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Wednesday, 02 September 2015 - Market Commentary
Daily currency news provided by UkForex

: It was a “risk off” session again yesterday as weaker than expected Chinese manufacturing data was followed up by soft US ISM Manufacturing PMI - this reading came in at 51.1 vs. 52.6. The sell-off in equities accelerated and other risk assets were hit hard. The dollar firmed up vs. the pound and GBP/USD opens this morning at 1.5285, this after starting the day yesterday at and above the 1.54 figure. Weaker than expected UK Manufacturing PMI, released in the morning, didn’t help the pound’s cause either as the number printed at 51.5 vs. forecasts for 51.9. GBP/USD initially gapped lower to 1.5325 and it didn’t look back as the day went on. We’ve seen somewhat of a recovery in European stocks this morning, this after Chinese stocks went on a bit of a roller coaster ride overnight (the Shanghai Composite finished down only 0.37% however). Oil is still struggling after looking like it might break back through $50 yesterday and commodities remain on the back foot. Investors are still extremely nervy amid uncertainty surrounding the potential for Fed rate hikes and the Chinese slowdown but ultimately GBP/USD still seems pretty directionless at the moment. Construction PMI this morning might help steer the pair a little in the near term but with US Non-Farm Payrolls on the way before the end of the week any UK data may only have a muted impact on this pair.
We expect a range today in the GBP/USD rate of 1.5240 to 1.5420
⇒ view full report Charts : GBP/USD GBP/EUR GBP/AUD GBP/JPY GBP/CHF GBP/CAD GBP/CNY
: As has been the case recently, whenever investors turn risk averse the euro generally benefits, or at least holds firm. It’s all to do with demand (or supply in this case) for the carry trade – the euro is viewed as a funding currency due to ultra-low interest rates. EUR/USD traded to a high of 1.1318 yesterday evening but is back off this morning at 1.1260. European manufacturing PMIs - all except for Germany’s and the main reading – were a little weaker than expected yesterday and aided the sell-off in the pair down to a low of 1.1235. With the pound lower and the euro remaining relatively steady in the midst of stock market volatility GBP/EUR has fallen again and trades at 1.3575 currently.
We expect a range today in the GBP/EUR rate of 1.3510 to 1.3625
⇒ view full report Charts : EUR/USD EUR/AUD EUR/JPY EUR/CHF EUR/CAD EUR/CNY
: Australian GDP printed weaker than expectations overnight and the aussie dollar was smacked lower as a result. GDP advanced by only 0.2% in the first three months through June vs. forecasts for 0.4%. AUD/USD fell below the .7000 big figure, dropping to a low of .6988 – is lowest level since 2009. With what’s happening in China at the moment and the current flight to safety most, if not all, the commodity currencies have suffered including both the AUD and NZD. That said, the kiwi actually benefited as a result of a higher milk price auction yesterday – prices on the GlobalDairyTrade auction rose 10.9% - NZD/USD opens this morning at .6340.
We expect a range today in the GBP/AUD rate of 2.1600 to 2.1940
We expect a range today in the GBP/NZD rate of 2.4020 to 2.4300
⇒ view full report
The U.S Dollar rebounded through trade on Wednesday pivoting higher as revised employment data remained steady and global equities stabilised. The Dollar index measuring the Greenback against a basket of 6 major counterparts rallied 0.5% as the rush to reverse carry trade plays eased. Preliminary Non-Farm payroll numbers printed above July’s soft 177K read while workforce productivity advanced at its fastest pace in 18 months adding support to calls for the Fed to amend borrowing rates when it meets later this month. Markets however remain hugely volatile as China’s economy continues to show signs of a deeper slowdown and global economic growth remains stagnant. China has created a highly sensitive risk driven environment forcing investors to seek safety in haven assets such as the JPY and CHF. The Euro edged back below 1.13 Wednesday and attentions now turn to the ECB and its monthly rate statement and monetary policy announcement.  
Data releases:
AIG Services Index, Retail Sales and Trade Balance
NZD: No Data
No Data
GBP: Services PMI
⇒ view full report Charts : USD/EUR EUR/USD USD/JPY

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

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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
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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
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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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Major Currency Pair Movements Last Week: EUR/USD - Gained ground last week. USD/JPY - Showed little change. GBP/USD - Gained last week. AUD/USD - Reversed direction last week. USD/CAD - Lost a fraction last week. NZD/USD - Reversed direction last week. Continue reading
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