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Monday, 20 October 2014 - Market Commentary
Daily currency news provided by UkForex

: The pound fell on Friday following comments from the Bank of England’s Andrew Haldane who said that interest rates could stay low for a longer period of time. He said that “recent evidence, in the UK and globally, has shifted my probability distribution towards the lower tail……Put in rather plainer English, I am gloomier”. GBP/USD fell to 1.6030 on the comments. It then recovered come the afternoon session as US economic data printed relatively positively, this data being Building Permits and UoM Consumer Sentiment. U.S. and global stocks recovered as risk sentiment slowly improved after the data releases and GBP/USD pushed back above 1.61. Fed Chair Yellen also spoke on Friday but steered clear of monetary policy. This week, attention will switch to the MPC minutes. In particular, we’ll see if all members are as dovish on the potential for interest rate hikes during the first part of next year as Haldane is. UK GDP is due later in the week. In addition, manufacturing data from the EU will be released, which will no doubt grab some attention. US CPI will be the biggest data release from across the pond.
We expect a range today in the GBP/USD rate of 1.6050 to 1.6160
: EUR/USD trickled lower on Friday from 1.2835 to a low of 1.2745. It continued to drift lower early this morning. There was plenty of rhetoric from ECB officials on Friday and very little of it was all that positive. There was little by way of economic data so investors took the lead from such comments as “the ECB may have to revise down EZ 2015 GDP forecasts” from Ewald Nowotny. The single currency has also lost ground vs. the pound and GBP/EUR is back above 1.26 this morning at 1.2630.
We expect a range today in the GBP/EUR rate of 1.2600 to 1.2665
⇒ view full report Charts : EUR/USD EUR/AUD EUR/JPY EUR/CHF EUR/CAD EUR/CNY
: AUD and NZD have both been pretty steady since Friday and trade at .8765 .7950 vs. the USD respectively. The RBA’s assistant governor Kent was speaking overnight and said that the central bank needs to keep inflation low and stable and that monetary policy was set to support growth in the Australian economy. It’s a big week for the Aussie this week – Chinese GDP and Industrial Production is due tonight, so are RBA Monetary Policy Meeting Minutes. Later on in the week, Australian CPI is due. Meanwhile, both GBP/AUD and GBP/NZD are both steady and trade at 1.8390 and 2.0280 respectively.
We expect a range today in the GBP/AUD rate of 1.8310 to 1.8440
We expect a range today in the GBP/NZD rate of 2.0200 to 2.0340
⇒ view full report
The Greenback closed lower for the 2nd consecutive week as markets and investors re-evaluate expectations for U.S. Federal Reserve interest rate activity. Despite stronger than expected consumer sentiment and stable building permit numbers leading a consolidation Friday volatility has taken hold of currency markets. Touching 8 month highs investors are questioning global growth prospects with Europe, China and Japan all showing signs of slowing while the ever increasing threat posed by the rampant spread of the Ebola Virus dampens risk appetite. Traders looked toward safe haven assets on Friday and launched the Japanese Yen to its strongest level since September 8 rising 0.7% to close the week. Concerns about slowing global growth and its impact on the world’s largest economy have forced the market to re-think major positions with many investors squaring their dollar long positions. With little against the economic calendar today focus turns to the key retail sales and home sales data toward the end of the week for further Dollar direction.
Data releases
RBA Assistant Governor Kent Speaks
NZD Consumer Confidence and BNZ Business Performance Index.
No Data
GBP Rightmove HPI
⇒ view full report Charts : USD/EUR EUR/USD USD/JPY

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

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