Euros to US Dollars :Daily studies could be in the process of attempting to correct from overbought, with the RSI looking to roll over from above 70 levels, and we would look for a daily close below 1.4750 on Wednesday to confirm short-term topping and open the door for a more significant short-term corrective decline towards the 20-Day SMA by 1.4565. A sequence of consecutive daily higher lows has also been broken to warn of the potential bearish reversal, but with the trend having been so intensely bullish, we would wait for the daily close below 1.4750 for confirmation. Ultimately however, any setbacks from here are still viewed as corrective, with the market very much confined to a well defined multi-week up-trend from early 2011. Perhaps a daily close below the 20-Day SMA would officially shift the shorter-term outlook. Back above 1.4900 however, exposes next critical resistance by 1.5000 and then the 2009 highs further up at 1.5145.                         
             
US Dollars to Japanese Yen :  Despite the latest slide back below 82.00, we continue to retain a constructive outlook for the market so long as it holds above the daily Ichimoku cloud (80.50 is currently top of cloud and 80.15 is bottom). Use the cloud as a reference point and look to buy dips to the cloud top. Ideal entry for a long position on Wednesday comes in by 80.35. Ultimately, only a sustained break back below the cloud would negate constructive outlook.       .                                        

Pounds to US Dollars : The latest surge through psychological barriers at 1.6500 has now negated the multi-week range trade and potentially exposes fresh upside ahead. The 2009 highs come in by next critical resistance in the form of the 1.7000 barrier and we could now se a test of this level over the coming days. Still, this market has proven to be very well offered on any fresh rallies, and we would therefore recommend proceeding with caution. Tuesday's setbacks confirm our theory and could now open a deeper drop towards 1.6300 before fresh buyers reassert. In the interim, we remain on the sidelines and await a clearer signal.                  
              
US Dollars to Swiss Francs :  The latest break to fresh record lows below 0.8600 is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favour the formation of some form of a material base over the coming weeks for an eventual break back above parity. Look for the market to hold above 0.8500 on a daily close basis, while a daily close back above 0.8675 will officially relieve immediate downside pressures and accelerate gains. Only a break and weekly close below 0.8500 ultimately delays outlook.                                    

Australian Dollars to US Dollars : The uptrend remains firmly intact and the intensity of the move has been unrelenting. Still, we continue to see the greater risk over the short-term for some form of meaningful corrective reversal, with daily studies rolling over from overbought and the market trading just off 30-year and post float record highs above 1.1000. The market has most recently broken back below the 10-Day SMA, and a daily close below the shorter-term moving average could officially signal the onset of a short-term corrective reversal.     
      
New Zealand Dollars to US Dollars : The rally out from the mid-March 0.7100 area lows has been most impressive, with the market trading all the way back above 0.8000  to leave daily studies severely overbought. However, any additional gains from here are seen limited, with the greater risk for some form of a medium-term lower top by 0.8100 in favor of a bearish reversal back towards and eventually below 0.7820. A topside failure above 0.8000 and break over the coming days back below 0.7820 would set up a meaningful topping formation that would then open a fresh drop all the way back towards the 0.7600 area. A break and daily close back above 0.8100 negates and gives reason for pause.                   
                  
US Dollars to Canadian Dollars : Any recoveries in this market have been short-lived, with the price dropping back below 0.9500 in recent trade to fresh multi-month lows in the 0.9400's. However, despite the weakness, we see risks for additional declines from here as limited, with the greater risk for the formation of a longer-term higher low above 0.9055 ahead of the next major upside extension beyond 0.9975 and back through parity. Ultimately, only a weekly close below 0.9400 would delay. A daily close back above 0.9580 further confirms bias and should accelerate.   

Euros to Japanese Yen : The market has finally taken out some critical multi-week range resistance in the 116.00 area and we believe this to be a significant medium-term development. The break above 116.00 now suggests that a major base is in place with fresh upside now projected back towards the 125.00 area over the coming days. Daily studies are however in the process of unwinding from overbought and buying into dips would be the preferred strategy. Look for any inter-day pullbacks to be well supported ahead of 115.00.                                                                 

Pounds To Japanese Yen : Following the break above some critical multi-week resistance by 138.00 several days back, we have shifted our outlook to the constructive side and see risks for more material gains over the medium term beyond 140.00. As such, the latest pullback is classified as corrective and any additional weakness should prove to be well supported by the 100/200-Day SMAs in the 132.00 area. Only a sustained break back below these longer-term moving averages would negate.                               

Euros to Swiss Francs : The market remains very well supported on dips and following the successful defence of the record lows by 1.2400. Look for any setbacks from here to be well supported above 1.2700 on a daily close basis. Back above the 20-Day SMA confirms and should accelerate gains. In the interim, we remain sidelined amidst the latest consolidation.                      

To read more please visit www.dailyfx.com

 

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]]> http://www.imsfx.co.uk/daily_report/may_2011/Buying-Euros-04-05-2011.htm Pounds to Australian Dollars 6111E7CE-D95A-450E-AA72-1558AED6FEA7 Wed, 4 May 2011 15:49:11 +0100 Daily news story:

Exchange Rate Outlook - Holiday Money

 

Euros to US Dollars :The latest break and daily close below some major rising trend-line off of the 2011 lows is significant, and should now open the door for deeper setbacks over the coming days. Look for any rallies back above 1.4400 to be well capped as a fresh lower top is sought out, with the figure to act as a formidable former support now turned resistance zone. Of course, a break back below Monday's 1.4155 lows will be required to officially confirm fresh lower top and expose a drop back below 1.4000. Above 1.4520 negates and gives reason for concern.                        
             
