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Tuesday, 30 September 2014 - Market Commentary
Daily currency news provided by OzForex

The Aussie continued to lose ground across the board yesterday as civil unrest throughout Hong Kong seemed to curb demand for the higher yielding currency. Furthermore, statements released from the RBNZ during the previous day reporting the largest sale of NZD in the past 7 years seemed to also contribute a sharp drop in the AUD/USD intraday. As the AUD struggled to recover losses which were incurred throughout the entirety of last week, the first trading session of the week did no favours for the local currency, with the persistent downward trend seeing the AUD/USD cross reach a 9 month low of 0.8679. With today’s economic calendar for the Aussie being free of data all eyes will be on the Chinese Manufacturing PMI. The AUD opens weaker this morning buying 0.8718 U.S. cents.
We expect a range today of 0.8680 - 0.8760
The Cable had a relatively lacklustre session yesterday and traded sideways for most the day within a familiar range of 64points. With minor local data releases such as Net Lending to Individuals and Mortgage approvals failing to have a significant impact on the Pound Sterling, we saw the local currency find support at the 1.6200 level. Traders will be looking to GDP figures being published later today and more so the Current Account report. This will help give the sterling direction as economic activity and the difference between the nations imported and exported goods will have a direct link to currency demand. The local currency opens today virtually unchanged at GBP/USD1.624.
We expect a range today of 1.8645 - 1.8795
The Kiwi plummeted over 150 points against the greenback yesterday after the Reserve Bank released a statement outlining that in August they had sold off the largest amount of NZD since 2007.  Almost immediately after this announcement confidence in the NZD waned, devaluing against all G10 growth currencies, and reaching lows of 0.7705 while trading within a 163 point range.  In addition, although the announcement did have a substantial impact on the local currency, the report itself is not anything new to the market as it reiterates previous statements made from the RBNZ pertaining to the currency being overvalued, unjustifiable, and unsustainable. Moving forward, NAB Business Confidence index is scheduled on the economic calendar for the Kiwi today, and should look to have quite a significant impact on the local currency as traders look to business sentiment for early signals of expected economic activity. The NZD opens lower today at NZD/USD0.7766
We expect a range today of 0.7715 – 0.7785
In what was a relatively quiet night for broader currency markets we continued to witness strong demand for the world’s reserve currency as investors continue to speculate that policy makers will at some point be finally exit the stimulus game. The dollar overnight reached six-month highs alongside emerging-market currencies due to this speculation, underpinning the likeliness for the Fed Reserve to raise interest rates for the first time in 10 years. With volatility levels remaining relatively light, the Dollar Yen opens stronger this morning at 109.46, and the EUR/USD opens marginally lower at 1.2689 due to ongoing deflationary concerns for the Eurozone combined with the positive outlook for the current U.S economic condition.
Data releases:
Private Sector Credit m/m
Building Consents m/m, ANZ Business Confidence
Household Spending y/y, Unemployment Rate, Prelim Industrial Production m/m, Retails Sales y/y, Average Cash Earnings y/y, Housing Starts y/y
GFK Consumers Confidence, Nationwide HPI m/m, Current Account, Final GDP q/q, Prelim Business Investment q/q, Index of Services 3m/3m, Revised Business Investment q/q, MPC Member Miles Speaks

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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