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

The Australian dollar began Tuesday over a cent lower in the mid US89 cent range after succumbing to Greenback strength the previous night. During Asian trade, lack of data and the impending overnight US figures kept the AUD moving sideways. Mixed releases overnight saw the higher yielding currency climb a quarter of a per cent verse the US however the Aussie lost heavily against the Sterling after Scotland began to look more likely to remain part of the UK. Heading into the weekend the markets should begin to stabilise after a fairly volatile week and with no data locally the Aussie will look offshore for direction. The AUD opens this morning marginally stronger at 89.88 US cents. 
We expect a range today of 0.8950 – 0.9030
The Great British Pound was the centre of market attention last night as the Scottish independence vote got underway. Retail sales from the UK came in on forecast and investors quickly turned their eyes to the polls. The numbers pointed to the referendum not being pushed through and the Sterling firmed heavily across the board. The GBP gained over a cent against the US dollar opening this morning at 1.6396 whilst similarly rallied verse the Aussie(1.8249) and Kiwi(2.0123). Onlookers will continue to watch as the results of the vote are expected Friday morning and subsequently will have an enormous impact on the markets.
We expect a range today of 1.8115 – 1.8345
The New Zealand dollar managed to turn around a small portion of the losses taken against the Greenback over the last few days after the quarterly GDP numbers printed a 0.7 per cent increase. Recently the higher yielding currency has been oversold on the back of the US Federal reserve’s moves in relation to monetary controls. Overnight the Kiwi continued to take advantage in any way possible when the Greenback showed mixed results opening this morning stronger against the US by just over half a per cent at 0.8149. As investors look towards the weekend trade will be relatively light with most eyes focused on the vote for a referendum in Scotland.
We expect a range today of 0.8110 – 0.8190
Similarly to most majors the Euro managed to take advantage of the mixed US numbers overnight to gain around half a cent against the US dollar. Mixed data provided a good opportunity for investors to sell the safe haven currency taking profits from the recent string of USD gains. In European markets the Central bank announced 82.6 billion Euro’s in loans available to banks with a reduced interest rate. This is designed to help push money into the market and boost the European economy. On the US front we saw building permits and the Philly Fed manufacturing index struggle to impress however the negative reaction was softened by reduced unemployment claims.Heading into the weekend there is very little from the US and Eurozone and eyes will focus on the results of the Scottish referendum vote being announced today.
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