US Dollars to Japanese Yen :  The latest round of setbacks off of the 85.50 multi-day highs have been well supported above 82.00 and by the previous resistance now turned support in the form of the daily Ichimoku cloud. From here, look for a fresh higher low ahead of the next  upside extension to eventually be confirmed on a break back above 85.50 over the coming days. Ultimately, only a daily close back below 82.00 would negate and give reason for pause.      .                                        

Pounds to US Dollars : The market appears to be comfortable trading in a loosely defined range between 1.6000 and 1.6400.  Any dips below 1.6000 have been very well supported in recent days, while rallies above 1.6400 remain very well offered. For now therefore, the best strategy is to play the range and look to sell on rallies towards 1.6400 and buy on dips below 1.6000. Meanwhile, a weekly close above 1.6400 or below 1.6000 will potentially warn of a break of the range. Next key topside resistance comes in by 1.6430 although as per our analysis, we expect the latest push above 1.6400 to once again be well capped over the coming sessions, in favour of yet another bearish reversal towards 1.6000.             
              
US Dollars to Swiss Francs :  The latest break to fresh record lows below 0.8900 is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favour the formation of some form of a material base over the coming weeks for an eventual break back above parity. Look for the market to hold above 0.8900 on a daily close basis, while back above 0.9000 will officially relieve immediate downside pressures and accelerate gains. Only a break and weekly close below 0.8900 ultimately delays outlook.                                    

Australian Dollars to US Dollars : The break to fresh multi-year highs through 1.0500 certainly delays our bearish outlook and now exposes a sustained move beyond this psychological barrier. However, we continue to favour looking for opportunities to sell at current levels, with the market viewed as technically and cyclically overdone and at risk for a major pullback over the short-term, medium-term and longer-term. The preferred strategy is to sell any rallies above 1.0550 in anticipation of another topside failure ahead of 1.0600 and the eventual formation of an inter-day double top. The neckline comes in by last Tuesday's 1.0390 lows, with a break below to initially open the door for deeper setbacks towards a measured move objective by 1.0200.   
      
New Zealand Dollars to US Dollars : The rally out from the mid-March 0.7100 area lows has been most impressive, with the market trading back above 0.8000  to leave daily studies severely overbought. However, any additional gains from here are seen limited, with the greater risk for some form of a medium-term lower top by 0.8000 in favor of a bearish reversal back towards and eventually below 0.7100. Look for a break and close back below 0.7925 to officially confirm topping and accelerate declines. A break and close below 0.7925 on Monday would also end an incredible sequence of 21 consecutive daily closes above the previous daily low.            
                  
US Dollars to Canadian Dollars : Any recoveries in this market have been short-lived, with the price dropping back below 0.9600 in recent trade to fresh multi-month lows in the 0.9500's. However, despite the weakness, we see risks for additional declines from here as limited, with the greater risk for the formation of a longer-term higher low above 0.9055 ahead of the next major upside extension beyond 0.9975 and back through parity. Ultimately, only a daily close below 0.9500 would delay. Back above 0.9670 further confirms bias and should accelerate.  

Euros to Japanese Yen : The market has finally taken out some critical multi-week range resistance in the 116.00 area and we believe this to be a significant medium-term development. The break above 116.00 now suggests that a major base is in place with fresh upside now projected back towards the 125.00 area over the coming days. Daily studies are however in the process of unwinding from overbought and buying into dips would be the preferred strategy. Look for any inter-day pullbacks to be well supported ahead of 115.00.                                                                 

Pounds To Japanese Yen : The market has broken to fresh multi-week highs and now back above a clearly defined medium-term range top to suggest that we could see a fresh upside extension and legitimate bullish trend reversal from here. Next meaningful resistance comes in by the April 2010 highs at 146.00 and we would expect to see the market rally towards this level over the coming days. Daily studies are however correcting from overbought so buying on dips back towards 132.00-135.00 is the preferred strategy.                          

Euros to Swiss Francs : The market remains very well supported on dips and following the latest successful defense of the record lows by 1.2400, and the latest break back above 1.3205 confirms bullish bias and likely signals a fresh upside extension towards 1.3500 over the coming sessions.  Look for any setbacks from here to be well supported above 1.2800 on a daily close basis.                  

To read more please visit www.dailyfx.com

 

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]]> http://www.imsfx.co.uk/daily_report/april_2011/Buying-Euros-21-04-2011.htm Pounds to Australian Dollars 0E411074-2C22-4566-AE63-46A4EC5B05E2 Thu, 21 Apr 2011 12:10:45 +0100 Daily news story:

Exchange Rate Outlook - Holiday Money best rates Today

 

Euros to US Dollars :Although the market has been looking quite stretched on the daily chart and potentially due for some form of a more intense corrective pullback, any intraday dips continue to be very well supported and the market adheres to a very well defined and intense uptrend off of the 2011 lows. We have the trend-line currently coming in just over 1.4300, and at this point, we would need to see a daily close below 1.4300 to officially shift the structure and signal a reversal in the trend. Monday's early break below the previous weekly lows encourages prospects for said reversal, but again, we will need to see a close back below 1.4300 to really confirm trend shift and accelerate declines.                       
             
