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Tuesday, 02 September 2014 - Market Commentary
Daily currency news provided by UkForex

: It was an interesting start to the week yesterday as GBP bounced higher. It was led higher by healthy sales in EUR/GBP. UK Manufacturing PMI was then released at 9:30am - the purchasing managers index registered its slowest growth rate since June 2013 coming in at 52.5 vs. expectations for 55.1. GBP/USD slipped back to a low of 1.6612 on the news and it has continued to fall throughout the last 24 hours. It was a U.S. public holiday yesterday so there’s been no economic data released worth mentioning from the States over the last day or so. That said the USD has performed generally stronger over this period and GBP/USD opens this morning at 1.6560. UK Construction PMI is due out this morning and if another soft reading follows we could see GBP/USD fall towards the 1.65 big figure. U.S. markets are also back in full swing today and we are due ISM Manufacturing PMI amongst other lots of economic releases.
We expect a range today in the GBP/USD rate of 1.6500 to 1.6645
⇒ view full report Charts : GBP/USD GBP/EUR GBP/AUD GBP/JPY GBP/CHF GBP/CAD GBP/CNY
: With the dollar having strengthened over the last 24 hours, EUR/USD has also fallen steadily since this time yesterday. A series of PMI’s from Europe didn’t help matters as Spanish Manufacturing PMI, Italian Manufacturing PMI and European Final Manufacturing PMI all printed weaker than market forecasts. EUR/USD eventually fell to a low of 1.3115 (early this morning). Despite this the single currency has firmed up a little vs. the pound since Monday morning and opens today’s session at 1.2620.
We expect a range today in the GBP/EUR rate of 1.2575 to 1.2650
⇒ view full report Charts : EUR/USD EUR/AUD EUR/JPY EUR/CHF EUR/CAD EUR/CNY
: As widely expected the RBA left interest rates unchanged overnight. There was very little new in the accompanying statement either; the central bank see interest rate stability as the most prudent course for now. They also stressed again that the Aussie dollar was too high to be deemed comfortable and Governor Stevens said: “it is offering less assistance than would normally be expected in achieving balanced growth in the economy”. AUD/USD has jumped 20 points or so following the news and it opens in London at .9365. In contrast NZD/USD has lost 30 points after hitting an overnight high of .8390 – it trades at .8350 currently.
We expect a range today in the GBP/AUD rate of 1.7760 to 1.7900
We expect a range today in the GBP/NZD rate of 1.9755 to 1.9930
⇒ view full report
With a bank holiday for Labour Day in the US market movements were anticipated to be dull and as expected most currencies traded in a fairly tight range. The Euro opens this morning flat against the US dollar however sentiment towards the down side is prevalent given the growing worries over the Ukraine crisis and the impending possibility of quantitative easing being implemented by the European Central Bank. The situation in the Ukraine appears to be dragging on and there are talks over further sanctions being placed on Russia by the EU. Putting additional pressure on an already struggling Euro, Russia is one of their largest trading partners. In European trade, another poor release overnight showed the manufacturing sector is struggling, specifically in two power houses, Spain and Italy. These numbers are important given the Eurozone is on the cusp of implementing additional stimulus measures to try and give their economy a boost towards recovery and they could help give investors clues as to a timeframe. With the US markets opening this morning all eyes will turn to the Manufacturing numbers released to give direction for the week to come.
Data releases:
Building Approvals m/m, Current Account, Cash Rate, RBA Rate Statement
ANZ Commodity Prices m/m
Monetary Base y/y, Average Cash Earnings y/y, 10-y Bond Auction
Construction PMI
⇒ 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

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