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   Friday, 04 September 2015 - Market Commentary
Daily currency news provided by OzForex

The Australian dollar clung to support holding marginally above the psychological 0.70 cent barrier through much of trade yesterday despite a decline in retail sales throughout July. Macroeconomic indicators have added little to support to the flailing AUD this week as the currency continues to set new 6 year lows. As risk drives direction it seems markets are set in defending current levels with strong support forming in the wake easing risk aversion. China the root/source of much of the current turmoil and volatility enjoys an extended 4 day weekend in observance of Victory Day; with the stocks closed attention turn back to key U.S employment data for direction into the weekly close. A strong NFP print above 230,000 could reignite calls for a September rate adjustment adding additional bearish pressure to an already vulnerable Aussie dollar.   
We expect a range today of 0.6910 – 0.7150
Charts : AUD/USD AUD/EUR AUD/GBP AUD/NZD AUD/JPY AUD/CHF AUD/CAD AUD/CNY
The Great British Pound edged back below 1.53 through trade on Thursday following a decline in service sector growth and stronger than anticipated US macroeconomic numbers. Growth within the services industry eased for the 2nd consecutive month while the US trade balance shrank and its own services sector expanded faster than anticipated, highlighting the difference in wider economic performance and fuelling support for a US interest rate adjustment at a time when investors are pushing back expectations of a Bank of England policy amendment. With little domestic data on hand today attentions turn to the US docket and monthly Non-farm payroll numbers for direction into the weekend.
We expect a range today of 2.1525 – 2.1925
Charts : GBP/USD GBP/AUD GBP/EUR GBP/NZD GBP/JPY GBP/CHF GBP/CAD GBP/CNY
The New Zealand dollar edged higher through trade on Wednesday bolstered by a Euro sell off amidst a cloudier European Monetary Union economic outlook. The prospect of additional quantitative easing saw investors dump the 19 nation combined unit and the NZD became, at least a short term benefactor, bouncing through 0.64 U.S cents before resistance took hold and arrested any further appreciation. With Chinese markets closed for the Observance of Victory long weekend risk aversion eased and attentions turn to key U.S labour market numbers for direction into the weekly close.
We expect a range today of 0.6310 – 0.6450
Charts : NZD/USD NZD/EUR NZD/AUD NZD/XPF NZD/JPY NZD/CHF NZD/CAD NZD/CNY
The U.S dollar recouped much of the week’s earlier losses when the Euro tumbled more than 1 percent in the wake of amendments to European Central Bank inflation and growth expectations. A dovish Mario Draghi lowered the ECB’s forecast for economic expansion and increasing price pressures referring to a slowdown in global growth, in particular through developing and emerging markets, and a dampening of commodity prices. The President of the European Central Bank reiterated the board’s commitment to quantitative easing suggesting additional monetary support would be proffered if needed. The prospect of an extended QE program and dire economic forecast spooked investors prompting a swift and rapid mark down in EUR/USD. The 19 nation combined unit plunged 125points and opens this morning at 1.1122. The Greenback found support against other major counterparts on the back of a stronger than anticipated services sector expansion and a shrinking trade balance bolstered by an increase in exports. The stronger data fuels calls for Federal Reserve action but with inflation stubbornly below the Banks 2% marker and global financial stability wavering the chances of an adjustment later this month continue to thin. Attentions turn today to employment data and non-farm payroll numbers for direction into the Labour Day long weekend.  
Data releases:
No Data
NZD: No Data
Average Cash Earning y/y
GBP: No Data
Charts : USD/EUR EUR/USD USD/JPY

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Protect your International Currency Transfer from Events like ‘Black Monday’ with Risk Management Strategies Just as financial markets began to recover from months of ‘Grexit’ fears and investors started focusing on rate hike speculation again, there was another asset-shaking shift in the form of ‘Black Monday’. The state of China’s economy and the slowing pace… Continue reading
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Major Currency Pair Movements Last Week: EUR/USD - Extended its previous week’s gains. USD/JPY - Lost ground last week. GBP/USD - Extended its previous week’s gains. AUD/USD - Extended its previous week’s losses. USD/CAD - Gained ground last week. NZD/USD - Gained ground last week. Continue reading
Posted on 24 August 2015 | 9:15 am
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Major Currency Pair Movements Last Week: EUR/USD - Gained ground last week. USD/JPY - Showed little change. GBP/USD - Gained last week. AUD/USD - Reversed direction last week. USD/CAD - Lost a fraction last week. NZD/USD - Reversed direction last week. Continue reading
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