US Dollars to Japanese Yen :  Although the market is currently in the process of correcting from the latest surge to 85.50, the recent break back above 84.50 is significant and could pave the way for additional medium-term and longer-term gains ahead. Therefore, we like the idea of buying on dips back towards previous resistance now turned support in the form of the daily Ichimoku cloud top by 82.50. Ultimately, only a daily close back below 82.00 would concern.   .                                        

Pounds to US Dollars : The market appears to be comfortable trading in a loosely defined range between 1.6000 and 1.6400.  Any dips below 1.6000 have been very well supported in recent days, while rallies above 1.6400 remain very well offered. For now therefore, the best strategy is to play the range and look to sell on rallies towards 1.6400 and buy on dips below 1.6000. Meanwhile, a weekly close above 1.6400 or below 1.6000 will potentially warn of a break of the range. Next key topside resistance comes in by 1.6430 although as per our analysis, we expect the latest push above 1.6400 to once again be well capped over the coming sessions, in favour of yet another bearish reversal towards 1.6000.             
              
US Dollars to Swiss Francs :  The latest break to fresh record lows below 0.8900 is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favour the formation of some form of a material base over the coming weeks for an eventual break back above parity. Look for the market to hold above 0.8900 on a daily close basis, while back above 0.9000 will officially relieve immediate downside pressures and accelerate gains. Only a break and weekly close below 0.8900 ultimately delays outlook.                                    

Australian Dollars to US Dollars : The break to fresh multi-year highs through 1.0500 certainly delays our bearish outlook and now exposes a sustained move beyond this psychological barrier. However, we continue to favour looking for opportunities to sell at current levels, with the market viewed as technically and cyclically overdone and at risk for a major pullback over the short-term, medium-term and longer-term. The preferred strategy is to sell any rallies above 1.0550 in anticipation of another topside failure ahead of 1.0600 and the eventual formation of an inter-day double top. The neckline comes in by last Tuesday's 1.0390 lows, with a break below to initially open the door for deeper setbacks towards a measured move objective by 1.0200.   
      
New Zealand Dollars to US Dollars : The rally out from the mid-March 0.7100 area lows has been most impressive, with the market trading back above 0.8000  to leave daily studies severely overbought. However, any additional gains from here are seen limited, with the greater risk for some form of a medium-term lower top by 0.8000 in favor of a bearish reversal back towards and eventually below 0.7100. Look for a break and close back below 0.7925 to officially confirm topping and accelerate declines. A break and close below 0.7925 on Monday would also end an incredible sequence of 21 consecutive daily closes above the previous daily low.            
                  
US Dollars to Canadian Dollars : Any recoveries in this market have been short-lived, with the price dropping back below 0.9600 in recent trade to fresh multi-month lows in the 0.9500's. However, despite the weakness, we see risks for additional declines from here as limited, with the greater risk for the formation of a longer-term higher low above 0.9055 ahead of the next major upside extension beyond 0.9975 and back through parity. Ultimately, only a daily close below 0.9500 would delay. Back above 0.9670 further confirms bias and should accelerate.  

Euros to Japanese Yen : The market has finally taken out some critical multi-week range resistance in the 116.00 area and we believe this to be a significant medium-term development. The break above 116.00 now suggests that a major base is in place with fresh upside now projected back towards the 125.00 area over the coming days. Daily studies are however in the process of unwinding from overbought and buying into dips would be the preferred strategy. Look for any inter-day pullbacks to be well supported ahead of 115.00.                                                                 

Pounds To Japanese Yen : The market has broken to fresh multi-week highs and now back above a clearly defined medium-term range top to suggest that we could see a fresh upside extension and legitimate bullish trend reversal from here. Next meaningful resistance comes in by the April 2010 highs at 146.00 and we would expect to see the market rally towards this level over the coming days. Daily studies are however correcting from overbought so buying on dips back towards 132.00-135.00 is the preferred strategy.                          

Euros to Swiss Francs : The market remains very well supported on dips and following the latest successful defense of the record lows by 1.2400, and the latest break back above 1.3205 confirms bullish bias and likely signals a fresh upside extension towards 1.3500 over the coming sessions.  Look for any setbacks from here to be well supported above 1.2800 on a daily close basis.                  

To read more please visit www.dailyfx.com

 

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Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

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]]> http://www.travelfx.co.uk Pounds to Australian Dollars A94021C3-75B7-4821-9387-251D8B7C9EE7 Thu, 21 Apr 2011 12:10:16 +0100 Daily news story:

Exchange Rate Outlook - Holiday Money best rates Today

 

Euros to US Dollars :Although the market has been looking quite stretched on the daily chart and potentially due for some form of a more intense corrective pullback, any intraday dips continue to be very well supported and the market adheres to a very well defined and intense uptrend off of the 2011 lows. We have the trend-line currently coming in just over 1.4300, and at this point, we would need to see a daily close below 1.4300 to officially shift the structure and signal a reversal in the trend. Monday's early break below the previous weekly lows encourages prospects for said reversal, but again, we will need to see a close back below 1.4300 to really confirm trend shift and accelerate declines.                       
             
