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Friday, 25 April 2014 - Market Commentary
Daily currency news provided by OzForex

During a shortened week characterised by low volumes the Australian dollar has traded between a low of 0.9251 and a high of 0.9300 when valued against its US Counterpart over the past 24 hours. Maintaining its downward bias since Wednesday’s disappointing inflation read very little price activity is expected today given the Anzac Day public holiday. Set to remain below the critical 93 US mark for the time being, key monetary policy statements along with employment numbers from the world’s largest economy should provide some further fireworks next week as volumes start to normalise. 20 basis points lower this morning the Australian dollar currently buys 92.62 US Cents.   
We expect a range today of 0.9230 – 0.9300
Playing a supportive role for the Great British Pound overnight a survey of 131 firms showed that sales growth during April had improved from March. Painting a relatively positive outlook for the retail sector further gauges of consumer spending are expected out this evening, with any above forecast results likely to see the Sterling once again find support up above the 1.6800 mark when valued against its US Counterpart. Opening spot on that critical level of 1.6800 this morning the Sterling has also notched up some impressive gains against both the Aussie (1.8133) and the Kiwi (1.9609).
We expect a range today of 1.8100 – 1.8170
Demand for the New Zealand dollar was initially bolstered yesterday after the Reserve Bank of New Zealand raised its benchmark rate for a second consecutive month to 3 percent. Triggering an early morning rise to a high of 0.8635 when valued against its US counterpart, interestingly Governor Graeme Wheeler did acknowledge that the strength of the dollar will play some part in determining how high interest rates will go, signalling that monetary policy will be adjusted to a level in which demand can be cooled. With investors reluctant to pick up the higher yielding unit during offshore trade, the shift higher has been a short lived one for the Kiwi which opens in familiar territory this morning at a rate of 0.8563.
We expect a range today of 0.8530 -0.8600
US Stocks remained well supported overnight after figures showed durable goods orders rose more than forecast in March, pointing to faster levels of production throughout the world’s largest economy. Whilst weekly unemployment claims moved in the wrong direction there has been generally cautious tone thrust upon markets overnight after Russian President Vladimir Putin warned the Ukraine against continuing its anti-separatist offensive. In currency flows the 17 nation Euro has remained solid up above the 1.3800 mark when valued against the greenback with ECB President Mario Draghi stating that Policy makers are prepared to roll out some broad based asset purchases should the inflation outlook further deteriorate. Meanwhile this morning the USD/JPY is marginally weaker at a rate of 102.293.
Data releases
Bank Holiday
NZD: Bank Holiday
Tokyo CPI y/y
GBP: Retail Sales m/m

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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