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Friday, 31 October 2014 - Market Commentary
Daily currency news provided by UkForex

: GBP/USD - Having dropped to an overnight low of 1.5970, following the end of Quantitative Easing in the US, Sterling spent yesterday morning recovering some ground ahead of US GDP and Jobless claims numbers. Annualised US Q3 GDP came in at 3.5%, beating forecast by 0.5%, however Initial / Continuing jobless claims and Personal Consumption all disappointed. Initial Jobless claims printed 287K vs 283K exp, Continuing Jobless Claims posted 2.384M vs 2.350M exp and personal consumption expenditures prices fell to 1.2% vs 1.3% exp. The mix match of news saw GBP/USD fall initially to 1.5980 but quickly turnaround and rise to just below 1.6040. Overnight the pair stage another turnaround hitting lows of 1.5967. With no UK data today's movements will again be reliant on US news for direction. This afternoon sees the US post its Personal Income, Personal Spending, Chicago Purchasing Managers Index and Reuters/Michigan Consumer Sentiment Index. We open today with GBP/USD at 1.5985.
We expect a range today in the GBP/USD rate of 1.5950 to 1.6030
⇒ view full report Charts : GBP/USD GBP/EUR GBP/AUD GBP/JPY GBP/CHF GBP/CAD GBP/CNY
: GBP/EUR experienced another relatively quiet day of trading yesterday. The morning’s German unemployment numbers showed their unemployment rate holding at 6.7% while the unemployment change fell by -22K. Europes largest economy then posted their inflation figures for Oct. YoY CPI came in at 0.8% vs 0.9% exp, MoM CPI printed -0.3% vs -0.1% exp and the YoY Harmonised index posted 0.7% vs 0.9% exp. This did little for sterling however with the pair moving below 1.27 through the end of European trading. This morning markets opened to the news that MoM German retail sales fell by 4.7% from the previous month to -3.2%, sending GBP/EUR higher. It now looks towards Eurozone Unemployment rate and CPI data due in a short while. We open today with GBP/EUR at 1.2730. EUR/USD as with the pound, The single currency spent much of yesterday regaining some ground against its US counterpart following the disappointing Jobless claims and personal consumption data from America. Starting the day at 1.2575 the pair rose to just below 1.2630 by the end of the European sessions. This morning weaker than expected German Retail sales figures have sent it tumbling however. Todays dockets is quite full for both sides as markets await the big news of Eurozone CPI and Eurozone unemployment rate plus this afternoons US personal Income / Spending, Chicago Purchasing Managers Index and Reuters/Michigan Consumer Sentiment Index. We open today with EUR/USD at 1.2555.
We expect a range today in the GBP/EUR rate of 1.2680 to 1.2760
⇒ view full report Charts : EUR/USD EUR/AUD EUR/JPY EUR/CHF EUR/CAD EUR/CNY
: AUD and USD moved higher overnight as the Greenback failed to advance despite better than expected US GDP numbers. At present AUD/USD and NZD/USD trade at 0.8810 and 0.7850 respectively. With the weeks two major risk events from the US behind us it is likely to be a relatively quiet end to the week for the commodity linked currencies. Saying that this afternoon second tier data string from the US combined with overnight Chinese Manufacturing PMI could fuel some further volatility. We open with GBP/AUD at 1.8140 and GBP/NZD at 2.0370.
We expect a range today in the GBP/AUD rate of 1.81 to 1.82
We expect a range today in the GBP/NZD rate of 2.0320 to 2.0430
⇒ view full report
Suggesting that the US economy may be strong enough to absorb higher interest rates US Stocks gained ground overnight after the world’s largest economy expanded by 3.5 percent during the third quarter of this year. Whilst the underlying figures did reveal a strong portion of that growth was linked to an increase in government spending a separate report painted an even prettier picture after fewer Americans filed for unemployment benefits over the past month than at any other time. Despite the positive reads the US dollars performance has been mixed overnight, whilst weaker against the majority of G10 currencies the Greenback is stronger this morning against both the Euro (1.2607) and the Yen (109.222). In European developments figures showed consumer prices in Germany unexpectedly slowed heightening concerns that weakness from peripheral Europe has finally reached the core. With the dust having settled on broader US dollar moves, macro softness across the 18-nation bloc threatens to further weigh on the currency both in the short and medium term.
Data releases
PPI q/q
NZD: Building Consents m/m
Household Spending y/y, Tokyo CPI y/y
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

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