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Wednesday, 16 April 2014 - Market Commentary
Daily currency news provided by UkForex

<p><strong>United States Dollar</strong>:
Yesterday saw UK inflation fall as expected from 1.7% to 1.6% for March. The slowdown was attributed to a reduction in clothing and fuel costs. Cable dropped from 1.6690 to 1.6660 but immediately jumped to 1.6720 and remained above 1.67 throughout the day. Although falling inflation generally leads to a weakening of currency, this drop was slight and predicted and further narrows the UKs gap between the rising costs of goods and the rise in wages which the markets would have taken heart from. Americas yearly CPI rate increased from 1.1% to 1.5% broadly in line with expectations with rising food indexes offsetting a drop in energy costs. The increase will further increase the pressure on the Fed to raise rates sooner rather than later. This morning we have seen UK unemployment drop to 6.9% from 7.2% with GBP/USD currently trading at 1.68.          </p><p>
⇒ view full report Charts : GBP/USD GBP/EUR GBP/AUD GBP/JPY GBP/CHF GBP/CAD GBP/CNY
We expect a range today in the GBP/USD rate of 1.67 to 1.6825
</p><p><strong>Euro</strong>:
⇒ view full report Charts : EUR/USD EUR/AUD EUR/JPY EUR/CHF EUR/CAD EUR/CNY
The monthly German ZEW survey showed a fall in confidence printing 43.2 (exp 46.3). This was a fall from 46.6 the previous month and was attributed to the volatile situation in Ukraine. Unrest continues in the East of the country with America calling for tougher sanctions against Russia as more pictures appeared in the news of what was reported to be Russian troops in and around the Eastern city of Donetsk. Germany will be wary of imposing further sanctions against Russia given its dependence on its gas imports. Despite the unrest EUR/USD remains well supported again getting a foothold above 1.38 and currently trading at 1.3840. GBP/EUR currently trades at 1.2135 after the aforementioned UK employment release. Later today we have the final CPI print from the Eurozone which is expected to show a fall to 0.5%. Despite ECB members recent talk of possible QE/LTOR3 it appears the Euro will remain in favour until Draghi and co take action.            </p><p>
We expect a range today in the GBP/EUR rate of 1.2075 to 1.2150
</p><p><strong>Aussie and Kiwi Dollars</strong>:
⇒ view full report
Wednesday was another quiet day for the Euro and the US dollar during Asian trade as the currency moved less than 12 points from open. Subdued trade was due to a heavy night session close by as investors waited cautiously for data releases out of the US and Europe.
The main news for the night was US Federal Reserve Janet Yellen’s indication that the time frame as to when interest rates may be lifted in the US will be extended. The rates will be left low as the economy is left to recover and economic indicators will be watched closely to ensure the interest rate adjustments are done at the correct time. 
The Euro’s gain on the US dollar was softened by Inflation data which did slow at the expected rate to 0.5 per cent however has now been below 1 per cent for half a year giving thought to the idea that more stimulus measures need to be put in place to help with the recovery in the Eurozone. Today the Euro opens marginally higher against the US dollar at 1.3815.
All eyes today will turn to the US as Unemployment claims and Philly Fed Manufacturing could give a further indication as to the time frame for further tapering on the US55 billion dollar a month asset purchase program.
Data releases:
Nab Quarterly Business Confidence, New Motor Vehicle Sales m/m
⇒ view full report

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