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Thursday, 28 August 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
: CAD experienced the largest one day gain against the Greenback since 2012, (1.0960 to 1.0830) and has now settled at 1.0850. Support now sits around 1.0810 in the form of the 55 day moving average and the 50% Fibonacci of 1.0621 to 1.0998 range. US quarterly preliminary GDP surprisingly beat the anticipated reading of 3.9% at 4.2% while Weekly Unemployment claims dropped by 1,000 to 298K. Both healthy numbers yet apparently not enough to allow the USD to pick up some lost ground. Canada’s current account edged down slightly to 11.9 bln, reflecting a slight increase in deficit on trade and goods and services and highlighted a healthy appetite for Canadian corporate securities from the international community. As the market digests all of the above data there appears to be an appetite to challenge yesterday’s 1.0830 low.
We expect a range today of 1.0820 to 1.0895
: Euro zone fundamental continues to deteriorate as Consumer Confidence data fell from 102.2 to 100.6 versus expectations for a reading of 101.5. Piling on the negative sentiment was the number of unemployed in Germany rising by 2,000 when the market expected a decline of 5,000.We are left with little hope for a rebound in GDP growth in Q3 for the Euro zone and bets continue to be placed for the ECB to either cut rates or announce another simulative package before the existing announced packages have been implemented. EUR/CAD drops and opens at 1.4307 this morning.
We expect a range today of 1.4250 to 1.4351
: The Great British Pound is underperforming and has suffered a 200 bps drop since Tuesday. There is no major event risk today and GBP could temporarily strengthen as their equity market had a soft month, which could trigger some buying. The GBP is still hovering around its support levels and is currently trading at 1.8001. The Australian Dollar is overperforming after rebounding off key support levels yesterday. This strength is due to better than expected trends in Australian business investment, as the focus on mining is beginning to shift towards other areas of the economy. The AUD is currently trading at 1.0161. The New Zealand Dollar is essentially flat and is currently trading at 0.9093.

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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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