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Wednesday, 01 October 2014 - Market Commentary
Daily currency news provided by OzForex

The AUD opens stronger this morning buying 87.52US cents after private sector credit numbers printed in favour of the local currency yesterday. The Aussie rallied on the back of this release and climbed to intraday highs of 0.8768. Looking ahead to today’s economic calendar the domestic schedule is actioned packed with Chinese Manufacturing PMI and Retails Sales figures both being released throughout the day. Both information reports look to have a relatively high impact on the Australian dollar as China is Australia’s largest trading partner, and sales figures are vital in gauging consumer spending which contributes to a significant portion of economic activity.
We expect a range today of 0.8710 – 0.8790
Charts : AUD/USD AUD/EUR AUD/GBP AUD/NZD AUD/JPY AUD/CHF AUD/CAD AUD/CNY
A disappointing outcome for the pound sterling yesterday as it declined against all majors due to a report on the Current Account. The deficit came in at £23.1 billion, with expectations leading up to the release at £16.9 billion. The GBP found itself trading well below 1.63 throughout the entirety of the day’s session, whilst also shrugging off positive GDP data. The numbers revealed a 0.9% expansion in the second quarter of the year, printing above expectations and also last quarter’s results. The UK local currency starts the day’s trade at GBP/USD1.6213, and will look to Manufacturing PMI data announcing later in the evening for any notable direction.
We expect a range today of 1.8390 – 1.8480
Charts : GBP/USD GBP/AUD GBP/EUR GBP/NZD GBP/JPY GBP/CHF GBP/CAD GBP/CNY
Despite a slow start to the day the NZD ticked higher throughout trade as upbeat ANZ Business Confidence data indicated positive sentiment surrounding the local economy. With the Kiwi still reeling from the effects of the Reserve Bank statements made earlier in the week regarding currency intervention, traders welcomed the encouraging local data release which shifted the NZD/USD higher throughout the Asian session. Yesterday’s trade saw highs and lows of 0.7830 and 0.7735 respectively, and with no local announcements listed for the Kiwi, the NZD opens this morning at 0.7807.
We expect a range today of 0.7770 – 0.7850
Charts : NZD/USD NZD/EUR NZD/AUD NZD/XPF NZD/JPY NZD/CHF NZD/CAD NZD/CNY
With the EUR and JPY both looking to add measures such as monetary stimulus to evade deflation, both currencies have experienced significant losses against most of their major counterparts. The EUR has reached record lows of EUR/USD1.2568 not seen for the past two years while the Bank of Japan will look to the Tankan Manufacturing Index released later in the day for any kind of stimulus the help boost the recently depreciating currency. The Greenback has continued its strong drive as the conclusion to the FED’s long term Quantitative Easing is expected to wind down next month. The prospect of interest rates being increased in the very near future is remaining prevalent in the minds of traders. With ADP Non-Farm Payroll Employment Change and ISM Manufacturing PMI being announced during today’s session, the Greenback may again continue its upward trend even further, depending on the numbers print.
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

BestExchangeRates in the PressSMH.com.au Money

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

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