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Friday, 24 October 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
: 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
: Our thoughts and focus continues to be on the tragic attack on Parliament Hill yesterday and all those directly affected. We still await the rescheduling of Governor Poloz’s press conference from yesterday for further clarity on the BOC stance. From the statement there appeared to be optimism of the growing US economy flowing over to our economy while the MPR remained quite dovish. CAD, MXN, and CNY have all been top performers against the Greenback over the last few days. The 1.1210 level continues to be the floor that USDCAD is having difficulty breaking through, (challenged four times this week) beyond here the pair will run into support at 1.1180. 1.1300 sits firmly as resistance to the topside.
We expect a range today of 1.1190 to 1.1300
: The EUR is slightly better supported after Eurozone PMI release. Overall Eurozone Manufacturing PMI is up to 50.7 above the expected 49.9. France saw both manufacturing and service PMIs fell to contraction zones while the German economy looks encouraging with manufacturing PMI up to 51.8.
We expect a range today of 1.4180 to 1.4300
: The Great British Pound is weak, down 38 bps, from yesterday’s close. Weak string of data release had the GBP bottom out 1.7958, as September’s retail sales printed at 3.1% rather than the expected 3.4% and the CBI trends were far weaker than expected. The GBP has retraced most of its morning loss and is now trading at 1.8030. The Australian Dollar is strong, up 10 bps, from yesterday’s close. NAB Business Confidence report came in line at 6. The AUD has been doing a good job from bleeding anymore after the big drop in September and is slowly inching its way back up since October. The Aussie is currently at 0.9874. The Kiwi is essentially unchanged from yesterday’s close. The Kiwi did lose 1% yesterday after disappointing CPI data release where YoY printed at 1.0% rather than the expected 1.2% and QoQ printed at 0.3% rather than the 0.5%. This brings inflation to a fresh one year low and market seems to be pushing back any rate hikes. Kiwi has lost half of October’s gain just overnight and is currently trading at 0.8815.

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

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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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