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Monday, 24 November 2014 - Market Commentary
Daily currency news provided by UkForex

: It was a fairly quiet session for the pound on Friday and it’s been a steady start to this morning’s session with it being a Japanese public holiday. The euro was sold off on Friday and the decline in EUR/GBP acted as support to GBP/USD – it didn’t fall below 1.5638. The high on the day was 1.5683 and it opens this morning at 1.5660. GDP data will be the focus for markets this week with US Prelim GDP due on Tuesday and UK Second Estimate GDP due on Wednesday. US Durable Goods and New Home Sales are out on Wednesday. There isn’t much by way of data due from the UK or US today.
We expect a range today in the GBP/USD rate of 1.5620 to 1.5710
⇒ view full report Charts : GBP/USD GBP/EUR GBP/AUD GBP/JPY GBP/CHF GBP/CAD GBP/CNY
: EUR/USD fell throughout the day on Friday. ECB President Draghi was speaking before the 24th European Banking Congress during the morning and reiterated that the central bank stands ready to act fast, stating they “are committed to recalibrate the size, pace and composition of our purchases as necessary to deliver our mandate”. Later in the day, the People’s Bank of China announced that it was cutting interest rates, the first cut in over two years, which helped commodity currencies to rally across the board, including against the euro. It piled more pressure on EUR/USD which fell to a low of 1.2358 early on this morning. It has recovered a little in the last few hours and opens the London session at 1.2403. German Ifo Business Climate data is due this morning, and if positive – like German ZEW last week – might support the gradual retracement we’re seeing at the moment. German and European CPI will be closely scrutinised on Thursday and Friday, especially so following Mario Draghi’s dovish comments on Friday.
We expect a range today in the GBP/EUR rate of 1.2580 to 1.2655
⇒ view full report Charts : EUR/USD EUR/AUD EUR/JPY EUR/CHF EUR/CAD EUR/CNY
: AUD/USD and NZD/USD both gapped higher on Friday following China’s surprise decision to cut interest rates. There were also reports over the weekend that China was ready to cut interest rates even further. AUD/USD jumped from .8620 to .8720 and NZD/USD went from .7854 to .7943 in a blink of an eye. Both currency pairs have settled lower this morning after what have been steady local trading sessions for both currencies and they sit at .8660 and .7890 respectively.
We expect a range today in the GBP/AUD rate of 1.8000 to 1.8140
We expect a range today in the GBP/NZD rate of 1.9780 to 1.9920
⇒ view full report
The Euro ended the week trading sharply lower against most major currencies after comments from European Central Bank president Mario Draghi once again stressed authorities would do what was needed to boost the economy in the Eurozone. Onlookers interpreted a sign for further stimulus programs are be close to being introduced as Draghi reiterated the EcB would move rapidly if economic growth continued to struggle. The Euro opens this morning at 1.2366 nearly 2 cents lower than Friday and investors will pay close attention to weekly data releases beginning with German Ifo business climate for direction and clues to the EcB’s next move. 
Data releases: 
No Data
Visitor Arrivals m/m
Bank Holiday
Nationwide HPI m/m
⇒ 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?

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

BestExchangeRates in the PressSMH.com.au Money

“A check with the foreign-exchange comparison website bestexchangerates.net shows a big variation in the exchange rates available when sending money and buying cash.” SMH.com.au ⇒ read article

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