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

: The pound fell to a low of 1.6168 vs. the dollar yesterday following the release of weaker than expected UK current account data. The deficit was £23.1 billion in the second quarter of 2014, up from £20.5 billion in Q1 and a lot bigger than the forecasted £16.9 billion. At the same time Final Q2 GDP came in at 0.9% vs. expectations for 0.8%. It was a slight improvement, but as far as the pound was concerned the damage had been done by the deficit number. It was also dragged lower by the sell-off in EUR/USD which broke key support levels under 1.2650 and 1.2600 yesterday. The dollar continued to strengthen yesterday morning too, supported in part by a story – later denied – that Russia was considering capital controls, meaning funds wouldn’t be allowed to leave Russia. Risk was sold on the news and demand for the likes of US treasuries got a boost. The dollar then gave up some of these gains later in the session following the release of slightly weaker than expected US economic data including Chicago PMI and CB Consumer Confidence. The focus in terms of data today will be on manufacturing with numbers out from the UK and US. US ADP Non-Farm Employment is also due and is an important front-runner to the Non-Farm Payrolls on Friday.
We expect a range today in the GBP/USD rate of 1.6140 to 1.6245
⇒ view full report Charts : GBP/USD GBP/EUR GBP/AUD GBP/JPY GBP/CHF GBP/CAD GBP/CNY
: EUR/USD was dumped yesterday. It broke down through stop loss orders under 1.2650 and 1.26 and ended up trading to a low of 1.2571. There’s building consensus that the ECB will act on monetary policy again before the end of the calendar year and the possibility of further forms of QE and interest rate cuts is weighing on the single currency. GBP/EUR is at 2.5 year highs as a result and opens this morning at 1.2845.
We expect a range today in the GBP/EUR rate of 1.2800 to 1.2865
⇒ view full report Charts : EUR/USD EUR/AUD EUR/JPY EUR/CHF EUR/CAD EUR/CNY
: The Aussie was sold on the back of weaker than expected Australian retail sales data overnight. August sales rose by only 0.1% vs. expectations for 0.4% and AUD/USD fell from .8715 to a low of .8665. It went on to trade to a low of .8660 overnight (or early this morning), but is recovering in the London session as traders decide to take some profit. Meanwhile NZD/USD has been steady during the last 24 hours and GBP/NZD remains firm at 2.0765.
We expect a range today in the GBP/AUD rate of 1.8450 to 1.8600
We expect a range today in the GBP/NZD rate of 2.0640 to 2.0820
⇒ view full report
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.
⇒ 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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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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