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Wednesday, 23 April 2014 - Market Commentary
Daily currency news provided by UkForex

: GBP/USD pushed higher yesterday as traders returned to work after the long weekend. The pound was still reeling from the positive run of economic data released a week prior, namely the strong employment numbers. Cable traded to a high of 1.6839 but then lost ground as the USD strengthened through the New York afternoon session. US existing home sales data printed a little better than expected yesterday and supported this move in the dollar but overall it was a fairly quiet day on the data front. GBP/USD has traded sideways since and opens this morning at 1.6810, this as investors await the Bank of England MPC minutes. The market is not expecting any surprises with the decision likely to be a unanimous one to have left rates and QE unchanged earlier in the month. Public sector borrowing is also due for release and will likely influence the direction of GBP in the near-term.
We expect a range today in the GBP/USD rate of 1.6770 to 1.6840
⇒ view full report Charts : GBP/USD GBP/EUR GBP/AUD GBP/JPY GBP/CHF GBP/CAD GBP/CNY
: It was a steady start for EUR/USD yesterday. It traded a narrow range between 1.3790 and 1.3825 throughout the day. Eurozone construction output data was released yesterday and came in a little shy of market expectations. Moreover, French Flash Manufacturing and Services PMI was released earlier this morning and printed below market expectations at 50.9 and 50.3 respectively. This in turn saw EUR/USD drop from 1.3835 to a low of 1.38. Half an hour later, the equivalent sets of data were released out of Germany and the Eurozone (as a whole), but these numbers were better than expected – this in turn has seen EUR/USD bounce back to trade at 1.3831. The euro is therefore a little stronger vs. the pound and GBP/EUR has dropped back to 1.2154.
We expect a range today in the GBP/EUR rate of 1.2100 to 1.2175
⇒ view full report Charts : EUR/USD EUR/AUD EUR/JPY EUR/CHF EUR/CAD EUR/CNY
: AUD/USD gapped lower last night after Australian CPI printed below market forecasts at 0.6% in Q1 vs. expectations for 0.8%. AUD/USD dropped off a cliff from .9375 to .9295 as market participants now see any RBA rate hikes as only a very distant possibility. It has underlined the most recent neutral stance taken by the central bank. Chinese HSBC/Markit Flash manufacturing PMI for April also printed on the soft side, the index coming in at 48.3. AUD/USD fell a bit more as a result and opens in London at .9275. NZD/USD has been flat by comparison and opens this morning at .8590. The range in NZD/USD is likely to remain flat in the run up to tonight’s RBNZ interest rate decision and accompanying statement.
We expect a range today in the GBP/AUD rate of 1.8080 to 1.8180
We expect a range today in the GBP/NZD rate of 1.9500 to 1.9625
⇒ view full report
Whilst there has been a hint of risk aversion amid a failed Russian bond auction overnight the Greenback still remains subdued when valued against a basket of its major counterparts dragged slightly lower off the back of figures which showed the sale of new homes unexpectedly plunged in March, to the lowest level in eight months. In other happenings overnight European Flash PMI was positive at 53.1 versus the expected 52.7 whilst other PMI readings confirmed Germany as the flag bearer when compared to the disappointing numbers from France. With ECB President Mario Draghi set to speak this evening in Amsterdam investors will be doing their best to decipher comments related to the Central Banks next monetary policy move. Upon open this morning the Euro is stronger at 1.3815 whilst the Greenback is steady against the Yen at 102.489.
Data releases
No data today
NZD: Official Cash Rate, RBNZ Rate Statement
CSPI y/y
GBP: CBI Realised Sales
⇒ view full report

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