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Friday, 27 March 2015 - Market Commentary
Daily currency news provided by UkForex

: The pound was buoyed yesterday as monthly Retail Sales data beat forecast to show 0.7% growth for February. The report was the 23rd in succession showing year on year growth, the longest run since 2008. It also confirmed prices in stores had fallen for eight consecutive months, driven lower primarily by falling food and fuel costs, the latter having dropped a 15.5% since a year ago! GBP/USD pushed up to a session high of around 1.4990 immediately after the release however failed to break through the psychological 1.50 barrier. Given the zero rate of inflation, which is likely to dip into negative territory in the coming months, and the uncertainty surrounding the outcome of the general election it is likely GBP/USD will remain under pressure for some time to come. A better than expected US Unemployment release of 282k (exp 291k) helped strengthen the dollar throughout the afternoon and that dollar strength continues through to this morning with cable currently sat at 1.4818. The main focus of today is the final estimate of Q4 GDP from the States with a slight uptick to 2.4% from the last reading of 2.2% expected. Janet Yellen talks in San Francisco this evening.
We expect a range today in the GBP/USD rate of 1.48 to 1.4990
: It has been a relatively quiet end to the week data-wise from the Eurozone so news from Greece continues to dominate the headlines with reports saying Greece has only a few weeks of cash left to pay its bills. The hard-line stance Syriza promised to take seems to be crumbling in the face of fierce resistance from Germany. Next week sees the latest Flash CPI reading from the Eurozone as well as separate readings from Germany and Spain amongst others. EUR/USD has dropped this morning to currently trade at 1.0818 with GBP/EUR at 1.3695.
We expect a range today in the GBP/EUR rate of 1.3640 to 1.3750
⇒ view full report Charts : EUR/USD EUR/AUD EUR/JPY EUR/CHF EUR/CAD EUR/CNY
: With little data to end the week both the Kiwi and Aussie have moved lower on broader dollar strength. AUD/USD is back under .78 at .7790 with NZD/USD at .7555. GBP/AUD currently trades at 1.9018 with GBP/NZD at 1.9613.
We expect a range today in the GBP/AUD rate of 1.8920 to 1.9060
We expect a range today in the GBP/NZD rate of 1.9530 to 1.97
⇒ view full report
Given heightened tensions in the Middle East the US dollar is stronger when valued against a handful of its major peers this morning. With Oil Prices jumping and US stocks notching up some small gains a lack of data from the world’s largest economy has left interest rate expectations and economic perceptions on hold over the past 24 hours. Whilst US weekly unemployment claims and a preliminary manufacturing index both surpassed expectation, the catalyst for a further round of volatility lies within US GDP numbers this evening. Meanwhile in Europe bond yields, currency valuations and well as broader sentiment indicators threaten to be upset over the coming weeks as Greece to date have struggled to come up with a reform plan detailed enough to ensure further funding is secured. Weaker when valued against the US dollar this morning the Euro currently trades at a rate of 1.0881.
Data releases
No data today
NZD: No data today
Household Spending y/y, Tokyo Core CPI y/y, Retail Sales y/y
GBP: Nationwide HPI m/m, MPC Member Haldane Speaks, BOE Carney Speaks, MPC Broadbent Speaks
⇒ view full report Charts : USD/EUR EUR/USD USD/JPY

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

OzForex Research
Major Currency Movements Last Week: EUR/USD Reversed direction. USD/JPY Declined. GBP/USD Reversed direction. AUD/USD Reversed direction. USD/CAD Lost ground. NZD/USD Gained sharply. Continue reading
Posted on 23 March 2015 | 8:25 pm
Agility Forex
America’s influence is waning in the world, militarily, economically, and culturally. The global financial structure which has been in place for decades is unraveling and it will not end well for the United States’ currency and economy. This change is being driven by a desire of many nations with totalitarian capitalism to rid themselves of… Continue reading
Posted on 23 March 2015 | 8:19 pm
OzForex Research
Last Week : EUR/USD - Continued its sharp decline. USD/JPY - Extended its previous week’s gains. GBP/USD - Continued its slide. AUD/USD - Lost ground for the third week. USD/CAD - Extended its previous gains. NZD/USD - Lost a fraction last week. Continue reading
Posted on 15 March 2015 | 11:02 pm
Agility Forex
Dictators don’t have a good track record of financial management. Just look at Russia, Venezuela, Argentina, etc. if you don’t believe me. Okay, China may be the exception but I don’t think the fat lady has sung there yet. Turkey is channeling Russia big time right now and this will not end well. Stay away… Continue reading
Posted on 9 March 2015 | 3:55 pm
OzForex Research
EUR/USD Extended its previous week’s losses, closing at a level not seen since September of 2003 last week. The loss in the rate was in large part due to a better than expected U.S. Non-Farm Payrolls release and the ECB leaving rates unchanged and reiterating its stimulus program which begins this month. Then pair began… Continue reading
Posted on 8 March 2015 | 5:59 pm

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