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Thursday, 30 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
: US Advance GDP for Q3 beat expectations of 3.1% at 3.5%. Initially the big currency gained across the board, but has since given back the gains as this number is largely in line with expectations and shows a decline from 4.6% in Q2. Janet Yellen is speaking at 9:00, however she is only making opening remarks and introductions and there will be no Q & A period to add more light on the Feds hawkish statement from yesterday. Canada has no domestic data today and will be left vulnerable to moves in the larger pairs throughout the day. The Loonie did give up all its gains from yesterday once the FOMC statement was released, but on the positive was a close below 1.1200 and overnight the market did not challenge the next level of resistance at 1.1247, above here there is little resistance to hold the pair back from 1.1385. 1.1125 to the downside held yesterday and will now act as support in the near term.
We expect a range today of 1.1130 to 1.1230
: EUR is down below 1.2600 after yesterday’s FOMC. German CPI came in softer than expected which warns of a possible miss on tomorrow’s CPI release. This largely overshadowed positive German unemployment data. Technicals turned back mixed with resistance coming in at 1.2501.
We expect a range today of 1.4043 to 1.4143
: The GBP is stabilizing after yesterday’s drop. Stronger than expected housing prices helped to support the GBP. The pair had fell 40 bps already from yesterday’s close and looks to test its recent low at 1.7815. The GBP is currently trading at 1.7888. The Australia dollar is strong from yesterday’s close, up 30 bps. The AUD has dropped back to its resistance level late yesterdays. Second tier data were released overnight including import prices, which fell to -0.8% in the third quarter rather than the 0.2% expected and export prices, which rose to -3.9% rather than the -4.7% expected. There is no further event risk for the week. The AUD is currently trading at 0.9835. The New Zealand Dollar is flat from yesterday’s close. The Kiwi is stabilizing after losing 75 bps, nearly four week lows, late yesterday after the release of the RBNZ statement. RBNZ left interest rates on hold at 3.5% as expected and suggests a period of assessment is appropriate before any policy adjustment. Similar story to the Aussie, their central bank is warning their currency “remains unjustified and unsustainable” and vulnerable for depreciation. The Kiwi is currently trading at 0.8725.

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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