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Friday, 28 August 2015 - Market Commentary
Daily currency news provided by UkForex

: Those hoping for a September rate hike from the Fed got a fillip yesterday as the second estimate of Q2 US GDP was revised upwards from 2.3% to 3.7%. The improved figure was above the 3.2% analysts had pencilled in and cable dropped below 1.54 for the first time since early July as a result. The report stated “the increase in real GDP in the second quarter reflected positive contributions from personal consumption expenditures (PCE), exports, state and local government spending, non-residential fixed investment, residential fixed investment, and private inventory investment.” The recent China stock-market turmoil had seen big moves in EUR/USD as Euro funded carry trades were unwound and the dollar was dumped as forecasters pushed back the estimated date of lift-off from the Fed. EUR/USD which was close to breaking below 1.10 last week rose as high 1.1670 on Monday. This positive GDP data accompanied by a recovery in Chinese stocks has seen the dollar pare its losses. GBP/USD which broke above 1.58 on Tuesday is at 1.5425 with EUR/USD at 1.1295. This morning we have the Second Estimate of UK Q2 GDP with no change from the initial 0.7% print expected. The annual Jackson Hole Symposium continues with BoE Governor Mark Carney taking part in a panel discussion tomorrow on Inflation.
We expect a range today in the GBP/USD rate of 1.5370 – 1.5540
: With Chinese stocks recovering their dramatic losses from earlier in the week, the Euro has slipped as we head to the bank holiday weekend. Data has been few and far between from the Eurozone as traders relax on the Med however there was more good news from Spain as Q2 GDP printed 1% with the annualised reading showing 3.1% expansion. Spain’s economic reforms seem to be paying dividends however with unemployment at 22% they aren’t out of the woods yet. GBP/EUR trades at 1.3630.
We expect a range today in the GBP/EUR rate of 1.3580 – 1.3720
⇒ view full report Charts : EUR/USD EUR/AUD EUR/JPY EUR/CHF EUR/CAD EUR/CNY
: As calm returns to the world equity markets the Aussie and Kiwi have moved slowly up from their multi-year lows with AUD/USD at .7170 and NZD/USD at .6465. Overnight has seen another abysmal quarterly Private Capital Expenditure print from Australia. The closely followed reading shows 4% contraction following on from the 4.7% fall last quarter. The RBA may see further rate cuts necessary soon, especially should there be another yo-yo on Chinas bourses. GBP/AUD is at 2.1475 with GBP/NZD at 2.38.
We expect a range today in the GBP/AUD rate of 2.14 – 2.1640
We expect a range today in the GBP/NZD rate of 2.37 – 2.3940
⇒ view full report
We expect a range today of 2.1400 – 2.1580
US Stocks have continued to track higher during overnight trade, posting their biggest two day rally since 2009. Strongly assisted by a number of strong headline economic readings overnight, data showed US gross domestic product rose at an annualised pace of 3.7 percent, up 2.3 percent during the second quarter of this year. Whilst a separate report also showed the sale of previously owned homes climbed by 0.5 percent in July, weekly unemployment claims declined to a three month low. In a glowing endorsement for the world’s largest economy, last night’s data re-affirms the view that domestic growth is strong enough to withstand the Fed’s first interest rate hike since 2006. With the only real concern now surrounding the lack of domestic inflation as well as offshore weakness, a spike in volatility to levels similar to what was experienced earlier in the week also threaten to derail fed plans to lift rates. In a session favouring the world’s reserve currency the US dollar is stronger against the Japanese Yen (120.975) and the Euro (1.1249).
Data releases
No data today
NZD: No data today   
Household Spending y/y, Tokyo Core CPI y/y, retail sales y/y
⇒ view full report Charts : USD/EUR EUR/USD USD/JPY

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

TorFX Research Team
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
Posted on 27 August 2015 | 4:45 am
BER Team
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
Posted on 24 August 2015 | 9:24 am
OzForex Research
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
OzForex Research
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
Posted on 17 August 2015 | 5:59 am
BER Team
Central bank moves to ease uncertainty around currency on global markets after cutting exchange rate for three days running Continue reading
Posted on 14 August 2015 | 12:23 am

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