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EUR 1.00 = USD Mid-Rate       /
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Tuesday, 19 August 2014 - Market Commentary
Daily currency news provided by UkForex

: Ongoing geopolitical tensions in the Middle East and Ukraine continue to dominate the headlines and the uncertainty is hurting risk sentiment. The dollar has strengthened across the board with GBP/USD pushing towards the 1.67 level in the last few hours. Economic data was generally lacking yesterday but a better than expected NAHB Housing Market Index helped to support bids in the dollar. UK CPI has been released in the last few minutes and has shown that inflation has slowed to 1.6% y/y vs. expectations for 1.8% y/y. The pound has gapped lower across the board and at time of writing it is still falling (currently at 1.6640). U.S. CPI is due this afternoon and may have an impact but this might well be limited as investors await the release of the FOMC Minutes on Wednesday and the Jackson Hole Symposium from 21st to 24th August at which Fed Chair Janet Yellen is due to make a keynote speech. `
We expect a range today in the GBP/USD rate of 1.6600 to 1.6690
: EUR/USD has also been pulled lower over the last 24 hours as the dollar strengthens broadly. Weaker than forecasted European trade data on Monday didn’t help whilst softer than expected current account figures from Europe this morning continue to drag on the single currency. Again the focus for traders in EUR/USD (as well as EUR/GBP) this week will be on the FOMC Minutes and Jackson Hole. GBP/EUR in the meantime has been fairly steady since Monday morning, although it has fallen in reaction to the weak UK inflation figures, trading at 1.2470 currently.
We expect a range today in the GBP/EUR rate of 1.2430 to 1.2525
⇒ view full report Charts : EUR/USD EUR/AUD EUR/JPY EUR/CHF EUR/CAD EUR/CNY
: Weak data out of New Zealand overnight saw the kiwi fall from .8485 to a low of .8420. NZ PPI Output and Input data came in at -1.0% and -0.5% respectively. Also overnight, the minutes from the RBA monetary policy meeting were released – there was nothing new here and the central bank reiterated that the most prudent course was a period of stability in interest rates. They also repeated that the AUD remained high by historical standards. AUD/USD was unaffected and it opens this morning at .9335.
We expect a range today in the GBP/AUD rate of 1.7750 to 1.7900
We expect a range today in the GBP/NZD rate of 1.9645 to 1.9800
⇒ view full report
The US dollar has appreciated during overnight trade after economic data pointed towards a strengthening economy whilst broader inflation remained the below the Federal Reserve’s official 2 percent target. Assisting the Greenback, Housing Starts reached their highest level in eight months whilst inflation during July showed the cost of living only trickled higher by 0.1 percent, its smallest increase since February. Shining additional light on the Federal Reserve’s existing stance, minutes from their last gathering are due to be released this evening ahead of the Jackson Hole Summit starting on Thursday where Janet Yellen and leading economists will meet to discuss forecasts and monetary policy. Stronger against the Yen this morning at a rate of 102.91 the Greenback is considerably stronger when valued against the Euro (1.3320) as investors await additional economic indicators towards weeks end.
Data releases
MI Leading Index m/m
NZD: No data today
No data today
GBP: MPC Asset Purchase Facility Votes, MPC Official Bank Rate Votes, CBI Industrial Order Expectations
⇒ view full report Charts : USD/EUR EUR/USD USD/JPY

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