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Thursday, 18 December 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
: As expected, the Fed has some-what dropped ‘considerable time’ from its policy statement and has now replaced it with being patient when referring to timing of interest rate hike. Key passage: Based on its current assessment, the Committee judges that it can be patient in beginning to normalize the stance of monetary policy. Yellen further added at the press conference that “the committee considers it unlikely to begin the normalization process for at least the next couple of meeting” and of course, it will be data dependent. The USD/CAD initially dropped to a low of 1.1559 and then retraced most of its loss almost instantly. There is wide divergence on the path for rates, as officials said they expect rates to end up anywhere between 0.5 and 4% by the end of 2016. The USD/CAD is currently trading at 1.1621.
We expect a range today of 1.1564 to 1.1672
: EUR continues to stay under pressure following the Fed’s statement yesterday. The Euro remains vulnerable to prospects that the ECB might take on additional easing measures. On the data front, German Ifo Business Climate improved to 105.5 largely as expected. EUR/CAD opens down to 1.4241 this morning.
We expect a range today of 1.4170 to 1.4300
: The Great British Pound is essentially flat from yesterday’s close. Despite the strong retail sales release, the GBP dropped over 200 bps yesterday, as it retraced around half of last week’s gain. The GBP is currently trading at 1.8113. The Australian Dollar is strong, up 45 bps, from yesterday’s close. The AUD is rebounding off its support levels as market fears subsides. The AUD is currently trading at 0.9503. The New Zealand Dollar is strong, up 25 bps, from yesterday’s close. GDP released better than the expected 0.7% yesterday at 1.0%. The Kiwi is currently trading at 0.8980.

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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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