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Friday, 29 August 2014 - Market Commentary
Daily currency news provided by OzForex

The Australian Dollar ticked upward throughout trade on Thursday breaking recent resistance levels and touching session highs at 0.9374. The Bureau of Statistics Private Capital Expenditure Report surprised markets writing in a 1.1% increase when most surveyed analysts were predicting a 0.9% decline. The strong reading sparked and immediate response forcing the Aussie 40 points higher to 0.9370 before levelling out and maintaining a tight range into the daily close. With little domestic data available direction will derive from a busy European and North American docket as investors look to square positions leading into the Labor Day Long Weekend in the States.
We expect a range today between 0.9280 – 0.9420.
Sterling maintained a relatively tight trading range Thursday yet continued to struggle on approaches toward 1.66 as investors sought haven plays and assets in the face of rising geopolitical tensions. The GBP has depreciated 1.8% in the last month making it the biggest looser across major currency units. The shift in assumed central bank monetary policy direction has fuelled a Greenback rally and with little additional interest rate insight coming from the Bank of England investors have led a correctional move lower. The local docket offers little headline data with the Nationwide House Price Index report the major ticket driving direction as markets look offshore for stimuli leading into the weekly close.
We expect a range today between 1.7700 – 1.7800.
The New Zealand Dollar shifted marginally lower Thursday as U.S. Dollar strength and rising Geopolitical tensions stifled demand for the high yield assets. A sparse domestic economic calendar left the Kiwi at the mercy of offshore vices and attempts to break resistance at 0.84 were thwarted. With attentions now turning to today’s ANZ Business Confidence Report for direction the NZD remains under selling pressure as investors look to align positions leading into the US long weekend.
We expect a range today of 0.8320 – 0.8430
The recent Greenback rally found further support Thursday as stronger GDP and Pending Home Sales data offered further insight into the state of economic recovery while worsening Geopolitical tensions between Russia and the Ukraine forced a flight to safety and haven assets. The Yen pared the USD advance as the Ukraine Security Council convened to draw up fresh plans as negotiations with Russian Separatists in the countries east deteriorated. It seems the rising tension has finally added some volatility to currency markets and forced investors into haven plays leading into the Labour Day long weekend in the US. The Euro decline continued approaching 11 month lows as concerns surrounding growth prospects and the dampening effect of the Ukrainian/Russian crisis continue to mount. With inflationary data and German retail sales headlining a crowded docket we expect the 18 nation bloc currency to remain under pressure leading into the weekly close. 
Data releases
Private Sector Credit
NZD ANZ Business Confidence Report
Household Spending, Tokyo Core CPI, National Core CPI, Unemployment Rate, Prelim Industrial Production, Housing Starts and Retail Sales
GBP Nationwide HPI and Prelim Business Investment

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

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