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Friday, 19 September 2014 - Market Commentary
Daily currency news provided by UkForex

: The pound pushed higher yesterday as the Scottish vote neared and it has continued to rise slowly since the result. The GBP/USD pair has traded to a high of 1.6515 so far and opens this morning at 1.6465. It hasn’t been a major reaction as a “no” vote was being busily priced in yesterday but there’s still room for further appreciation in cable over coming weeks as attention re-focuses back on economic data, Bank of England policy and moreover the possibility for further divergence between Fed, ECB and BoE monetary policy. There’s no data due for release today from either the UK or US and it’s perhaps an opportunity for FX markets to consolidate after a busy couple of weeks trying to second guess the referendum result.
We expect a range today in the GBP/USD rate of 1.6400 to 1.6515
⇒ view full report Charts : GBP/USD GBP/EUR GBP/AUD GBP/JPY GBP/CHF GBP/CAD GBP/CNY
: EUR/USD remains under 1.30 and following the Scottish ‘no’ vote early this morning GBP/EUR has traded to a two year high of 1.2803. The euro is still a touch higher vs. the dollar though and European stocks are rising, also following the ‘no’ vote. Meanwhile USD data was a bit mixed yesterday – building permits came in under expectations, unemployment claims were a lot better than market forecasts and the Philly Fed Index was weaker. EUR/USD slipped to a low of 1.2857 on the back of the strong employment numbers but then recovered with the Scottish vote momentum, trading to a high of 1.2928. In other news yesterday the ECB announced that it would be making €400 available for TLTROs (targeted long-term refinancing operations) – in other words, making cheap loans available to banks. It received a fairly lukewarm reception and so gains in EUR/USD have been limited – the pair remains under 1.30.
We expect a range today in the GBP/EUR rate of 1.2710 to 1.2820
⇒ view full report Charts : EUR/USD EUR/AUD EUR/JPY EUR/CHF EUR/CAD EUR/CNY
: NZD/USD has fallen away in the last 24 hours as the election weekend approaches in New Zealand. John Key is likely to remain in power and if it the prediction holds the impact on the kiwi is likely to be limited. The pair opens in London at .8112. AUD/USD is also a touch lower this morning and trades at .8935 currently – there was no local data released overnight – most of the market’s attention was on the Scottish vote.
We expect a range today in the GBP/AUD rate of 1.8320 to 1.8460
We expect a range today in the GBP/NZD rate of 2.0160 to 2.0295
⇒ view full report
Similarly to most majors the Euro managed to take advantage of the mixed US numbers overnight to gain around half a cent against the US dollar. Mixed data provided a good opportunity for investors to sell the safe haven currency taking profits from the recent string of USD gains. In European markets the Central bank announced 82.6 billion Euro’s in loans available to banks with a reduced interest rate. This is designed to help push money into the market and boost the European economy. On the US front we saw building permits and the Philly Fed manufacturing index struggle to impress however the negative reaction was softened by reduced unemployment claims.Heading into the weekend there is very little from the US and Eurozone and eyes will focus on the results of the Scottish referendum vote being announced today.
Data releases:
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⇒ view full report Charts : USD/EUR EUR/USD USD/JPY

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