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   Monday, 03 August 2015 - Market Commentary
Daily currency news provided by OzForex

The Australian dollar advanced into the close on Friday taking advantage of a poor U.S Labour market print and rallying through 0.73 U.S cents. The AUD touched intraday highs of 0.7353 but failed to convincingly break through key resistance levels and edged lower into the close after comments from Fed Reserve board member James (Jimmy) Bullard hinted at a possible September policy amendment. The Aussie plummeted 5.3% throughout July as a decline in global commodity prices, increased expectations of U.S rate adjustments, global financial instability (spearheaded by tumbling Shanghai composite and Greek debt crisis) and weakening Chinese growth prospects combined to prompt a rally in safe haven assets. With new ranges forming between 0.7180 and 0.7350 we look to the RBA,  retail sales and trade balance reports Tuesday for direction into the week ahead and Friday’s critical U.S non-farm payroll print.     
We expect a range today of 0.7180 – 0.7355
The Great British Pound advanced against most major currency counterparts through the last week of July as investors prepare for a raft of headline data events in the week ahead. The Bank of England (BoE) appears to be moving toward a tighter monetary policy stance with analyst anticipating a rate adjustment within the next 12 months after a string of strong and stable macroeconomic data sets. Cable advanced nearly 1% and held onto gains above 1.56 on Friday touching intraday highs of 1.5657 before edging lower into the close. Attentions now turn to the BoE has made a shift in policy releasing its rates decision, economic forecast, MPC minutes and official vote simultaneously on August 6th choosing not to delay the issuance of its minutes and official vote. With investors anticipating little change in the commentary surrounding Thursday’s rate announcement the focus will be directed toward the official vote and signs members are moving toward a less accommodative monetary policy.
We expect a range today of 2.1250 – 2.1500
The New Zealand dollar moved lower throughout domestic trade after a steep decline in ANZ business confidence. Breaking below 0.6550 the Kiwi found support, advancing on the back of weaker than anticipated U.S labour market costs. Driven back through 0.66 the NZD touched intraday highs of 0.6650 before edging lower into the close. While the bearish trend remains intact attentions turn this week to Wednesday’s unemployment report ahead of Friday’s crucial non-farm payroll numbers.
We expect a range today of 0.6510 – 0.6710
The U.S Dollar closed lower Friday falling against a basket of major currency counterparts after increases in employment costs failed to meet market expectations. A record low increase in labour costs in the second quarter coupled with a decline in consumer sentiment dampened expectations consumers will drive inflation and suggests the labour market is still short of running at full capacity. The soft print hampered interest rate bets and suggestions the Federal Reserve will amend its accommodative monetary policy stance come September and forced the Dollar index downward. The world’s base currency then found support in stronger than anticipated Chicago factory activity while Fed member Jimmy Bullard suggested the FOMC was “in a good position to make the first normalisation move”. The comments helped put the brakes on shorting of USD long bets and positions stabilised into the close.  
The Euro recouped much of the week’s early losses through Friday bolstered by stronger than anticipated inflation data. Core European Monetary Union (EMU) CPI data printed above market estimates and fuelled a an upward rally paring losses and touching intraday highs of 1.1088 before edging back below 1.10 to close the session.
With a series of headline data events in the week ahead attentions will be primarily focused on Today’s PCE price index measure of inflation and Friday’s Non-Farm Payroll print, wherein a strong read will likely trigger a bullish run and solidify expectations of a 2015 rate hike.
Data releases:
AIG Manufacturing Index, MI Inflation Gauge, HIA New Home Sales and ANZ Job Advertisements
NZD: No Data

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OzForex Research
Major Currency Pair Movements Last Week: EUR/USD - Reversed direction last week. USD/JPY - Lost a fraction. GBP/USD - Declined last week. AUD/USD - Continued its decline. USD/CAD - Extended its previous week’s gains. NZD/USD - Reversed direction, gaining ground last wee. Continue reading
Posted on 27 July 2015 | 1:26 am
OzForex Research
Major Currency Pair Movements Last Week: EUR/USD - Traded sharply lower last week. USD/JPY - Gained ground last week. GBP/USD - Gained ground last week. AUD/USD - Extended its previous week’s losses. USD/CAD - Continued its sharp rally. NZD/USD - Resumed its downtrend last week. Continue reading
Posted on 20 July 2015 | 2:29 am
OzForex Research
Major Currency Pair Movements Last Week: EUR/USD - Reversed direction. USD/JPY - Gained last week. GBP/USD - Reversed direction. AUD/USD - Reversed direction. USD/CAD - Gained a fraction. NZD/USD - Extended its previous week’s losses. Continue reading
Posted on 29 June 2015 | 1:41 pm
Agility Forex
USDCAD Overnight Range 1.2307-1.2377 The Greek PM cries referendum, the Eurozone Finance ministers cry no extension and Greek citizens just cry. News that the Greek government implemented capital controls and shuttered banks until July 7th spooked FX markets in early Asian trading. A bout of risk aversion in a thin market saw EURUSD plunge to… Continue reading
Posted on 29 June 2015 | 11:44 am
OzForex Research
Major Currency Pair Movements Last Week: EUR/USD - Extended its gains. USD/JPY - Extended its previous week’s losses. GBP/USD - Continued its rally last week. AUD/USD - Extended its previous week’s gains. USD/CAD - Continued its decline. NZD/USD - Continued selling off last week. Continue reading
Posted on 22 June 2015 | 1:53 pm

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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

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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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BestExchangeRates in the Press Money

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