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   Wednesday, 01 April 2015 - Market Commentary
Daily currency news provided by OzForex

The Australian dollars downward trajectory continued through trade on Tuesday as Greenback strength and ongoing weakness across commodity prices dampened demand for the AUD. Iron ore prices yesterday marked their biggest quarterly loss since 2009 as low cost supplies from both Australia and Brazil fill a market deflated by a slowdown in Chinese demand. Touching $51.35 USD a tonne iron ore is now sitting at decade lows and placing considerable strain on the Australian economies earning power. The Aussie found support on dips below 0.76 having touched intraday lows of 0.7590 and we open this morning buying 0.7611 US cents. Attentions now turn to Chinese Manufacturing PMI for further direction, however with expectations for a contractionary print below the key 50 level it is unlikely to offer the stimulus needed to support a relief rally.
We expect a range today of 0.7510 - 0.7810
Charts : AUD/USD AUD/EUR AUD/GBP AUD/NZD AUD/JPY AUD/CHF AUD/CAD AUD/CNY
The Great British Pound found support yesterday in a market chasing extensions on USD longs. Having touched intraday lows at 1.4755 Cable advanced as GDP and Business investment surpassed expectations while the gap between imports and exports narrowed on an improved Current Account Balance. Gains were capped on levels above 1.4860 and attentions now turn to Manufacturing PMI for direction through Wednesday.
We expect a range today of 1.9320 - 1.9820 
Charts : GBP/USD GBP/AUD GBP/EUR GBP/NZD GBP/JPY GBP/CHF GBP/CAD GBP/CNY
The New Zealand dollar despite edging marginally lower across the trading day found support Tuesday in improved business confidence. The ANZ’s Business Confidence report showed the 2nd consecutive monthly improvement in business sentiment and the best data print since July 2014. The positive confidence story helped the Kiwi hold onto key technical supports at 0.7450 ahead of a key Chinese Manufacturing PMI account due today. NZD opens this morning buying 0.7476 U.S. cents.
We expect a range today of 0.7380 - 0.7580
Charts : NZD/USD NZD/EUR NZD/AUD NZD/XPF NZD/JPY NZD/CHF NZD/CAD NZD/CNY
The Greenback advanced again against its European counterpart as investors look to short Euro positions on expectations of widening monetary policy fundamentals. It is widely accepted that the U.S. Federal Reserve will announce an upward revision to benchmark interest rates before the end of 2015 while fresh concerns surrounding Greece’s ability to meet reform requirements has highlighted the contrast in policy directions. The Euro has lost 11% through 2015 already and further moves toward parity can be expected if Greece and Eurozone creditors are unable to compromise on reform. Officials again rejected Greek reform proposals citing their ambiguous nature and failure to truly address economic rebuilding. The USD found added support in a stronger than anticipated consumer confidence report although gains were tempered by a softer Chicago PMI read. US macroeconomic fundamentals continue to fluctuate dictating the Fed’s economic outlook but doing little to sway investor sentiment. Monetary policy expectations continue to drive direction as we look to FOMC members Williams and Lockhart for guidance through Wednesday.
Data releases
AIG Manufacturing Index and Building Approvals
NZD: No Data
Tankan Manufacturing and Non- Manufacturing Index and Final Manufacturing PMI
GBP: Manufacturing PMI
Charts : USD/EUR EUR/USD USD/JPY

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 previous week’s gains. USD/JPY - Continued selling off. GBP/USD - Declined last week. AUD/USD - Lost a fraction. USD/CAD - Gained a fraction. NZD/USD - Showed little change. Continue reading
Posted on 29 March 2015 | 9:13 pm
OzForex Research
Being apathetic about currency exchanges rates can be very damaging for your business. Let’s look at some of the dangerous myths that people cling to, to justify keeping their head in the sand. 1. What goes up must come down Or the reverse: that a sinking currency must recover eventually. History tells us that movements… Continue reading
Posted on 24 March 2015 | 9:28 pm
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

Why is it that when I go into a currency vendor to send money I never get the rate on the news?

You may well think that you are being ripped off, but it is not always the case. In simple terms what you see on the news or in the paper or on yahoo finance is the Middle Rate or mid-rate. Some people want to buy a currency and some people want to sell a currency and there is a gap (or margin) between the price at which you buy and the price at which you sell. ⇒ read article

What makes sending money internationally so expensive?

There are a number of cost components to making and receiving international payments, most of which are far from transparent to customers: Currency fees, Transit fees, Correspondent bank fees etc ⇒ read article

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