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Monday, 28 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
: We have a quiet start to the week as the market awaits Wednesday’s FOMC meeting and Friday’s US Employment data. The USD continues to gradually gain momentum as has been the theme for July. We observed a key technical break through 1.0780 and 1.0800 Friday (and held overnight), which appears to only be attributable to the general US strength theme in the overall market. Durable Goods orders were solid in the AM yet we did not observe the move favouring USD until thinner markets once the European trading session was finished. Key data releases to watch for this week are; US Advance GDP Wednesday AM; CAD GDP, US Weekly Unemployment Claims Thursday; US Employment data, US ISM Manufacturing PMI.
We expect a range today of 1.0780 to 1.0830
Charts : USD/CAD CAD/USD
: EUR is trading slightly higher off Friday’s multi-month low in North American open. Risk remains biased to the downside. The EUR will likely trade with broader market development as we will have no major data release before Wednesday. EUR/CAD opens at 1.4526 this morning.
We expect a range today of 1.4500 to 1.4580
Charts : EUR/CAD CAD/EUR
: The Great British Pound is strong this morning, up from last week’s close. This week will be uneventful, as the UK will be light on the data front. The only major event risk this week will be the release of ISM Manufacturing PMI on Friday. The Sterling is trading at 1.8376. The Australian Dollar is up this morning and has broken a new monthly high. Highlight this week will come on Wednesday and Thursday evening when Building Approvals and PPI will be released, respectively. The New Zealand Dollar is weak this morning and hovering around its support levels. There are no major event risk this week and should be trading on broader themes. The Kiwi is currently trading at 0.9241.
Charts : CAD/GBP CAD/AUD CAD/NZD

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