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   Tuesday, 06 October 2015 - Market Commentary
Daily currency news provided by OzForex

As anticipated the Australian Dollar remained within a familiar range of roughly 60 points yesterday as the local bank holiday resulted in very little AUD price action. A job ads report did reveal that there was a significant increase in the number of jobs advertised in September, however this appeared to have a minimal impact on the Aussie value. Upcoming today all attention will be on trade balance figures and the rate announcement from the RBA in the afternoon. With the trade balance expectations to remain near similar levels witnessed the month before the main focus will be on the RBA statement, and although expectations are widely accepted to be a hold on the rate speculators will still be looking out for any hints of an additional rate cut in the coming months. The AUD/USD opens today at 0.7086.
We expect a range today of AUD/USD 0.7050 – 0.7130
We expect a range today of GBP/AUD 2.1330 – 2.1410
The EUR/USD commences trade much weaker this morning as an array of announcements out of the Eurozone with mixed results saw the currency pair fall throughout yesterday’s trade session. Final Services PMI came in slightly under expectations, and a firm upward movements in the French PMI result was unfortunately not enough to counter a combination of poor results out of Germany, Spain and Italy. Investor attention today will turn to Eurogroup and ECOFIN meetings out of the Eurozone, and trade balance data out of the US, all of which look to have a significant impact on the currency pair. The EUR/USD opens at 1.1184.
The Kiwi starts higher today against most its major counterparts as soft economic data out of the US helped the local currency shift higher throughout trade yesterday. Weak non-manufacturing PMI numbers from the US revealed a less favourable than expected result when looking at Septembers figures. The NZ Dollar traded between lows of NZD/USD 0.6437 and highs of 0.6531, and opens this morning buying 64.98 US cents. Domestic business confidence figures have also been released this morning for the previous quarter that revealed a less than optimistic economic outlook, resulting in the NZD/USD making a sharp turn downwards.
The Cable has plunged overnight as disappointing Services PMI data was released yesterday out of the UK. The result exposed figures that trailed forecast by a notable amount, which shows purchasing managers holding a not so favourable view on the current economic situation, and perhaps brings into questions the overall health of the local economy. Traders will look housing price data being released in the evening in the hope for any positive stimulus to help bolster the Pound Sterling after yesterday’s sell off. The GBP opens weaker against its US, Australian, and New Zealand counterparts at 1.5141, 2.1368 and 2.3311 respectively.
Data releases:
Trade Balance, Cash Rate, RBA Rate Statement
Trade Balance, Ivey PMI
CPI m/m
Bank Holiday
German Factory Orders m/m, Retail PMI, ECOFIN Meetings, Eurogroup Meetings, ECB President Draghi Speaks

BER Notebook - FX Market Research & Currency News/Views from our Partners See more >>

OzForex Research
Major Currency Pair Movements Last Week: EUR/USD - Extended its previous week’s gains. USD/JPY - Lost ground last week. GBP/USD - Extended its previous week’s gains. AUD/USD - Extended its previous week’s losses. USD/CAD - Gained ground last week. NZD/USD - Gained ground last week. Continue reading
Posted on 7 September 2015 | 8:01 am
TorFX Research Team
Protect your International Currency Transfer from Events like ‘Black Monday’ with Risk Management Strategies Just as financial markets began to recover from months of ‘Grexit’ fears and investors started focusing on rate hike speculation again, there was another asset-shaking shift in the form of ‘Black Monday’. The state of China’s economy and the slowing pace… Continue reading
Posted on 27 August 2015 | 4:45 am
BER Team
Heavy selling in financial markets saw the AUDUSD fall more than 2% overnight as global financial markets experienced heavy selling. The steep losses in Chinese markets yesterday were the main driver of the Aussie’s fall as equity markets around the globe collapsed. The largest losses were against the lowest-yielding currencies like the euro and Japanese… Continue reading
Posted on 24 August 2015 | 4:04 pm
BER Team
Two charts that show the woe for emerging market currencies despite a pause in the devaluation of the renminbi, the cause of turmoil across global currencies. The implications — among them a more troubled Chinese economy than previously thought, deflationary strains in western countries and falling equity stocks — are being felt mostly by China’s… Continue reading
Posted on 24 August 2015 | 9:24 am
OzForex Research
Major Currency Pair Movements Last Week: EUR/USD - Extended its previous week’s gains. USD/JPY - Lost ground last week. GBP/USD - Extended its previous week’s gains. AUD/USD - Extended its previous week’s losses. USD/CAD - Gained ground last week. NZD/USD - Gained ground last week. Continue reading
Posted on 24 August 2015 | 9:15 am

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