US Dollars to Japanese Yen :  Although the market is currently in the process of correcting from the latest surge to 85.50, the recent break back above 84.50 is significant and could pave the way for additional medium-term and longer-term gains ahead. Therefore, we like the idea of buying on dips back towards previous resistance now turned support in the form of the daily Ichimoku cloud top by 82.50. Ultimately, only a daily close back below 82.00 would concern.   .                                        

Pounds to US Dollars : The market appears to be comfortable trading in a loosely defined range between 1.6000 and 1.6400.  Any dips below 1.6000 have been very well supported in recent days, while rallies above 1.6400 remain very well offered. For now therefore, the best strategy is to play the range and look to sell on rallies towards 1.6400 and buy on dips below 1.6000. Meanwhile, a weekly close above 1.6400 or below 1.6000 will potentially warn of a break of the range. Next key topside resistance comes in by 1.6430 although as per our analysis, we expect the latest push above 1.6400 to once again be well capped over the coming sessions, in favour of yet another bearish reversal towards 1.6000.             
              
US Dollars to Swiss Francs :  The latest break to fresh record lows below 0.8900 is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favour the formation of some form of a material base over the coming weeks for an eventual break back above parity. Look for the market to hold above 0.8900 on a daily close basis, while back above 0.9000 will officially relieve immediate downside pressures and accelerate gains. Only a break and weekly close below 0.8900 ultimately delays outlook.                                    

Australian Dollars to US Dollars : The break to fresh multi-year highs through 1.0500 certainly delays our bearish outlook and now exposes a sustained move beyond this psychological barrier. However, we continue to favour looking for opportunities to sell at current levels, with the market viewed as technically and cyclically overdone and at risk for a major pullback over the short-term, medium-term and longer-term. The preferred strategy is to sell any rallies above 1.0550 in anticipation of another topside failure ahead of 1.0600 and the eventual formation of an inter-day double top. The neckline comes in by last Tuesday's 1.0390 lows, with a break below to initially open the door for deeper setbacks towards a measured move objective by 1.0200.   
      
New Zealand Dollars to US Dollars : The rally out from the mid-March 0.7100 area lows has been most impressive, with the market trading back above 0.8000  to leave daily studies severely overbought. However, any additional gains from here are seen limited, with the greater risk for some form of a medium-term lower top by 0.8000 in favor of a bearish reversal back towards and eventually below 0.7100. Look for a break and close back below 0.7925 to officially confirm topping and accelerate declines. A break and close below 0.7925 on Monday would also end an incredible sequence of 21 consecutive daily closes above the previous daily low.            
                  
US Dollars to Canadian Dollars : Any recoveries in this market have been short-lived, with the price dropping back below 0.9600 in recent trade to fresh multi-month lows in the 0.9500's. However, despite the weakness, we see risks for additional declines from here as limited, with the greater risk for the formation of a longer-term higher low above 0.9055 ahead of the next major upside extension beyond 0.9975 and back through parity. Ultimately, only a daily close below 0.9500 would delay. Back above 0.9670 further confirms bias and should accelerate.  

Euros to Japanese Yen : The market has finally taken out some critical multi-week range resistance in the 116.00 area and we believe this to be a significant medium-term development. The break above 116.00 now suggests that a major base is in place with fresh upside now projected back towards the 125.00 area over the coming days. Daily studies are however in the process of unwinding from overbought and buying into dips would be the preferred strategy. Look for any inter-day pullbacks to be well supported ahead of 115.00.                                                                 

Pounds To Japanese Yen : The market has broken to fresh multi-week highs and now back above a clearly defined medium-term range top to suggest that we could see a fresh upside extension and legitimate bullish trend reversal from here. Next meaningful resistance comes in by the April 2010 highs at 146.00 and we would expect to see the market rally towards this level over the coming days. Daily studies are however correcting from overbought so buying on dips back towards 132.00-135.00 is the preferred strategy.                          

Euros to Swiss Francs : The market remains very well supported on dips and following the latest successful defense of the record lows by 1.2400, and the latest break back above 1.3205 confirms bullish bias and likely signals a fresh upside extension towards 1.3500 over the coming sessions.  Look for any setbacks from here to be well supported above 1.2800 on a daily close basis.                  

To read more please visit www.dailyfx.com

 

Travel-FX

Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

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]]> http://www.imsfx.co.uk/daily_report/april_2011/Buying-Euros-19-04-2011.htm Pounds to Australian Dollars D088EA64-32EB-4AE7-8759-2CCB9C86BC42 Tue, 19 Apr 2011 11:35:59 +0100 Daily news story:

Exchange Rate Outlook - Buy Holiday Money best rates Today

 

Euros to US Dollars :The market remains well bid by fresh yearly highs and now eyes a retest of next key resistance which comes in by the 2010 highs at 1.4580. Daily studies are now officially overbought with the RSI above 70, and as such, we would not rule out the possibility for a short-term reversal. However, any setbacks are expected to continue to be very well supported ahead of the critical rising trend-line support off of the 2011 lows just over1.4300. A break below 1.4375 will help to relieve short-term topside pressures, but ultimately, only a break and close back below 1.4300 would officially negate bullish momentum.                      
             
US Dollars to Japanese Yen :  The latest break back above 84.50 is significant and could pave the way for additional gains ahead, although daily studies are currently in the process of unwinding from overbought levels and buying on dips back towards the daily Ichimoku cloud top (82.50) would be the preferred strategy. Next key resistance comes in by the September 2010 highs at 85.90.                                        

Pounds to US Dollars : T he market appears to be comfortable trading in a loosely defined range between 1.6000 and 1.6400.  Any dips below 1.6000 have been very well supported in recent days, while rallies above 1.6400 remain very well offered. For now therefore, the best strategy is to play the range and look to sell on rallies towards 1.6400 and buy on dips below 1.6000. Meanwhile, a weekly close above 1.6400 or below 1.6000 will potentially warn of a break of the range. Next key topside resistance comes in by 1.6430 although as per our analysis, we expect the latest push above 1.6400 to once again be well capped over the coming sessions, in favour of yet another bearish reversal towards 1.6000.              
              
