Market Info

Daily Forex Commentary

07/04/2010 | OzForex



:: United States Dollar: Sterling fell early on Tuesday against the US Dollar, but sits higher for today start. Gordon Brown officially announced that the general elections will take place on the expected 6th May. Cable fell shortly after this announcement with what seem many traders eyes being on the two main parties that are closer that what was first thought. Positive UK data helped prevent further falls for the Pound and as we entered the US cable started to pick up, this down to the dovish FOMC minutes. GBP/USD opens this morning at 1.5247.

- We expect a range today in the GBP/USD rate of 1.5130 to 1.5280

:: Euro: The single currency continues to be rocked by the Greece situation. The Euro still under pressure and this is evident with the gains for US Dollar and Sterling recently. EUR/USD has fallen below 1.3400, but found support around 1.3350 after the US sessions FOMC minutes showed that the US are unlikely to hike interest rates just yet. The currency pair is currently at 1.3384. GBP/EUR has been on the rise since yesterday morning and has broken 1.1400. The currency pair begins the day just short of this big figure at 1.1388.

- We expect a range today in the GBP/EUR rate of 1.1310 to 1.1460

:: Aussie and Kiwi Dollars: The Aussie and Kiwi have both advanced against the Greenback in the past 24 hours. Commodity remain the darling of the currency world and this is why we probably see a further 20 pip rise for the AUD against the USD and a 50 pip gain for the NZD. AUD/USD opens this morning at 0.9260 and NZD/USD is currently at 0.7047. Sterling has picked up from its early losses against the Aussie yesterday. GBP/AUD fell down to 1.6370 yesterday, but is now back up at 1.6452. GBP/NZD sees little movement and is currently at 2.1627.

- We expect a range today in the GBP/AUD rate of 1.6350 to 1.6510

- We expect a range today in the GBP/NZD rate of 2.1550 to 2.1720

:: Data Releases:

  • AUD: Employment Change, Unemployment Rate
  • EUR: German Factory Orders m/m
  • GBP: Services PMI
  • NZD: No data due for release today
  • USD: Treasury Sectretary Geithner Speaks, FED Chairman Bernanke Speaks, FOMC Member Hoenig Speaks