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Friday, 21 November 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 positive news for the Loonie continued at 8:30 when CPI beat expectations increasing to +0.1% when a -0.1% reading was anticipated. The core figure was +0.3% against expected +0.2%. The yearly figures moved to 1.8% headline and 2.3% core. Loonie picked up an additional 50 bps on this news and challenged the 1.12 level, yet was not able to break as the market know this release will not be enough to garner a change in outlook for the Bank of Canada.
We expect a range today of 1.1190 to 1.1290
Charts : USD/CAD CAD/USD
: ECB President Draghi’s comment this morning that “It is essential to bring back inflation to target and without delay” caused the Euro to drop over 1% as the market quickly priced in the ECB adding to their QE in December. EUR/CAD opens lower to 1.3923 in North American open.
We expect a range today of 1.3865 to 1.3952
Charts : EUR/CAD CAD/EUR
: The Great British Pound is weak, down 1%, from yesterday’s close. Canada’s CPI data has been the main driver of CAD strength this morning. The Pound has nosedived back towards yearly lows and bottomed out at 1.7538 to make a fresh 10 month low. The GBP is currently trading at 1.12224. The Australian Dollar is essentially flat from yesterday’s close. No domestic data was released, however, China’s decision to cut rates sent the AUD flying temporary, gaining 0.96% overnight and topping out at 0.9842, until settling back down near yesterday’s close. The Aussie is currently trading at 0.9768. The New Zealand Dollar is weak, down 0.15%, from yesterday’s close. No news announcement overnight. The Kiwi is currently trading at 0.8873.
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

BestExchangeRates in the PressSMH.com.au Money

“A check with the foreign-exchange comparison website bestexchangerates.net shows a big variation in the exchange rates available when sending money and buying cash.” SMH.com.au ⇒ read article

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