US Dollars to Swiss Francs :  The latest break back towards the recently established fresh record lows below 0.9000 (0.8910) is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favour the formation of some form of a material base over the coming weeks for an eventual break back above parity. Look for the market to hold above 0.8950 on a daily close basis, while back above 0.9075 will officially relieve immediate downside pressures and accelerate gains. Only a break and weekly close below the recent record spike lows by 0.8900 ultimately delays outlook.                                

Australian Dollars to US Dollars : The break to fresh multi-year highs through 1.0500 certainly delays our bearish outlook and now exposes a sustained move beyond this psychological barrier. However, we continue to favour looking for opportunities to sell at current levels, with the market viewed as technically and cyclically overdone and at risk for a major pullback over the short-term, medium-term and longer-term. The preferred strategy on Thursday is to sell any rallies above 1.0550 in anticipation of another topside failure ahead of 1.0600 and the eventual formation of an intraday double top. The neckline comes in by Tuesday's 1.0390 lows.  
      
New Zealand Dollars to US Dollars : The rally out from the mid-March 0.7100 area lows has been most impressive, with the market trading back above 0.7900  to leave daily studies severely overbought. However, any additional gains from here are seen limited, with the greater risk for some form of a medium-term lower top below 0.8000 in favor of a bearish reversal back towards and eventually below 0.7100. Look for a break and close back below 0.7865 to officially confirm topping and accelerate declines.        
                  
US Dollars to Canadian Dollars : Any recoveries in this market have been short-lived, with the price dropping back below 0.9600 in recent trade to fresh multi-month lows in the 0.9500's. However, despite the weakness, we see risks for additional declines from here as limited, with the greater risk for the formation of a longer-term higher low above 0.9055 ahead of the next major upside extension beyond 0.9975 and back through parity. Ultimately, only a daily close below 0.9500 would delay. Back above 0.9660 further confirms bias and should accelerate. 

Euros to Japanese Yen : The market has finally taken out some critical multi-week range resistance in the 116.00 area and we believe this to be a significant medium-term development. The break above 116.00 now suggests that a major base is in place with fresh upside now projected back towards the 125.00 area over the coming days. Daily studies are however in the process of unwinding from overbought and buying into dips would be the preferred strategy. Look for any inter-day pullbacks to be well supported ahead of 115.00.                                                               

Pounds To Japanese Yen : The market has broken to fresh multi-week highs and now back above a clearly defined medium-term range top to suggest that we could see a fresh upside extension and legitimate bullish trend reversal from here. Next meaningful resistance comes in by the April 2010 highs at 146.00 and we would expect to see the market rally towards this level over the coming days. Daily studies are however correcting from overbought so buying on dips back towards 135.00 is the preferred strategy.                       

Euros to Swiss Francs : The market remains very well supported on dips and following the latest successful defence of the record lows by 1.2400, and the latest break back above 1.3205 confirms bullish bias and likely signals a fresh upside extension towards 1.3500 over the coming sessions.  Look for any setbacks from here to be well supported ahead of 1.2800.                 

To read more please visit www.dailyfx.com

 

Travel-FX

Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
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]]> http://www.imsfx.co.uk/daily_report/april_2011/Buying-Euros-15-04-2011.htm Pounds to Australian Dollars C877D80E-2678-4807-BD3D-C3DC64C8EF3C Fri, 15 Apr 2011 16:06:29 +0100 Daily news story:

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Euros to US Dollars :The market remains well bid by fresh yearly highs and now eyes a retest of next key resistance which comes in by the 2010 highs at 1.4580. Daily studies are now officially overbought with the RSI above 70, and as such, we would not rule out the possibility for a short-term reversal. However, any setbacks are expected to continue to be very well supported ahead of the critical rising trend-line support off of the 2011 lows just over1.4300. A break below 1.4375 will help to relieve short-term topside pressures, but ultimately, only a break and close back below 1.4300 would officially negate bullish momentum.                      
             
US Dollars to Japanese Yen :  The latest break back above 84.50 is significant and could pave the way for additional gains ahead, although daily studies are currently in the process of unwinding from overbought levels and buying on dips back towards the daily Ichimoku cloud top (82.50) would be the preferred strategy. Next key resistance comes in by the September 2010 highs at 85.90.                                        

Pounds to US Dollars : T he market appears to be comfortable trading in a loosely defined range between 1.6000 and 1.6400.  Any dips below 1.6000 have been very well supported in recent days, while rallies above 1.6400 remain very well offered. For now therefore, the best strategy is to play the range and look to sell on rallies towards 1.6400 and buy on dips below 1.6000. Meanwhile, a weekly close above 1.6400 or below 1.6000 will potentially warn of a break of the range. Next key topside resistance comes in by 1.6430 although as per our analysis, we expect the latest push above 1.6400 to once again be well capped over the coming sessions, in favour of yet another bearish reversal towards 1.6000.              
              
US Dollars to Swiss Francs :  The latest break back towards the recently established fresh record lows below 0.9000 (0.8910) is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favour the formation of some form of a material base over the coming weeks for an eventual break back above parity. Look for the market to hold above 0.8950 on a daily close basis, while back above 0.9075 will officially relieve immediate downside pressures and accelerate gains. Only a break and weekly close below the recent record spike lows by 0.8900 ultimately delays outlook.                                

