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Tuesday, 23 September 2014 - Market Commentary
Daily currency news provided by UkForex

: Cable ground its way slowly higher throughout the day yesterday. It then popped higher again in the early Tokyo session and ended up trading to a high of 1.6389. There’s a bit more confidence in the pound again following the ‘no’ vote on Scottish independence last week and this may well continue to shine through until the end of the week. The US dollar has also been sold off, prompted in part by the release of weaker than expected US existing home sales yesterday. The selling momentum continued as markets in Asia opened. The GBP/USD pair has snapped lower this morning however as key support levels in the GBP/JPY cross rate have been broken. In other news the U.S. launched air strikes on Islamic State targets in Syria overnight. There aren’t many more details on this but it’s likely to dominate the headlines for a little while and may eventually start to have an impact on FX markets.
We expect a range today in the GBP/USD rate of 1.6245 to 1.6365
: In his testimony on monetary policy before the European Parliament’s Economic and Monetary Committee yesterday ECB President Draghi said little to take markets by surprise. He remains open to the idea of using variations of other quantitative easing measures saying that “we stand ready to use additional unconventional instruments within our mandate, and alter the size and/or the composition of our unconventional interventions should it become necessary to further address risks of a too-prolonged period of low inflation." EUR/USD fell to a low of 1.2816 but as markets took their time to fully digest his comments the euro recovered. It’s continuing to push higher this morning and opens at 1.2858. European PMIs have been released already this morning and it’s been a bit of a mixed picture with French Manufacturing and German Services printing better than expectations and French Services and German Manufacturing coming in slightly weaker than market forecasts.
We expect a range today in the GBP/EUR rate of 1.2650 to 1.2730
⇒ view full report Charts : EUR/USD EUR/AUD EUR/JPY EUR/CHF EUR/CAD EUR/CNY
: The Aussie dollar started to crumble during the London session yesterday. Commodity prices were looking a bit heavy early in the week whilst the AUD came under further selling pressure after a senior director from Roubini Economics told a Sydney newspaper yesterday “the Australian dollar is likely to weaken to below US75¢ – a fall of around 20% – on a combination of the lower interest rate differential and slumping GDP growth, with commodity price effects outweighing volumes”. NZD/USD has tracked the other commodity currencies lower too, this after popping higher yesterday following the election results over the weekend.
We expect a range today in the GBP/AUD rate of 1.8300 to 1.8440
We expect a range today in the GBP/NZD rate of 2.0010 to 2.0170
⇒ view full report
The Euro opens this morning marginally stronger against the US dollar at 1.2846. Giving up the majority of gains made during Asian trade the Euro fell after ECB president Mario Draghi inferred the economic recovery in the Eurozone is “losing momentum”. He mentioned the GDP slowdown in the second quarter of the year and discussed how inflation will remain low over the coming months. Speaking also about the unconventional measures policy makers may need to put in place to help spur improved economic performance, heightened stimulus measures threaten to weigh heavily on the 18-nation Euro over the longer-term. Elsewhere US dollar strength was witnessed early fuelled by expectations the Fed will consider an early rate rise however soft housing data stopped the rally short. Although there is data out of the US tonight the focus for investors will be on high impact manufacturing data from the Eurozone. 
Data releases:
No data
No data
Bank Holiday
BBA Mortgage Approvals, Public Sector Net Borrowing
⇒ 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

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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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