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Thursday, 24 July 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 Loonie continues to hover in a very narrow trading range (22 bps) as there appears to be very little appetite to challenge the current range of 1.0710 to 1.0780. With no Canadian data the rest of the week we will continue to be range bound unless the larger FX themes carry through to USDCAD.
We expect a range today of 1.0720 to 1.0760
Charts : USD/CAD CAD/USD
: EUR is better supported today on strong German data. German Flash Manufacturing and Service PMI both came in above expectation while French Manufacturing PMI came in slightly under. EUR/CAD regained some lost ground after testing a new multi month low of 1.4418 in yesterday’s trading. The pair opens back up at 1.4495 this morning.
We expect a range today of 1.4418 to 1.4500
Charts : EUR/CAD CAD/EUR
: The Great British Pound is weak this morning, down 0.24%, breaking a new weekly low and continuing to leak to a 7th straight day loss. Sluggish retail sales were the catalyst for another weak day for the Pound as figures printed 0.1% instead of the expected 0.2%. The combination of disappointing retail sales and yesterday’s less than hawkish tone has sparked a little concern in the market. The Sterling is currently trading at 1.8242. The Australian Dollar temporary spiked to a new monthly high before weakening off this morning. The AUD ignored HSBC China manufacturing PMI and is currently trading at 1.0120. The New Zealand Dollar is collapsing and is yet again, breaking a new low. RBNZ has raised inertest rates by 0.25% to 3.50% and adds that “the level of the New Zealand Dollar is unjustified and unsustainable and there is potential for a significant fall”. That has been exactly what the Kiwi has done the past 2 weeks, dropping a total of 265 bps. The Kiwi is currently trading at 0.9212.
Charts : CAD/GBP CAD/AUD CAD/NZD

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