Australian Dollars to US Dollars : The break to fresh multi-year highs through 1.0500 certainly delays our bearish outlook and now exposes a sustained move beyond this psychological barrier. However, we continue to favour looking for opportunities to sell at current levels, with the market viewed as technically and cyclically overdone and at risk for a major pullback over the short-term, medium-term and longer-term. The preferred strategy on Thursday is to sell any rallies above 1.0550 in anticipation of another topside failure ahead of 1.0600 and the eventual formation of an intraday double top. The neckline comes in by Tuesday's 1.0390 lows.  
      
New Zealand Dollars to US Dollars : The rally out from the mid-March 0.7100 area lows has been most impressive, with the market trading back above 0.7900  to leave daily studies severely overbought. However, any additional gains from here are seen limited, with the greater risk for some form of a medium-term lower top below 0.8000 in favor of a bearish reversal back towards and eventually below 0.7100. Look for a break and close back below 0.7865 to officially confirm topping and accelerate declines.        
                  
US Dollars to Canadian Dollars : Any recoveries in this market have been short-lived, with the price dropping back below 0.9600 in recent trade to fresh multi-month lows in the 0.9500's. However, despite the weakness, we see risks for additional declines from here as limited, with the greater risk for the formation of a longer-term higher low above 0.9055 ahead of the next major upside extension beyond 0.9975 and back through parity. Ultimately, only a daily close below 0.9500 would delay. Back above 0.9660 further confirms bias and should accelerate. 

Euros to Japanese Yen : The market has finally taken out some critical multi-week range resistance in the 116.00 area and we believe this to be a significant medium-term development. The break above 116.00 now suggests that a major base is in place with fresh upside now projected back towards the 125.00 area over the coming days. Daily studies are however in the process of unwinding from overbought and buying into dips would be the preferred strategy. Look for any inter-day pullbacks to be well supported ahead of 115.00.                                                               

Pounds To Japanese Yen : The market has broken to fresh multi-week highs and now back above a clearly defined medium-term range top to suggest that we could see a fresh upside extension and legitimate bullish trend reversal from here. Next meaningful resistance comes in by the April 2010 highs at 146.00 and we would expect to see the market rally towards this level over the coming days. Daily studies are however correcting from overbought so buying on dips back towards 135.00 is the preferred strategy.                       

Euros to Swiss Francs : The market remains very well supported on dips and following the latest successful defence of the record lows by 1.2400, and the latest break back above 1.3205 confirms bullish bias and likely signals a fresh upside extension towards 1.3500 over the coming sessions.  Look for any setbacks from here to be well supported ahead of 1.2800.                 

To read more please visit www.dailyfx.com

 

Travel-FX

Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

Need to Buy Holiday Money? Buy Travel money at the best exchange rates visit www.travelfx.co.uk and save on your travel and holiday money needs?

Contact IMS Foreign Exchange + 44 207 183 2790

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]]> http://www.imsfx.co.uk/daily_report/april_2011/Buying-Euros-14-04-2011.htm Pounds to Australian Dollars C0F625A6-CEE2-452B-948F-CAEFDEDAEDBC Thu, 14 Apr 2011 14:05:16 +0100 Daily news story:

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Euros to US Dollars :The market remains well bid by fresh yearly highs and now eyes a retest of next key resistance which comes in by the 2010 highs at 1.4580. Daily studies are now officially overbought with the RSI above 70, and as such, we would not rule out the possibility for a short-term reversal. However, any setbacks are expected to continue to be very well supported ahead of the critical rising trend-line support off of the 2011 lows in the 1.4300 area. A break below 1.4375 will help to relieve short-term topside pressures, but ultimately, only a break and close back below 1.4300 would officially negate bullish momentum.                
             
US Dollars to Japanese Yen :  The latest break back above 84.50 is significant and could pave the way for additional gains ahead, although daily studies are currently in the process of unwinding from overbought levels and buying on dips back towards the daily Ichimoku cloud top (82.50) would be the preferred strategy. Next key resistance comes in by the September 2010 highs at 85.90.                                     

Pounds to US Dollars : The market appears to be comfortable trading in a loosely defined range between 1.6000 and 1.6400.  Any dips below 1.6000 have been very well supported in recent days, while rallies above 1.6400 remain very well offered. For now therefore, the best strategy is to play the range and look to sell on rallies above 1.6400 and buy on dips below 1.6000. Meanwhile, a weekly close above 1.6400 or below 1.6000 will potentially warn of a break of the range. Next key topside resistance comes in by 1.6430 although as per our analysis, we expect the latest push above 1.6400 to once again be well capped over the coming sessions, in favour of yet another bearish reversal towards 1.6000. Tuesday's daily close back below 1.6300 confirms bias and should accelerate declines.             
              
US Dollars to Swiss Francs :  The latest break back towards the recently established fresh record lows below 0.9000 (0.8910) is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favour the formation of some form of a material base over the coming weeks for an eventual break back above parity. Look for the market to hold above 0.8950 on a daily close basis, while back above 0.9075 will officially relieve immediate downside pressures and accelerate gains. Only a break and weekly close below the recent record spike lows by 0.8900 ultimately delays outlook.                            

