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Friday, 01 August 2014 - Market Commentary
Daily currency news provided by UkForex

: After a bit of a blip post FOMC statement the USD has strengthened again. There wasn’t much by way of any supporting U.S. economic data yesterday. In fact, Chicago PMI printed weaker than forecasts but despite this GBP/USD fell to a low of 1.6858. Softer than expected UK house price data released yesterday weighed on the pound too. The focus this morning will turn to UK Manufacturing PMI which most recently has printed stronger than market forecasts. Later on in the day this focus will turn to U.S. Non-Farm Payrolls and the Unemployment Rate. It’ll be a big release, especially so following the Fed’s statement earlier in the week when they indicated there was still quite a lot of slack in the U.S. labour market. All in all it could well make for a volatile day. `
We expect a range today in the GBP/USD rate of 1.6800 to 1.6945
⇒ view full report Charts : GBP/USD GBP/EUR GBP/AUD GBP/JPY GBP/CHF GBP/CAD GBP/CNY
: EUR/USD fell to a low of 1.3372 yesterday following the release of weaker than expected European inflation data. The CPI dropped in July to its weakest level in almost five years to 0.4%. It underlines the ECB’s concerns over the potential for deflation and will fuel the debate as to whether the ECB needs to do more on monetary policy. That said, it wasn’t a huge surprise and only missed forecasts by 0.1%. EUR/USD has recovered a little overnight, supported in part by month end demand for EUR/GBP, and it trades in London at 1.3380. Manufacturing data is due from the Eurozone this morning but its influence over EUR/USD may be limited in advance of the imminent release of US jobs data.
We expect a range today in the GBP/EUR rate of 1.2580 to 1.2640
⇒ view full report Charts : EUR/USD EUR/AUD EUR/JPY EUR/CHF EUR/CAD EUR/CNY
: It’s been another steady session for both AUD/USD and NZD/USD, mostly because investors have been reluctant to do anything in the run up to today’s U.S. Non-Farm Payrolls. Chinese manufacturing data was released overnight and printed pretty much in-line with market forecasts and so had little impact on the Aussie. NZD/USD has traded sideways.
We expect a range today in the GBP/AUD rate of 1.8100 to 1.8240
We expect a range today in the GBP/NZD rate of 1.9800 to 1.9990
⇒ view full report
The U.S Dollar has capped off its broadest monthly advance in more than a year after better than expected unemployment claims boosted overall labour market strength and fired increased speculation the Federal Reserve will look to adopt a more hawkish stance. The Fed has labelled labour market stability as key to its monetary policy decision making and the reduction in unemployment claims on a four week average bolsters expectations that with strong Non-Farm payroll numbers the central bank will be forced to stash its dovish tone. The Greenback rally was buoyed further as Argentina failed to meet debt repayments defaulting for the second time in 13 years and sparking a widespread flight to safe haven assets.
The Euro met increased downward pressure as the 18 nations inflation report revealed an unexpected slow down. The inflation rate fell from 0.5% in June to 0.4% for July a reading well below the European Central Bank’s 2% target. The bloc unit’s currency has struggled to keep pace with its US counterpart and looks set to close the week below 1.34.
Data releases
PPI and AIG Manufacturing Index
NZD: No Data
BoJ Gov Kuroda Speaks and Final Manufacturing PMI
⇒ view full report Charts : USD/EUR EUR/USD USD/JPY

Why is it that when I go into a currency vendor to send money I never get the rate on the news?

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

What makes sending money internationally so expensive?

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