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Friday, 06 March 2015 - Market Commentary
Daily currency news provided by UkForex

: GBP/USD was steady throughout most of the day yesterday. It slipped to a low of 1.5216, once again dragged lower by the sell-off in EUR/USD. As expected, the Bank of England left interest rates on hold at its monetary policy meeting on Thursday. The ECB also left rates unchanged but as President Draghi went on to detail how the bank’s QE programme will work the euro started to sink, taking GBP/USD with it. Cable hasn’t fallen below 1.52 just yet as investors take a cautious approach to today’s US Non-Farm Payrolls report. Predictions are for 240,000 jobs to have been added to the economy in February – any number in excess of this will likely see GBP/USD fall further, down and through 1.52.
We expect a range today in the GBP/USD rate of 1.5100 to 1.5300
: EUR/USD slipped through 1.10 yesterday to an eleven and a half year low of 1.0987 following the ECB statement and press conference. It did actually spike initially as the central bank upgraded growth forecasts, raising the 2015 forecast to 1.5%, up from 1% previously. It touched 1.1114 before gapping lower as Draghi went on to give details of the bank’s QE plans. They will purchase €60bn of assets a month from next week until September this year, the programme in total being worth €1.1 trillion with each central bank within the Eurozone being responsible for buying its own bonds. EUR/USD hasn’t really recovered since, although it does trade above 1.10 currently at 1.1015. It’s traded a very steady range in Asia as markets await the release of the US jobs report this afternoon. If it’s a good number, we might well see EUR/USD fall below its recent eleven and a half year low before the end of the week.
We expect a range today in the GBP/EUR rate of 1.3780 to 1.3875
⇒ view full report Charts : EUR/USD EUR/AUD EUR/JPY EUR/CHF EUR/CAD EUR/CNY
: AUD/USD fell in lined with EUR/USD yesterday but its recovered overnight on a bit of profit taking ahead of today’s US NFP report. NZD/USD has been pretty flat and opens in London towards the bottom of its recent range at .7468. GBP/AUD and GBP/NZD haven’t done a lot in the meantime and trade at 1.9490 and 2.0375 respectively.
We expect a range today in the GBP/AUD rate of 1.9380 to 1.9600
We expect a range today in the GBP/NZD rate of 2.0240 to 2.0480
⇒ view full report
The Greenback continued its upward trajectory as the dollar index touched an eleven and a half year high through trade on Thursday. As markets looked to short Euro positions the USD rallied across the board pushing through 96.45 on an indexed basis against a basket of currencies (its highest level since late 2003) while breaking back above 120 Japanese Yen. The ECB’s commitment to purchase 60b Euro a month through until September 2016 highlighted the divergence in central bank monetary policies and with speculators jumping behind a September Federal Reserve rate increase the number of USD long contracts surged.
Attentions now turn to Friday’s crucial Non-Farm payroll report. With markets anticipating another 235,000 jobs will have been added to the economy throughout February a read that falls short of the mark will likely prompt some USD selling into the weekly close as labour market strength remains a driving force propping up the Greenback.  
Data releases
AIG Construction Index
NZD: No Data
Leading Indicators
⇒ view full report Charts : USD/EUR EUR/USD USD/JPY

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