Australian Dollars to US Dollars : The break to fresh multi-year highs through 1.0500 certainly delays our bearish outlook and now exposes a sustained move beyond this psychological barrier. However, we continue to favor looking for opportunities to sell at current levels, with the market viewed as technically and cyclically overdone and at risk for a major pullback over the short-term, medium-term and longer-term. Monday's bearish close and Tuesday's break back below Monday's low to end a sequence of consecutive daily higher lows already encourages reversal prospects and we look for a break back below 1.0380 on Wednesday to accelerate declines. 
      
New Zealand Dollars to US Dollars : The rally out from the mid-March 0.7100 area lows has been most impressive, with the market trading back above 0.7800  thus far ahead of the latest minor setbacks. However, any additional gains from here are seen limited, with the greater risk for some form of a medium-term lower top below 0.8000 in favor of a bearish reversal back towards and eventually below 0.7100. Look for a break and close back below 0.7745 to officially confirm and accelerate declines.     
                  
US Dollars to Canadian Dollars : Any recoveries in this market have been short-lived, with the price dropping back below 0.9600 in recent trade to fresh multi-month lows in the 0.9500's. However, despite the weakness, we see risks for additional declines from here as limited, with the greater risk for the formation of a longer-term higher low above 0.9055 ahead of the next major upside extension beyond 0.9975 and back through parity. Ultimately, only a daily close below 0.9500 would delay. Tuesday's daily close back above 0.9600 and break of the previous daily highs helps to confirm bullish bias and signals short-term base.

Euros to Japanese Yen : The market has finally taken out some critical multi-week range resistance in the 116.00 area and we believe this to be a significant medium-term development. The break above 116.00 now suggests that a major base is in place with fresh upside now projected back towards the 125.00 area over the coming days. Daily studies are however in the process of unwinding from overbought and buying into dips would be the preferred strategy. Look for any inter-day pullbacks to be well supported ahead of 115.00.                                                             

Pounds To Japanese Yen : The market has broken to fresh multi-week highs and now back above a clearly defined medium-term range top to suggest that we could see a fresh upside extension and legitimate bullish trend reversal from here. Next meaningful resistance comes in by the April 2010 highs at 146.00 and we would expect to see the market rally towards this level over the coming days. Daily studies are however correcting from overbought so buying on dips back towards 135.00 is the preferred strategy.                    

Euros to Swiss Francs : The market remains very well supported on dips and following the latest successful defence of the record lows by 1.2400, and the latest break back above 1.3205 confirms bullish bias and likely signals a fresh upside extension towards 1.3500 over the coming sessions.  Look for any setbacks from here to be well supported ahead of 1.2800.                

To read more please visit www.dailyfx.com

 

Travel-FX

Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

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]]> http://www.imsfx.co.uk/daily_report/april_2011/Buying-Euros-13-04-2011.htm Pounds to Australian Dollars C661BEFC-781D-4DB8-A25D-BD2A65EBF2E5 Thu, 14 Apr 2011 14:03:47 +0100 Daily news story:

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Euros to US Dollars :The latest topside failure ahead of psychological barriers at 1.4500 and subsequent bearish close on Monday could warn of the onset of a sizeable short-term corrective pullback. The major rising trend-line off the 2011 lows comes in by the 1.4250 area and we would expect to see a test of this level over the coming sessions. From there it will be interesting to see if the market can actually put in a daily close below the trend-line which it has been unable to do all year. Still, with daily studies in the process of rolling over from overbought, there is definitely a higher probability that the trend-line will be more at risk for a breach over the coming sessions. Ultimately, only a close back above 1.4500 negates and opens a test of the 2010 highs at 1.4580.           
             
US Dollars to Japanese Yen :  It has been quite a ride in this pair, with the market initially collapsing to fresh record lows by 76.30, before reversing sharply back above 80.00, and then ultimately racing higher to break a multi-week range on the topside and potentially opening the door for a meaningful longer-term reversal. The latest break back above 84.50 is significant and could pave the way for additional gains ahead, although daily studies are currently in the process of unwinding from overbought levels and buying on dips back towards the daily Ichimoku cloud top (82.50) would be the preferred strategy. Next key resistance comes in by the September 2010 highs at 85.90. .                                     

Pounds to US Dollars : The market appears to be comfortable trading in a loosely defined range between 1.6000 and 1.6400.  Any dips below 1.6000 have been very well supported in recent days, while rallies above 1.6400 remain very well offered. For now therefore, the best strategy is to play the range and look to sell on rallies above 1.6400 and buy on dips below 1.6000. Meanwhile, a weekly close above 1.6400 or below 1.6000 will potentially warn of a break of the range. Next key topside resistance comes in by 1.6430 although as per our analysis, we expect the latest push above 1.6400 to once again be well capped over the coming sessions, in favour of yet another bearish reversal towards 1.6000. A daily close back below 1.6300 confirms bias and should accelerate declines.             
              
US Dollars to Swiss Francs :  The latest break to fresh record lows below 0.9000 (0.8910) is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favor the formation of some form of a material base over the coming weeks for an eventual break back above parity. Look for the market to hold above 0.9010 (78.6% fib retrace off of latest low-high move) on a daily close basis, while back above 0.9370 will officially confirm reversal prospects and accelerate gains. Only a break and weekly close below the recent record spike lows by 0.8900 ultimately delays outlook.                        

