Market Info

Daily Forex Commentary

13/04/2010 |OzForex



:: United States Dollar: Sterling’s recent rally against the US Dollar has come to an end. The Pound had been pushing higher against the Greenback early in yesterday’s session seeing highs at around 1.5460, but Euro's gains against the Pound weighed heavy on cable. Sterling fell because of this. The Pound didn't react on the release of the better than expected retail sales figures or on the news that UK house prices slowed, possibly both cancelling each other out. Cable begins the day at 1.5353.

- We expect a range today in the GBP/USD rate of 1.5280 to 1.5470

:: Euro: The single currency has fallen against the Greenback after its early bounce yesterday. The currency pair nearly broke 1.3700 at the start of yesterday session, but fell marginally short. A steady slip was seen after, but EUR/USD has managed to stay on the higher side of the recent bounce at 1.3591 currently. It seems the Greece situation remains the main talking point with skepticism following the bailout plan. Despite the skepticism the Pound has continued its fall against the Euro. GBP/EUR opened yesterday’s session at 1.1345, but begins today’s at 1.1294.

- We expect a range today in the GBP/EUR rate of 1.1250 to 1.1380

:: Aussie and Kiwi Dollars: The antipodean currencies have fallen lower against the Greenback. The Aussie and Kiwi saw impressive gains against the Greenback after interest rates were hiked in Australia to 4.25 percent, but since this decision a less hawkish view has been taken on further rate hikes. This has dampened the demand for the riskier assets and AUD/USD has dropped back down at 0.9247 currently with NZD/USD sitting at 0.7129. Sterling sees little change against the AUD, but has fallen against the NZD. GBP/AUD opens at 1.6598 and GBP/NZD is currently at 2.1553.

- We expect a range today in the GBP/AUD rate of 1.6500 to 1.6670

- We expect a range today in the GBP/NZD rate of 2.1460 to 2.1670

:: Data Releases:

  • AUD: Westpac Consumer Sentiment
  • EUR: German Final CPI m/m, German WPI m/m, French CPI m/m
  • GBP: Trade Balance
  • NZD: Retails Sales m/m, Core Retail Sales m/m
  • USD: Trade Balance, Import Prices m/m, Treasury Secretary Geithner Speaks, FED Chairman Bernanke Speaks