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Friday, 19 December 2014 - Market Commentary
Daily currency news provided by OzForex

After a significant change in wording to the US Federal Reserve’s statement early Thursday morning the Aussie was struggling to hold its ground against the Greenback. The AUD fell to 0.8118 and did not recover too well, spending Asian trade hovering around the daily lows. The RBA bulletin did not have too much of an impact as it appeared investors were waiting on US data for direction once more. The numbers were mixed and the Aussie remained steady opening this morning marginally higher than Thursday at 0.8147. As we head into the weekend there is no data being released locally and in the US with onlookers anticipating a quiet end to a tough week for the AUD.
We expect a range today of 0.8115 – 0.8195
Charts : AUD/USD AUD/EUR AUD/GBP AUD/NZD AUD/JPY AUD/CHF AUD/CAD AUD/CNY
The British Pound was one of the better performing currencies overnight gaining nearly a cent against the recently strong Greenback. Cable moved to highs of 1.5680 before opening this morning at 1.5653. The shift upwards was underpinned by impressive UK retail sales numbers showing a 1.6 per cent increase beating out an anticipated projection for a smaller rise of 0.3 per cent. The Sterling gained in a similar fashion against the higher yielding AUD(1.9206) and NZD(2.0221). Heading into the weekend there is limited offshore data however locally investors will look to Public sector net borrowing and CBI realised sales for guidance.
We expect a range today of 1.9165 – 1.9245
Charts : GBP/USD GBP/AUD GBP/EUR GBP/NZD GBP/JPY GBP/CHF GBP/CAD GBP/CNY
The New Zealand dollar came off a night session of robust Greenback strength and began Thursday waiting on GDP data to try and revitalise the higher yielding currency. GDP numbers showed a 1 per cent increase which beat out the forecast marginally, however the Kiwi’s rally was short lived as US dollar strength continued seeing the NZD further sold off. As Asian trade continued the New Zealand dollar continued to slide reaching lows of 0.7682 and as overnight US figures were announced the Kiwi recovered on mixed sentiment to open this morning stronger at 0.7735. With no more US numbers to be announced this week local ANZ business confidence will provide direction for the struggling NZ dollar.
We expect a range today of 0.7705 – 0.7785
Charts : NZD/USD NZD/EUR NZD/AUD NZD/XPF NZD/JPY NZD/CHF NZD/CAD NZD/CNY
The Euro continued to slide against the Greenback on Thursday marred by unimpressive local numbers and mixed US data that was taken by investors in a positive light. German Ifo Business climate missed the mark slightly however the major move lower came after the US unemployment claims were released. 289,000 individuals were shown to be claiming unemployment down from 295,000 previously and a forecast of 297,000. Although the Philly Fed Manufacturing was weaker than expected the US Federal Reserve has been quite specific on the importance of the improvement on the labour market. This morning the EUR/USD cross opens lower at 1.2272 and with no US data being announced heading into the weekend the focus will turn to European numbers for direction.
Data releases: 
No Data
Visitor Arrivals m/m, ANZ Business Confidence, Credit Card Spending y/y
Monetary Policy Statement, All Industries Activity m/m, BOJ Press Conference
GfK Consumer Confidence, Public Sector Net Borrowing, CBI Realized Sales
Charts : USD/EUR EUR/USD USD/JPY

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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