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Wednesday, 29 July 2015 - Market Commentary
Daily currency news provided by UkForex

: UK Q2 Prelim GDP printed in line with market forecasts yesterday at 0.7%. It shows that the UK economy is back on course, this following a Q1 reading of 0.4%. It goes some way to supporting the more hawkish stance taken by Bank of England officials last week too when referring to the potential for an interest rate hike by the turn of the year. That’s all very well but the UK inflation rate remains close to rock bottom, problems throughout the Eurozone economy persist and it remains uncertain as to whether the US Fed will actually increase interest rates there before the end of the year especially so in the wake of recent turmoil in Chinese stocks. Nevertheless, the pound was up on the news and broke through 1.56 vs. the dollar yesterday, trading to a high of 1.5627. FX markets have been relatively steady though as investors await the release of the FOMC statement later tonight. The market is fairly evenly split as to whether the Fed will hike in September and so investors will be hoping for some clearer signal tonight. UK mortgage and lending data is also released today but it’s hardly likely to have an effect in the run up to this evening’s announcement from the Fed.
We expect a range today in the GBP/USD rate of 1.5440 to 1.5650
: There was little fresh news out of Europe yesterday and the EUR/USD pair is treading water in the run up to tonight’s Fed statement on interest rates. The euro fell to 1.1020 vs. the dollar yesterday but then grinded slowly higher throughout the day, topping out at 1.1084. It’s fallen back this morning though and opens in London at 1.1035. GBP/EUR is slightly higher as a result of the GDP data yesterday and it trades at 1.4125 currently. There’s little by way of European data on the way either so the quietness in rates may well ensue. We did have German GfK Consumer Climate data this morning but it printed in line with market expectations.
We expect a range today in the GBP/EUR rate of 1.4080 to 1.4160
⇒ view full report Charts : EUR/USD EUR/AUD EUR/JPY EUR/CHF EUR/CAD EUR/CNY
: NZD rallied overnight after RBNZ Governor Wheeler dispelled some of the recent reports written by various central bank commentators suggesting that the bank is on a path of aggressive interest rate cuts. He suggested that the economy would need to be in recession for this to happen. NZD/USD rallied on his comments and burst through the .67 figure to a high of .6737. It has settled back a bit since to open in London at .6685. AUD/USD was dragged with NZD/USD and popped to a high of .7350 overnight but it too has settled back in early Europe to trade at .7305. RBA Governor Stevens is due to speak tonight and is likely to have an impact on the direction of AUD/USD.
We expect a range today in the GBP/AUD rate of 2.1250 to 2.1450
We expect a range today in the GBP/NZD rate of 2.3220 to 2.3520
⇒ view full report
The Dollar Index, a measure of the Greenback against a basket of currencies rose overnight following an upbeat statement from the US Federal Reserve. Stating that the housing and labour markets have improved, evidence of slackness within the labour market have diminished as the economy moves towards a level of full employment. In a result which would support the Feds view, investors look towards this evenings advanced quarterly GDP print which is expected to reveal an economic expansion of 2.5 percent at an annualised rate. With the FOMC next scheduled to meet on September 16, the possibility of rate hike, remains intact, a view sufficient to support USD long positions for the time being.  Opening stronger across the board the US dollar is higher when valued against both the Yen (1.2395) and the Euro (1.0981).
Data releases
RBA Gov Stevens Speaks, Building Approvals m/m 
NZD: No data today    
No data today    
GBP: BOE Carney Speaks  
⇒ view full report Charts : USD/EUR EUR/USD USD/JPY

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OzForex Research
Major Currency Pair Movements Last Week: EUR/USD - Reversed direction last week. USD/JPY - Lost a fraction. GBP/USD - Declined last week. AUD/USD - Continued its decline. USD/CAD - Extended its previous week’s gains. NZD/USD - Reversed direction, gaining ground last wee. Continue reading
Posted on 27 July 2015 | 1:26 am
OzForex Research
Major Currency Pair Movements Last Week: EUR/USD - Traded sharply lower last week. USD/JPY - Gained ground last week. GBP/USD - Gained ground last week. AUD/USD - Extended its previous week’s losses. USD/CAD - Continued its sharp rally. NZD/USD - Resumed its downtrend last week. Continue reading
Posted on 20 July 2015 | 2:29 am
OzForex Research
Major Currency Pair Movements Last Week: EUR/USD - Reversed direction. USD/JPY - Gained last week. GBP/USD - Reversed direction. AUD/USD - Reversed direction. USD/CAD - Gained a fraction. NZD/USD - Extended its previous week’s losses. Continue reading
Posted on 29 June 2015 | 1:41 pm
OzForex Research
Major Currency Pair Movements Last Week: EUR/USD - Extended its gains. USD/JPY - Extended its previous week’s losses. GBP/USD - Continued its rally last week. AUD/USD - Extended its previous week’s gains. USD/CAD - Continued its decline. NZD/USD - Continued selling off last week. Continue reading
Posted on 22 June 2015 | 1:53 pm
OzForex Research
Major Currency Pair Movements Last Week: EUR/USD - Extended its gains last week. USD/JPY - Reversed direction. GBP/USD - Gained ground. AUD/USD - Extended its previous week’s gains. USD/CAD - Extended its previous week’s losses. NZD/USD - Lost a fraction last week. Continue reading
Posted on 10 May 2015 | 7:17 pm

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