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   Friday, 27 February 2015 - Market Commentary
Daily currency news provided by OzForex

The Australian dollar has lost considerable ground over the past 24 hours when valued against its US Counterpart after ABS statistics showed overall capital expenditure dropped by 2.2 percent during the final quarter of 2014, a number well above the expected fall of 1.6 percent. Given the number contributes to the headline GDP print expectations surrounding a further interest rate cut by the reserve bank have since risen. Emphasising just how fragile the Australian dollar remains following a well-established rally the domestic unit once again appeared heavily when valued up above the 0.7850 mark opening this morning notably weaker when valued against the US dollar as it buys 77.90 US Cents.
Today we expect a range of 0.7760 – 0.7840
Matching previous estimates of gross domestic product during the final quarter of 2014, Britian’s economy expanded by 0.5 percent numbers overnight confirmed. Providing some explanation for the lower Sterling this morning business investment fell at its sharpest rate in nearly six years, a move in line with the global fall in energy and petroleum prices. Opening weaker against the Greenback this morning at a rate of 1.5402 the Great British Pound is also weaker against both the Australian dollar (1.9763) and the New Zealand dollar (2.0473).
Today we expect a range of 1.9700 – 1.9820
The New Zealand dollar has struggled in the face of strong US data overnight, unable to maintain its value when trading up above the 75.50 US Cents mark.   With the Greenback strengthening a separate report showed New Zealand exports fell by nine percent last month due to lower prices for diary whilst imports also fell by four percent.  During a session which generally favoured a move out of growth and commodity backed currencies the New Zealand dollar opens 0.3 percent lower this morning at a rate of 0.7518. On the outlook today investors will now be looking towards a read of business confidence as well building consents for the month of January.
Today we expect a range of 0.7480 – 0.7560
The US dollar index, which measures the world’s reserve unit against a basket of currencies jumped to a five year high overnight following a report which showed core US inflation rose by 0.2 percent last month. Whilst the headline consumer price index suffered its biggest drop since 2008 such readings have been discounted given the number includes the impact of falling oil and energy prices. In other positive flows for the US economy a separate report showed US durable goods rebounded by 2.8 percent in January a number sufficient to be broadly supportive of US dollar strength.  Stronger against the Japanese Yen this morning at a rate of 119.42 the Greenback has also stretched its legs against the Euro with the EUR/USD opening more than a full cent weaker at 1.1195. In what’s shaping up as an equally busy 24 hour window a preliminary GDP print from the United States followed by CPI from Germany remain the pick on a jam packed economic calendar.  
No data today
Building Consents m/m, ANZ Business Confidence
German Prelim CPI m/m, French Consumer Spending m/m, Spanish Flash CPI m/m
No data today
No data today

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

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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
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As Australians we love to make jokes at the expense of our Trans-Tasman neighbours, but the Reserve Bank of New Zealand’s management of interest rates in the face of a rising currency is one to be admired. Notwithstanding some of the differences in our two economies, it took some nerve for New Zealand’s central bank… Continue reading
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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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