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   Thursday, 07 May 2015 - Market Commentary
Daily currency news provided by OzForex

The Australian Dollar continued to enjoy the benefits of bullish sentiment throughout trade on Wednesday as a softer than anticipated Retail Sales print was largely ignored. Supported by another set of weaker US macroeconomic indicators the Aussie moved comfortably through 0.80 to touch intraday highs of 0.8031. Preliminary US employment data failed to live up to analysts’ expectations and enhanced the shadow looming over the sluggish US economy forcing traders to reassess expectations surrounding the timing of normalising Federal Reserve monetary policy.  Attentions now turn to domestic labour market data with a strong print likely to solidify a new short term range between 0.78 and 0.81.     
We expect a range today of 0.7810 – 0.8100
Charts : AUD/USD AUD/EUR AUD/GBP AUD/NZD AUD/JPY AUD/CHF AUD/CAD AUD/CNY
The Great British Pound broke above 1.5250 through trade on Wednesday supported by a stronger than anticipated Services PMI print and USD sell off. Sterling rallied as reports showed the service sector expanded at a faster pace than economists initially estimated throughout April while a string of poor macroeconomic fundamentals fuelled a USD bearish run. Gains were capped however as uncertainty lingers ahead of today’s upcoming general parliamentary election with focus squarely honed on who will take office for the next 5 years.  
We expect a range today of 1.8810 – 1.9380 
Charts : GBP/USD GBP/AUD GBP/EUR GBP/NZD GBP/JPY GBP/CHF GBP/CAD GBP/CNY
The New Zealand dollar tumbled yesterday as labour market data missed the mark. While the unemployment rate remained at 5.8% quarterly employment change fell 0.5% on quarter four 2014 comparisons and failed to meet market expectations. The Kiwi plunged through 0.75 relinquishing a full cent against its US counterpart touching intraday lows of 0.7458 before finding support. Attentions now turn to Key US Data events for direction into the weekly close.
We expect a range today of 0.7420 - 0.7630
Charts : NZD/USD NZD/EUR NZD/AUD NZD/XPF NZD/JPY NZD/CHF NZD/CAD NZD/CNY
The U.S Dollars downward trajectory continued through trade on Wednesday as increasing European yields and soft data hampered demand for the world’s base currency. The ADP’s preliminary non-farm payroll print suggests just 169,000 jobs were added to the economy through April, a read well below expectations. The report throws into question analyst estimates for the final NFP print due Friday and reinforces expectations the Fed will retain its cautious outlook and delay an upward rate adjustment in the short term.
The Euro touched 10 week highs as German bund yields rose to 0.6 percent, the highest return in 5 months. The rally alleviates concerns yields would turn negative and narrows the gap between US and European bonds. The 19 nation bloc unit touched intraday highs of 1.1371 finding additional support in stronger than expected services PMI. The Service sectors of Spain, Italy, France and the wider Eurozone all expanded throughout April adding credence to the ECB’s stimulus measures.
Attentions now turn to the ever unfolding Greek debt crisis and the Friday’s NFP report for direction into the close.
Data releases:
AIG Construction Index, Employment Change and Unemployment Rate
NZD: No Data
Charts : USD/EUR EUR/USD USD/JPY

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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
Agility Forex
USDCAD Overnight Range 1.2223-1.2323 The US dollar is Mr. Toad and it has been on a wild ride this morning. Another bout of weak US economic data (Jobless Claims rose, Housing Starts and Building Permits fell) revered hard won US dollar gains in Europe. USDCAD which had scraped back above 1.2310 prior to the data… Continue reading
Posted on 16 April 2015 | 6:30 pm
OzForex Research
Major Currency Pair Movements Last Week: EUR/USD - Reversed direction. USD/JPY - Gained ground. GBP/USD - Reversed direction. AUD/USD - Lost a fraction. USD/CAD - Gained ground. NZD/USD - Lost a fraction last week. Continue reading
Posted on 12 April 2015 | 6:51 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

Advertised Foreign Transfer Exchange Rate - Accuracy Checks

Investigating reports that the exchange rates for International Money Transfers published by Financial Institutions on their websites are better than those available to their customers via Internet Banking. We will publish periodic Exchange Rate Accuracy checks here.⇒ read article

BestExchangeRates in the Press SMH.com.au Money

“A check with the foreign-exchange comparison website bestexchangerates.net shows a big variation in the exchange rates available when sending money and buying cash.” SMH.com.au ⇒ read article

BestExchangeRates compares the latest Foreign Exchange Rates from Banks & leading Currency Brokers to find you the best deals for your International Bank Transfers and Travel Money. We provide quick currency converter calculators, up-to-date foreign exchange research, news, charts and reviews of foreign exchange brokers and online payment providers to help you choose which is best for your needs.
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