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Monday, 22 December 2014 - Market Commentary
Daily currency news provided by UkForex

: GBP started the day on Friday on a positive note, responding well to better than expected UK public sector borrowing data and CBI Realised Sales. The dollar then started to strengthen throughout much of the rest of the session, this despite a lack of any top tier US economic data. There were some additional comments made by various Fed officials following the FOMC statement earlier in the week though which helped. San Fran Federal Reserve Bank President John Williams said before a group of reporters on Friday that “I would say at this point that June 2015 seems like a reasonable starting point for thinking about when lift-off could happen” when referring to interest rates. Meanwhile Federal Reserve Bank of Richmond President Jeffrey Lacker supported the FOMCs most recent change in language and went on to say “I think it is highly likely rates will go up next year, not a certainty but a likelihood”. GBP/USD fell to a low of 1.5606 on Friday. It’s been quiet since Asia opened for the week and opens this morning at 1.5640.
We expect a range today in the GBP/USD rate of 1.5590 to 1.5690
: EUR/USD attempted a break through 1.23 on Friday but failed. After touching on the big figure, it then proceeded to drop throughout the afternoon session, bottoming out at 1.2215 as New York came to a close. It came largely as a result of the strength seen in the dollar but it’s recovered a little overnight to open this morning at 1.2250. There isn’t any economic data due today to get too excited about but as markets start thinning out for the public holidays later in the week, we might start seeing some volatility in the majors. Meanwhile, the euro has continued to lose ground vs. the pound and GBP/EUR opens this morning at 1.2755.
We expect a range today in the GBP/EUR rate of 1.2700 to 1.2800
⇒ view full report Charts : EUR/USD EUR/AUD EUR/JPY EUR/CHF EUR/CAD EUR/CNY
: As the greenback strengthened across the board on Friday AUD/USD fell to a low of .8120 and NZD/USD dropped to .7711. As well as this, commodity prices have failed to make any kind of sustained recovery which is putting further pressure on the likes of the AUD and NZD. As mentioned above, market conditions will start to thin out from today and this can make for choppy and volatile trading – these two currencies, given their link to commodities, could be affected quite a lot.
We expect a range today in the GBP/AUD rate of 1.9100 to 1.9280
We expect a range today in the GBP/NZD rate of 2.0060 to 2.0250
⇒ view full report
US Stocks have maintained their update trajectory overnight, notching up their biggest three day rally in three years. Whilst there have been no substantial developments overnight to upset the consensus view that the US remains on track to record modest growth next year data did show that the purchase of previously owned US homes dropped by a greater than expected amount in November. In currency developments overnight volatility levels have tumbled in what appears to be a low liquidity environment. Maintaining its strength when valued against the Japanese Yen this morning (119.979), the Euro also opens steady at a rate of 1.2221. In what’s shaping up as the final major hurdle before the Christmas break investors will be watching closely Final GDP and Durable Goods Orders from the United States this evening.
Data releases
No data today
NZD: Trade Balance
Bank Holiday
GBP: Current Account, Final GDP q/q
⇒ 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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