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Thursday, 28 August 2014 - Market Commentary
Daily currency news provided by UkForex

: Month end buying of GBP/USD saw the pair climb to a high of 1.6602 yesterday. There wasn’t any economic data to disrupt the move higher, either from the UK or the US and its held firm going in to the London session, opening this morning at 1.6595. The calendar looks a bit busier today, especially so in the US with Prelim GDP, Unemployment Claims and Pending Home Sales all due for release. Investors will be looking for any signs that the US economic recovery is continuing, which in turn could put pressure on the Fed to turn more hawkish on monetary policy.
We expect a range today in the GBP/USD rate of 1.6545 to 1.6660
: EUR/USD has recovered, this following the sell-off in the USD across the board yesterday. The single currency also got a boost from comments by the German Finance Minister Wolfgang Schaeuble who said that he thought Mario Draghi’s (the ECB President) comments last week - when he hinted that further QE could be on the cards and that fiscal policy could play a better part - had been over-interpreted. EUR/USD has continued its rise in Asia and the pair opens this morning at 1.3210. It’s a touch stronger vs. the pound too and GBP/EUR trades at 1.2565 currently. There’s been some soft data out of Europe this morning, including German Unemployment Change and Spanish CPI, but it’s been shrugged off as investors look forward to the release of a series of German inflation numbers due throughout the day.
We expect a range today in the GBP/EUR rate of 1.2510 to 1.2585
⇒ view full report Charts : EUR/USD EUR/AUD EUR/JPY EUR/CHF EUR/CAD EUR/CNY
: The Aussie dollar gapped higher overnight after Private Capital Expenditure data beat forecasts. The figures showed that business investment was strong and expenditure for the three months to June was 1.1%. AUD/USD jumped from .9332 to .9367 on the news and it opens close to this level this morning at .9366. The kiwi got dragged with it and pushed off of .8360 to a high of .8405. If US data prints weaker than expected this afternoon these trends could well continue in the short term.
We expect a range today in the GBP/AUD rate of 1.7650 to 1.7875
We expect a range today in the GBP/NZD rate of 1.9700 to 1.9860
⇒ view full report
The recent Greenback rally found further support Thursday as stronger GDP and Pending Home Sales data offered further insight into the state of economic recovery while worsening Geopolitical tensions between Russia and the Ukraine forced a flight to safety and haven assets. The Yen pared the USD advance as the Ukraine Security Council convened to draw up fresh plans as negotiations with Russian Separatists in the countries east deteriorated. It seems the rising tension has finally added some volatility to currency markets and forced investors into haven plays leading into the Labour Day long weekend in the US. The Euro decline continued approaching 11 month lows as concerns surrounding growth prospects and the dampening effect of the Ukrainian/Russian crisis continue to mount. With inflationary data and German retail sales headlining a crowded docket we expect the 18 nation bloc currency to remain under pressure leading into the weekly close. 
Data releases
Private Sector Credit
NZD ANZ Business Confidence Report
Household Spending, Tokyo Core CPI, National Core CPI, Unemployment Rate, Prelim Industrial Production, Housing Starts and Retail Sales
GBP Nationwide HPI and Prelim Business Investment
⇒ 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

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