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Tuesday, 16 September 2014 - Market Commentary
Daily currency news provided by CanadianForex

: EUR/USD is weaker having traded to the top of its recent range and come near the top of the long term down trend dating from its June 2011 high up at 1.48 . We expect this to be a heavy resistance zone and we may see some choppy moves around this 1.3250 – 1.3350 range. Relative interest rates have provided for recent strength in EUR, and are likely to provide for further support ahead of next week’s FOMC given the focus on the Fed’s forward guidance thresholds. The ECB meeting two days later on August 1st will be a key focus as market participants look to Draghi for his reaction to both the improving outlook for Europe (PMI’s) and the implications of the recent strengthening in Euro.
We expect a range today of 1.3240 to 1.3290
Charts : EUR/USD USD/EUR
: GBP/USD is weaker falling to near term support around 1.5370 – The pair has been trading in a narrow range all week, and we should see this move develop and give new direction coming into next week’s more data heavy calendar which will include on Thursday, the UK MPC minutes and interest rate decision, and on Friday the US non-farm payrolls numbers.
We expect a range today of 1.5330 to 1.5400
Charts : GBP/USD USD/GBP
: The Loonie held onto its gains from yesterday through overnight trading. Canadian manufacturing Sales and US PPI were just released and CAD is gaining ground as Sales were +2.5% against expectations of 1.1% and US PPI dropped on the headline and was flat on the core. The Canadian market will be watching Governor Poloz’s speech at 12:30 on “the role of a floating exchange rate in the Canadian economy and Bank’s policy framework” followed by a press conference at 1:45. I do not anticipate Poloz to “rock the boat” by adding a hawkish tone at this point and the message should remain neutral, similar to the latest BOC Policy Report.
We expect a range today of 1.1000 to 1.1080
Charts : USD/CAD CAD/USD
: The Euro is essentially unchanged from yesterday’s close and trading within post ECB rate cut. Although the German ZEW Economic Sentiment current situation has dropped to a one year low of 25.4, the outlook was better than expected. Focus will now turn to ECB TLTRO allotment and CPI. The EUR is currently trading at 1.4276.
We expect a range today of 1.4206 to 1.4325
Charts : EUR/CAD CAD/EUR
: The GBP is weak and has dropped 0.38% from yesterday’s close. CPI printed as expected at 1.5% y/y and core slightly rose against expectations to 1.9% y/y. The ongoing speculation of the Scottish referendum vote is the main catalyst for this weakness and it is not surprising the market is feeling the nerves. Thursday will be the highlight of the year. GBP is currently trading at 1.7845. The AUD is continuing its collapse, down 0.35%, from yesterday’s close. The AUD is approaching back to July’s low and its 6 month low after RBA’s minutes overnight. RBA minutes echoed the past meetings that the “most prudent course was likely to be a period of stability in interest rates”. Domestic indicators including GDP, spare capacity in labour and wage growth, mining investment were all expected to decline. The Aussie is currently trading at 0.9947. The New Zealand Dollar is weak this morning dropping 0.45% overnight. The Kiwi is currently trading at 0.8992 leading into the release of Current Account figures later this evening.
Charts : CAD/GBP CAD/AUD CAD/NZD

Foreign Real Estate Investing Do's and Don'ts

Bloomberg Television interview with Michael Ward, CEO, North America and Europe for USForex on getting the Best Exchange Rates when sending money abroad from the US plus his thoughts on what to look for when Buying Property Abroad and which global cities are popular right now. ⇒ watch video

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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