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Friday, 31 July 2015 - Market Commentary
Daily currency news provided by UkForex

: Yesterday saw the release of Advance GDP for the 2nd quarter from America. The first estimate of the data available showed the US economy expanded at an annualised 2.3% between April and June, slightly lower than the 2.6% forecast but a solid rebound after Q1. The dollar rose across the board on the release as the print increased the odds (slightly) that the Fed will start to raise interest rates in September. Accompanying GDP was another strong Unemployment Claims print which came in at 267k. Cable which had traded as high as 1.5640 yesterday lunchtime fell away throughout the rest of the day and currently sits at 1.5560.
We expect a range today in the GBP/USD rate of 1.55 – 1.5640
: There has been more comments from the IMF about the unsustainability of Greece’s debt mountain in the past 24 hours. An unnamed IMF official again stated that the IMF would only contribute money to bailout fund if there was some sort of debt relief for the Greek government. The comments cast doubt on whether the lender of last resort will be willing to contribute to the latest bailout, at least in the initial stages. Today sees the latest Flash CPI data from the Eurozone with both the core and overall reading expected remain at 0.8% and 0.2% respectively. EUR/USD currently trades 1.0930 after making a break for 1.10 yesterday but falling short. GBP/EUR sits at 1.4230.
We expect a range today in the GBP/EUR rate of 1.42 - 1.4310
⇒ view full report Charts : EUR/USD EUR/AUD EUR/JPY EUR/CHF EUR/CAD EUR/CNY
: AUD/USD dropped to a session low of .7255 after yesterday’s US GDP print. It got a temporary boost from a better than expected PPI print overnight which came in at 0.3% rather than 0.2%. The rally has been short-lived however and its falling again, currently trading at .7265. The Kiwi has dropped overnight on the back of an abysmal ANZ Business Confidence release which came out at -15.3, its worst print since March 2009’s -39.3. NZD/USD is at .6555, GBP/AUD is at 2.1395 and GBP/NZD 2.3740.
We expect a range today in the GBP/AUD rate of 2.1305 – 2.1505
We expect a range today in the GBP/NZD rate of 2.3590 – 2.38
⇒ view full report
The U.S dollar continued its upward push Thursday touching one week highs when measured against a basket of major currency counterparts. Second quarter GDP data showed the world’s largest economy had recovered from a lethargic and sluggish start to the year expanding 2.3% in the 3 months since March 31st. While the print fell below analyst expectations the uptick and rapid recovery lends support to the Federal Reserve’s comments on Wednesday where in chairwoman Janet Yellen suggested the economy had “overcome a first quarter slowdown”. The Dollar index rallied while the Greenback touched 7 week highs against the Japanese Yen and the Euro feel to a one week low of 1.0893. The 19 nation shared currency came under increased selling pressure as Spanish inflation and economic growth remains sluggish and German unemployment unexpectedly rose, while the worlds lender of last resort (the IMF) reportedly refused to re-join debt burden talks with Greece until widespread reform measure are implemented. Attentions now turn to a US employment cost index report as a key indicator of labour market strength. A strong read would suggest bargaining power for workers and cement recent labour market gains leading a consumer driven inflationary push and fuelling expectations the Federal Reserve will increase the benchmark cash rate come September.
Data releases:
PPI Q/Q and Private Sector Credit m/m
NZD: ANZ Business Confidence
Housing Starts y/y
GBP: No Data
⇒ 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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