline Wednesday touching intraday lows of 0.8377, its lowest point since March 4. A key level of support at 0.84 was breached yesterday as the Greenback rally garnered new strength from a Hawkish shift within the Federal Reserve’s Open Market Committee. The New Zealand economy has stopped providing the positive data sets that drove the currency to near post float highs and has suffered a quick and dramatic reversal in the last month with additional downward pressure supressing any meaningful rally. The Kiwi opens this morning at 5 month lows buying 0.8370 U.S cents.    
We expect a range today of 0.8320 – 0.8430
The U.S Dollar rally found new support amidst the Federal Reserve’s Open Market Committee (FOMC) meeting minutes for July. The minutes indicated policy makers may look to raise interest rates, tightening monetary policy sooner than anticipated.  The key macroeconomic event marks an apparent shift in Fed stance from dovish to hawkish bias as officials acknowledge a string of stronger data sets. The Greenback rally saw EUR/USD driven lower dipping below 1.33 while USD/JPY jumped above 103.00 for the first time since April. Attentions now turn to key French and German Manufacturing Data as the headline events on today’s economic docket. 
Data releases
CB Leading Index m/m
NZD: No data today
No data today
GBP: Retails Sales m/m, Public Net Borrowing

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