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Tuesday, 27 January 2015 - 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
: USDCAD tested the 1.2500 or 80 cent level last night highlighting that this key psychological level is acting like a magnet for the pair. Focus is beginning to turn to the FOMC meeting starting today and the statement at 2:00 PM tomorrow. Expectation is the central bank will stick to the same message which will be supportive of the USD. After the recent surprises from other banks in the last few weeks the market will be on edge as the announcement approaches. With no domestic data on deck for Canada our Loonie will continue to be driven by oil and the US data being released today, (Durable Goods, Consumer Confidence, New Home Sales). Next levels of resistance for USDCAD are 1.2520 and 1.2683 (Jan 2004 low). To see any retracement for the pair we need to observe a close below 1.2340.
We expect a range today of 1.2420 to 1.2515
Charts : USD/CAD CAD/USD
: The Euro is strong, up 60 bps, from yesterday’s close. Key risks are developments in Greece and Russia. EC Economic Commissioner Moscovici suggested that the Greek government still needs to be fully formed and priorities announced before laying any framework, but they are ready to help. Next major event risk comes on Friday with Eurozone’s CPI. EUR is currently trading at 1.4101.
We expect a range today of 1.4040 to 1.4170
Charts : EUR/CAD CAD/EUR
: The Great British Pound is strong, up 60 bps, from yesterday’s close. Even though Q4 GDP printed worse than expected, the GBP has broken another fresh 5 year high of 1.8891 moments ago. Governor Carney will be speaking tomorrow, however, it is an event honouring former Canadian Finance Minister, Flaherty. The GBP is currently trading at 1.8874. The Australian Dollar is flat from yesterday’s close. CPI is on deck today, then followed by RBA meeting next Monday where a more dovish tone is expected. The AUD is currently trading at 0.9880. The New Zealand Dollar is weak, down 20 bps, from yesterday’s close. The Kiwi is consolidating leading into interest rates decision tomorrow. The NZD is currently trading at 0.9258.
Charts : CAD/GBP CAD/AUD CAD/NZD

BER Notebook - FX Market Research & Currency News/Views from our Partners See more >>

Agility Forex
Well, what a week! I can’t remember seeing such sustained volatility in the markets for a long time. The over-riding theme remains the almighty dollar, currently at 6 year highs against the Loonie and 11 year highs against the Euro. Although everyone knew it was coming the sheer size of yesterday’s ECB QE announcement caused… Continue reading
Posted on 23 January 2015 | 8:26 pm
OzForex Research
Financial markets over the past year have been defined by diverging monetary policy settings with shifting rate expectations changing the dynamic of broader forex markets. Having initially traded up above the 94 US Cents mark as recently as September the Australian dollar has now lost more than 15 percent over the past four months a… Continue reading
Posted on 22 January 2015 | 7:06 pm
Agility Forex
Mario Draghi did not disappoint today when the ECB announced a QE programme to buy 60 Billion Euro in assets per month until September 2016 . The asset purchases will cover both private and public sector bonds and will begin in March 2015. European focus will now turn to the Greek election on Sunday. After… Continue reading
Posted on 21 January 2015 | 8:49 pm
OzForex Research
The Swiss National Bank gave us volatility on a historic scale last week as it rocked markets by abandoning the nearly three-year-old policy of supporting the value of the Swiss franc relative to the euro at 1.20. The Swiss franc consequently appreciated sharply across the board, distorting flows and liquidity market-wide. While this took the… Continue reading
Posted on 19 January 2015 | 4:09 pm
Agility Forex
Throughout my years on Wall Street and to this day, one question has always bothered me. I have never got a good explanation as to why the price of crude oil and the strength of the USD move in negative correlation. I’ve heard many different arguments but none are foolproof. I’ve even read that there… Continue reading
Posted on 12 January 2015 | 6:24 am

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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