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Friday, 23 January 2015 - Market Commentary
Daily currency news provided by OzForex

A sharp move back into US dollar dominated holdings overnight has seen the Australian dollar once again remain under pressure. A shift prompted by the actions of European policy makers overnight who announced they would pump hundreds of billions in new money into their struggling economies in an attempt to ramp up their fight against deflation. Slumping to an overnight low of 0.8053 the Australian dollar appears under notable strain with the significant and important barrier of 0.8000 now only a stone’s throw away. Opening this morning buying 80.54 US Cents investors will be keeping a close eye on the HSBC Flash Manufacturing PMI reading expected due to be released in China early this afternoon.
We expect a range today of 0.8000 – 0.8100
Despite the Great British Pound which climbed to its strongest level in almost seven years versus the Euro the Sterling has fallen significantly when valued against the Greenback slumping to a low of 1.5010 following the ECB’s decision to expand significantly its balance sheet. During a session which has broadly seen the Sterling sold against most of its major counterparts further weakness was attributed to comments made by BOE Policy maker David Miles who stated Britain’s inflation rate may move further away from the BOE’s 2 percent target ban in the coming months. In other currency moves the Sterling opens weaker also against the Aussie (1.8632) and the Kiwi (1.9984).
We expect a range today of 1.8600 – 1.8690
In what’s been a woeful week for the New Zealand dollar the tide has once again remained out overnight with investors once again dumping the higher yielding asset following the ECB’s announcement that it will inject 1 trillion euro’s into the stagnant Eurozone economy through to September 2016. Dropping to a low of 0.7495 when valued against its US Counterpart, stories of diverging monetary settings have been the key driver behind this week’s sell-off after local inflation also showed signs of softness. Weaker upon open this morning at 0.7509 macro developments from China remain the focal today as investors look to end the week on a more positive note.
We expect a range today of 0.7470 – 0.7540
Comfortably surpassing the high expectations which had been established, the size, style and duration of last night’s announcement by the ECB has resulted in more than a two and half cent drop for the 18-nation Euro. A move big enough that lows of 1.1361 were witnessed, levels not seen in over 11 years, the specific details of lasts night Policy shift entail a plan to buy 60 billion euros a month worth of public and private debt through to September 2016. In a move similar to the quantitative easing programs previously unveiled by the BOJ and US Fed the heightened levels of liquidity and the accompanying low yields threaten to keep the value of the euro well and truly supressed for an extended period. Opening weaker this morning at a rate of 1.1378 the greenback is stronger against the Japanese Yen at 118.458  
Data releases
No data today
NZD: No data today
No data today
GBP: Retail Sales m/m

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

Agility Forex
Well, what a week! I can’t remember seeing such sustained volatility in the markets for a long time. The over-riding theme remains the almighty dollar, currently at 6 year highs against the Loonie and 11 year highs against the Euro. Although everyone knew it was coming the sheer size of yesterday’s ECB QE announcement caused… Continue reading
Posted on 23 January 2015 | 8:26 pm
OzForex Research
Financial markets over the past year have been defined by diverging monetary policy settings with shifting rate expectations changing the dynamic of broader forex markets. Having initially traded up above the 94 US Cents mark as recently as September the Australian dollar has now lost more than 15 percent over the past four months a… Continue reading
Posted on 22 January 2015 | 7:06 pm
Agility Forex
Mario Draghi did not disappoint today when the ECB announced a QE programme to buy 60 Billion Euro in assets per month until September 2016 . The asset purchases will cover both private and public sector bonds and will begin in March 2015. European focus will now turn to the Greek election on Sunday. After… Continue reading
Posted on 21 January 2015 | 8:49 pm
OzForex Research
The Swiss National Bank gave us volatility on a historic scale last week as it rocked markets by abandoning the nearly three-year-old policy of supporting the value of the Swiss franc relative to the euro at 1.20. The Swiss franc consequently appreciated sharply across the board, distorting flows and liquidity market-wide. While this took the… Continue reading
Posted on 19 January 2015 | 4:09 pm
Agility Forex
Throughout my years on Wall Street and to this day, one question has always bothered me. I have never got a good explanation as to why the price of crude oil and the strength of the USD move in negative correlation. I’ve heard many different arguments but none are foolproof. I’ve even read that there… Continue reading
Posted on 12 January 2015 | 6:24 am

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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

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