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Thursday, 20 November 2014 - Market Commentary
Daily currency news provided by UkForex

: The pound got a boost yesterday morning as UK Retail Sales for October beat forecast showing 0.8% growth m/m. After last month’s disappointing result a rebound was expected however the better than expected print saw cable regain 1.57 to reach 1.5733 by lunchtime. The report showed the mild weather had kept clothing sales subdued however this sector should benefit from the recent colder conditions as people head to the shops for winter wear. The afternoon saw mixed data from the States with CPI coming in flat when a slight fall was expected; the core reading printed 0.2% growth as expected. Later in the day Unemployment Claims slightly undershot forecast at 291k however the markets would have been encouraged by a much better than expected Philly Fed reading. The index printed 40.8 when 18.9 was forecast a big jump from last month’s 20.7 and the highest reading since 1993. Holders of the Greenback will be hoping the cold weather the US is currently experiencing isn’t as severe as the polar vortex that so badly affected Q1s GDP reading. Cable currently sits at 1.5682 with UK Public Sector Net Borrowing due this morning the only notable release from the UK or US.
We expect a range today in the GBP/USD rate of 1.5620 to 1.5750
⇒ view full report Charts : GBP/USD GBP/EUR GBP/AUD GBP/JPY GBP/CHF GBP/CAD GBP/CNY
: There was yet more underwhelming data from the Eurozone with the latest batch of PMIs showing far from impressive numbers. Both French services and manufacturing were again under 50, manufacturing has only been above the 50 reading which shows expansion twice this year! The closely followed German manufacturing reading came in flat at 50 with last month’s reading revised down to 51.4. The German services reading printed 52.1 missing the 54.5 expected. There is no top tier data releases from the Eurozone today so holders of the shared currency will already be looking forward to next Fridays Flash CPI reading hoping for an increase from the current 0.4%. EUR/USD and GBP/EUR are both currently at 1.2515.
We expect a range today in the GBP/EUR rate of 1.25 to 1.2580
⇒ view full report Charts : EUR/USD EUR/AUD EUR/JPY EUR/CHF EUR/CAD EUR/CNY
: There has been no data of note from either Australia or New Zealand in the past 24 hours and next week also looks relatively quiet. The pair will likely react to data from further afield with next Tuesdays US Q3 GDP reading probably the biggest release on the horizon. GBP/AUD is at 1.8166 and GBP/NZD at 1.9915 after briefly touching 2 yesterday.
We expect a range today in the GBP/AUD rate of 1.8115 to 1.8230
We expect a range today in the GBP/NZD rate of 1.9890 to 2.0010
⇒ view full report
The U.S dollar rallied across the board Thursday closing in on 5 year highs on Bloomberg’s correlated spot index while touching a 7 year high against the Japanese Yen. A core CPI inflation report showed an increase in price pressures of 0.2%, a welcome reading as Wednesday''s FOMC minutes showed policy makers debated the possibility inflation may stagnate in the face of languid global growth. The 18 nation Euro crept downward as manufacturing purchases slipped suggesting business growth is weakening and adding further scope to increased QE measures across the embattled currency bloc.  As the gap between Central Bank Policies continues to widen the depreciation of the Yen and Euro are expected to continue. The Euro appears to have found significant technical support around 1.24 as the market looks for definitive guidance from the ECB as to when and in what form quantitative easing will intensify with attention keenly focused on the Mario Draghi as he addresses the European Banking Congress tonight. The Japanese Yen has slumped some 2.2% this week and is the worst performs of 10 developed market currencies. With 120.00 now firmly in sight we expect the downward spiral to continue into next week as attentions turn to BoJ governor Kuroda for insight into further stimulus measures on Tuesday.  
Data releases
No Data
NZD Credit Card Spending
No Data   
GBP Public Sector Net Borrowing and MPC Member Miles Speaks
⇒ 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?

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