 |
home sitemap contactOzForexUKForexCanadianForexTranzfers |
|
 Add to your favorites |
||
|
||
Daily Forex Commentary
Friday, 3 September 2010 - Market Commentary:: New Zealand Dollar: The New Zealand Dollar opens higher today against the greenback at 0.7140. The unit rallied half-a-US-cent during domestic trade as sentiment was buoyed by higher prices in the latest Fonterra online milkpowder auction. The kiwi hit a high of 0.7170 during overnight trade and also picked up some lost ground against the Australian Dollar as trade data across the Tasman disappointed the market. The NZD/AUD moved to 0.7860 from a four-month low beneath 0.7800 just 24-hours earlier. Attention will turn to offshore events on Friday as traders await tonight''s key US employment data.- We expect a range today in the NZD/USD rate of 0.7100 to 0.7155 :: Great Britain Pound: Pound Sterling opens lower today at 1.5400 as UK house prices fell the most in six months in August. Prices dropped 0.9 per cent from the previous month pushing the pound down to an overnight low of 1.5350. The currency is likely to remain under pressure given recent comments from Bank of England Deputy Governor Charles Bean that Britain’s economy “remains fragile” and more policy action may be required to boost growth. Meanwhile, the pound opens weaker against both the Australian Dollar (1.6900) and the New Zealand Dollar (2.1550). - We expect a range today in the GBP/NZD rate of 2.1520 to 2.1580 :: Australian Dollar: The Australian Dollar opens higher today at 0.0.9100 after another busy 24 hours. The gains made early yesterday morning above US91 cents were quickly eroded after profit-takers emerged taking the unit down to 0.9085 during Asian trade. Some further heat was taken out of the Aussie after domestic trade data revealed the surplus almost halved in July as exports declined sending the unit down towards 0.9050. The surplus fell to $1.89 billion last month compared to $3.44 billion in June. The Aussie headed into the European session trading at 0.9080 before spending the remainder of the offshore session buoyed by risk appetite after stronger-than-expected economic data releases in the US. Further gains are likely to be capped around the 0.9120 area today as markets await tonight’s key US jobs figures. - We expect a range today in the AUD/USD rate of 0.9070 to 0.9125 :: Majors: Better-than-expected US economic data overnight boosted investor sentiment and encouraged demand for high-yielding assets. The big dollar fell against several major currencies after US pending home sales rose 5.2 per cent in July compared to a 2.8 per cent drop the previous month. The Euro opens higher today at 1.2825 and nudged a two-week high overnight at 1.2847 after the European Central Bank (ECB) kept interest rates on hold at 1 per cent. Also underpinning the 16-nation currency were comments from ECB President Jean-Claude Trichet who said a double-dip recession is “not on the cards” and risks to the inflation outlook are “on the upside”. The greenback opens largely unchanged against the Japanese Yen at 84.30. :: Data Releases:
 Subscribe to RSS commentary feed
|
 |
|
| Home Page |  |
Regulation | |
Privacy Policy | |
Complaints | |
Website Terms | |
Contacts & Support |
 |
IMPORTANT: This information has been prepared for distribution over the internet
and without taking into account the investment objectives, financial situation and particular
needs of any particular person. OzForex Pty Ltd makes no recommendations as to the merits of
any financial product referred to in this website, emails or its related websites. Please read our
Product Disclosure Statement and our Financial Services Guide.
Regulated in Australia by ASIC (AFS Licence number 226 484)
© 2010 Copyright OzForex Pty Ltd ABN 65 092-375-703
Member of FOS (Financial Ombudsman Service)
Money Laundering Statement
Go to top  |
|