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   Tuesday, 30 June 2015 - Market Commentary
Daily currency news provided by OzForex

The Australian dollar recouped losses suffered in early trade as investors looked to square positions and adjusted their U.S interest rate expectations. Plunging to touch 0.7580 on open the AUD edge steadily higher throughout the day as the unfolding Greek debt saga forced markets to reassess the outlook on macroeconomic policy. Fears the crisis will spread dampening global demand and consequently creating a drag on U.S economic growth through a manipulation in balance of trade has induced a shift in expectations with just 35% of analyst anticipating a September rate adjustment as most traders extend their macroeconomic outlook into December. With little domestic data on hand today we expect the AUD will remain stretched on runs above 0.77 with support firmly placed on pushes below 0.76.
We expect a range today of 0.7530 – 0.7720
The Great British Pound edged marginally higher against its US counterpart Friday as investors pushed back U.S interest rate expectations amid fears the ongoing Greek debt crisis will dampen US economic growth prospects. Despite widespread concern surrounding the long-term integrity of the Euro Sterling lost over 300 points through trade on Monday as investors looked to the block unit in funding the purchase of safe haven German Bunds and adjusted/squared short positions. Attentions now turn to today’s current account balance report for further direction amid widespread economic uncertainty.
We expect a range today of 2.0325 – 2.0650
Much like its antipodean counterpart the Kiwi managed to recoup losses suffered throughout early trade. Having broken through 5 year lows touching 0.6789 the NZD bounced higher as investors sold down the USD amid fears the Greek debt crisis will spread dampening global demand and stifling US GDP expansion prospects. Touching intraday highs of 0.6881 the NZD opens this morning buying 0.6839 U.S cents as attentions turn to ANZ business confidence for domestic direction while the ongoing Greek debt saga continues to drive currency direction.
We expect a range today of 0.6750 – 0.6920
The ongoing Greek debt saga continued to plague the single currency through trade on Monday as officials confirmed Greece will default on today’s 1.6 billion euro IMF repayment obligation. Week long capital controls saw stock markets spiral downward while the 19 nation block unit plunged against most major counterparts touching intraday lows of 1.0956. As the initial panic eased traders looked to square position and while the Franc and Yen benefited from haven plays investors turned to the Euro in funding German Bund purchases. The move into bonds as a safe haven risk off strategy proves there is still demand for European assets helping reverse the euro’s downward trajectory and forced the unit back above 1.12 into the session close. The Greenback’s dollar index moved lower as investors and markets pushed back interest rate expectations amid ongoing European developments. The threat of contagion and a drag on global demand dampening the US economic outlook saw investors revise bets with just 35% of traders expecting the Fed to raise the benchmark cash rate in September. Attentions remain squarely fixed on Greece and its creditors while markets look to Non-Farm payroll numbers Thursday as the big ticket macroeconomic item for the week ahead.
Data releases:
Governor Steven Speaks,Private Sector Credit and HIA New Home Sales
NZD: Building Consents and ANZ Business Confidence
Average Cash Earnings and Housing Starts
GBP: Current Account Balance, MPC Member Haldane Speaks, Final GDP, Revised Business Investment and Index of Services

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

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
Agility Forex
USDCAD Overnight Range 1.2048-1.2142 The highly anticipated US (and Canadian) employment reports were greeted with a resounding “meh”. NFP was right on consensus and the unemployment rate is 5.4%. EURUSD rose and fell and is currently back to its pre-release level. The Canadian report was worse than expected, which was actually expected, shedding 19,700 jobs.… Continue reading
Posted on 8 May 2015 | 6:37 am
OzForex Research
Major Currency Pair Movements Last Week: EUR/USD - Continued its rally last week. USD/JPY - Continued gaining. GBP/USD - Reversed direction. AUD/USD - Gained another fraction. USD/CAD - Lost a fraction. NZD/USD - Extended its previous week’s losses. Continue reading
Posted on 3 May 2015 | 5:43 pm
OzForex Research
Major Currency Pair Movements Last Week: EUR/USD - Extended its previous week’s gains. USD/JPY - Gained a fraction. GBP/USD - Extended its previous week’s gains. AUD/USD - Gained a fraction. USD/CAD - Extended its previous losses. NZD/USD - Reversed direction last week. Continue reading
Posted on 26 April 2015 | 7:57 pm
OzForex Research
Major Currency Pair Movements Last Week: EUR/USD - Gained ground last week. USD/JPY - Sold off. GBP/USD - Rallied last week. AUD/USD - Extended its gains. USD/CAD - Gave back its previous week’s gains. NZD/USD - Gained ground last week. Continue reading
Posted on 19 April 2015 | 8:33 pm

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