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Thursday, 24 July 2014 - Market Commentary
Daily currency news provided by UkForex

: The pound dropped yesterday after the Bank of England minutes showed that MPC members voted unanimously to keep interest rates on hold at their last meeting. The Committee also said that they had no pre-set view on the timing for a rate rise and it will depend on data. There was also an acknowledgement that earnings data was weak in relation to the stronger employment data, indicating that labour market slack may be increasing. Expectations for a rate hike are now being pushed back to Q1 2015. With this, GBP/USD fell to a low of 1.7025 yesterday and although there is good support at 1.70 the pair has failed to make any kind of a recovery overnight. If retail sales print weaker than expected this morning it might be enough to force cable back under this big figure. Meanwhile, there’s been little by way of data from the U.S. over the last 24 hours. `
We expect a range today in the GBP/USD rate of 1.6960 to 1.7125
⇒ view full report Charts : GBP/USD GBP/EUR GBP/AUD GBP/JPY GBP/CHF GBP/CAD GBP/CNY
: EUR/USD fell steadily during European business hours yesterday. It slipped to a low of 1.3438 this morning but has since bounced following the positive run of PMI data from France, Germany and Europe as a whole. All manufacturing and service indices printed stronger than expected, except for French flash manufacturing PMI which printed a little weaker than forecasts. EUR/USD has rallied back towards 1.35 and opens this morning at 1.3475. GBP/EUR is also falling in reaction to the strong European data and after flirting with a break of 1.27 yesterday morning it has come back off to open the London session at 1.2650.
We expect a range today in the GBP/EUR rate of 1.2600 to 1.2700
⇒ view full report Charts : EUR/USD EUR/AUD EUR/JPY EUR/CHF EUR/CAD EUR/CNY
: As expected, the RBNZ hiked interest rates overnight by 0.25% to 3.5%. The kiwi gapped lower on the news though and dropped from .8705 to a .8605. It was the accompanying statement that knocked it as Governor Wheeler said that the central bank needs time to assess the impact of its most recent rises with December being talked about as the next time the RBNZ will lift its OCR. NZD/USD has fallen lower since too and opens in London at .8585. AUD/USD has taken a back seat as the focus down-under was directed across the Tasman. It trades at .9445 currently.
We expect a range today in the GBP/AUD rate of 1.7950 to 1.8120
We expect a range today in the GBP/NZD rate of 1.9780 to 1.9920
⇒ view full report
The Greenback was the strongest performer overnight underpinned by an impressive fall in unemployment claims. The numbers were at 8 year lows after the US labour department printed the amount of citizens claiming jobless benefits dropped by 19,000 where an increase in claims was expected.  These figures are important indicators as the US Federal Reserve is currently in the process of reducing its stimulus program based on the US economies health so there is a clear path for an interest rate increase sometime in 2015. The US gains were softened however only slightly by a fall in new home sales as the market seemed to shrug off this negative economic data. Out of Europe impressive services and manufacturing data were shown, the main highlight out of Germany which showed strong numbers across the board. This morning the Euro opens slightly lower against the US dollar and investors will watch US and Euro markets tonight for guidance heading into the weekend.
Data releases:
No Data
ANZ Business Confidence
Tokyo Core CPI y/y, National Core CPI y/y, SPPI y/y
Prelim GDP q/q, Index of Services 3m/3m
⇒ view full report Charts : USD/EUR EUR/USD USD/JPY

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