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Monday, 22 December 2014 - Market Commentary
Daily currency news provided by UkForex

: GBP started the day on Friday on a positive note, responding well to better than expected UK public sector borrowing data and CBI Realised Sales. The dollar then started to strengthen throughout much of the rest of the session, this despite a lack of any top tier US economic data. There were some additional comments made by various Fed officials following the FOMC statement earlier in the week though which helped. San Fran Federal Reserve Bank President John Williams said before a group of reporters on Friday that “I would say at this point that June 2015 seems like a reasonable starting point for thinking about when lift-off could happen” when referring to interest rates. Meanwhile Federal Reserve Bank of Richmond President Jeffrey Lacker supported the FOMCs most recent change in language and went on to say “I think it is highly likely rates will go up next year, not a certainty but a likelihood”. GBP/USD fell to a low of 1.5606 on Friday. It’s been quiet since Asia opened for the week and opens this morning at 1.5640.
We expect a range today in the GBP/USD rate of 1.5590 to 1.5690
⇒ view full report Charts : GBP/USD GBP/EUR GBP/AUD GBP/JPY GBP/CHF GBP/CAD GBP/CNY
: EUR/USD attempted a break through 1.23 on Friday but failed. After touching on the big figure, it then proceeded to drop throughout the afternoon session, bottoming out at 1.2215 as New York came to a close. It came largely as a result of the strength seen in the dollar but it’s recovered a little overnight to open this morning at 1.2250. There isn’t any economic data due today to get too excited about but as markets start thinning out for the public holidays later in the week, we might start seeing some volatility in the majors. Meanwhile, the euro has continued to lose ground vs. the pound and GBP/EUR opens this morning at 1.2755.
We expect a range today in the GBP/EUR rate of 1.2700 to 1.2800
⇒ view full report Charts : EUR/USD EUR/AUD EUR/JPY EUR/CHF EUR/CAD EUR/CNY
: As the greenback strengthened across the board on Friday AUD/USD fell to a low of .8120 and NZD/USD dropped to .7711. As well as this, commodity prices have failed to make any kind of sustained recovery which is putting further pressure on the likes of the AUD and NZD. As mentioned above, market conditions will start to thin out from today and this can make for choppy and volatile trading – these two currencies, given their link to commodities, could be affected quite a lot.
We expect a range today in the GBP/AUD rate of 1.9100 to 1.9280
We expect a range today in the GBP/NZD rate of 2.0060 to 2.0250
⇒ view full report
The USD/JPY gained 0.6 percent last week trading in a range of 118.82- 119.63. With US Stocks broadly highly the US Dollar Spot Index gained 0.9 percent during a week dominated by key rhetoric from the US Federal Reserve who re-iterated that the US economy is still growing at a reasonably robust pace, a view which has led to accelerated interest rate forecasts. With major equity markets finishing the year on a positive note we expect this holiday shortened week to be significantly less volatile with key highlights coming in the form of Q3 US Gross Domestic Product, US durable goods orders and two home sale releases. Keeping in mind there remains notable swings occurring across emerging markets the Greenbacks near-term direction will be greatly influenced by broader market sentiment. Meanwhile this morning the Euro opens weaker when valued against its US Counterpart at a rate of 1.2228 whilst the US dollar is stronger against the Yen at 119.455.
Data releases
No data today
NZD: No data today
Bank Holiday
GBP: No data today
⇒ 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

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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