Australian Dollars to US Dollars : The break to fresh multi-year highs through 1.0500 certainly delays our bearish outlook and now exposes a sustained move beyond this psychological barrier. However, we continue to favor looking for opportunities to sell at current levels, with the market viewed as technically and cyclically overdone and at risk for a major pullback over the short-term, medium-term and longer-term. Initially, look for a daily close back below 1.0450 on Tuesday to take immediate pressure off of the topside and open the door for a legitimate bearish reversal. Monday's bearish close and Tuesday's break back below Monday's low to end a sequence of consecutive daily higher lows already encourages reversal prospects.
      
New Zealand Dollars to US Dollars : The rally out from the mid-March 0.7100 area lows has been most impressive, with the market trading back above 0.7800  thus far ahead of the latest minor setbacks. However, any additional gains from here are seen limited, with the greater risk for some form of a medium-term lower top below 0.7900 in favor of a bearish reversal back towards and eventually below 0.7100. Look for a break and close back below 0.7760 on Tuesday to confirm and accelerate declines.  
                  
US Dollars to Canadian Dollars : Any recoveries in this market have been short-lived, with the price dropping back below 0.9600 in recent trade to fresh multi-month lows in the 0.9500's. However, despite the weakness, we see risks for additional declines from here as limited, with the greater risk for the formation of a longer-term higher low above 0.9055 ahead of the next major upside extension beyond 0.9975 and back through parity. Ultimately, only a daily close below 0.9500 would delay. A daily close back above 0.9600 on Tuesday signals short-term base and should accelerate gains.         .                    

Euros to Japanese Yen : The market has finally taken out some critical multi-week range resistance in the 116.00 area and we believe this to be a significant medium-term development. The break above 116.00 now suggests that a major base is in place with fresh upside now projected back towards the 125.00 area over the coming days. Daily studies are however in the process of unwinding from overbought and buying into dips would be the preferred strategy. Look for any inter-day pullbacks to be well supported ahead of 115.00.                                                           

Pounds To Japanese Yen : The market has broken to fresh multi-week highs and now back above a clearly defined medium-term range top to suggest that we could see a fresh upside extension and legitimate bullish trend reversal from here. Next meaningful resistance comes in by the April 2010 highs at 146.00 and we would expect to see the market rally towards this level over the coming days. Daily studies are however correcting from overbought so buying on dips back towards 135.00 is the preferred strategy.                 

Euros to Swiss Francs : The market remains very well supported on dips and following the latest successful defense of the record lows by 1.2400, and the latest break back above 1.3205 confirms bullish bias and likely signals a fresh upside extension towards 1.3500 over the coming sessions.  Look for any setbacks from here to be well supported ahead of 1.2800.               

To read more please visit www.dailyfx.com

 

Travel-FX

Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

Need to Buy Holiday Money? Buy Travel money at the best exchange rates visit www.travelfx.co.uk and save on your travel and holiday money needs?

Contact IMS Foreign Exchange + 44 207 183 2790

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]]> http://www.imsfx.co.uk/daily_report/april_2011/Buying-Euros-12-04-2011.htm Pounds to Australian Dollars 5792342A-B93A-4BDE-984F-1091E3E88819 Tue, 12 Apr 2011 13:15:50 +0100 Daily news story:

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Euros to US Dollars :The market remains well bid for now and is in the process of contemplating the establishment above critical medium-term resistance in the form of the November 2010 peak at 1.4280. Daily studies still show room to run and above 1.4280, and there is very little in the way of any meaningful obstacles until the 2010 high at 1.4580. Still, there is the possibility that the market stalls out above 1.4400, but a break back and close below critical 2011 rising trend-line support at 1.4200 will be required at a minimum to relieve current topside pressures.         
             
US Dollars to Japanese Yen :  It has been quite a ride in this pair, with the market initially collapsing to fresh record lows by 76.30, before reversing sharply back above 80.00, and then ultimately racing higher to break a multi-week range on the topside and potentially opening the door for a meaningful longer-term reversal. The latest break back above 84.50 is significant and could pave the way for additional gains ahead, although daily studies have reached overbought levels and buying on dips back towards the daily Ichimoku cloud top (83.00 area) would be the preferred strategy. Next key resistance comes in by the September 2010 highs at 85.90.                                     

Pounds to US Dollars : The market appears to be comfortable trading in a loosely defined range between 1.6000 and 1.6300.  Any dips below 1.6000 have been very well supported in recent days, while rallies above 1.6300 remain very well offered. For now therefore, the best strategy is to play the range and look to sell on rallies above 1.6300 and buy on dips below 1.6000. Meanwhile, a weekly close above 1.6300 or below 1.6000 will potentially warn of a break of the range. Next key topside resistance comes in by 1.6400 although as per our analysis, we expect the latest push above 1.6300 to once again be well capped over the coming sessions, in favor of yet another bearish reversal towards 1.6000.          
              
US Dollars to Swiss Francs :  The latest break to fresh record lows below 0.9000 (0.8910) is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favor the formation of some form of a material base over the coming weeks for an eventual break back above parity. Look for the market to hold above 0.9100 on a daily close basis, while back above 0.9370 will officially confirm reversal prospects and accelerate gains. Only a break and weekly close below the recent record spike lows at 0.8910 ultimately delays outlook.                    

Australian Dollars to US Dollars : The break to fresh multi-year highs through 1.0500 certainly delays our bearish outlook and now exposes a sustained move beyond this psychological barrier. However, we continue to favor looking for opportunities to sell at current levels, with the market viewed as technically and cyclically overdone and at risk for a major pullback over the short-term, medium-term and longer-term. Initially, look for a break and close back below 1.0400 to take immediate pressure off of the topside and open the door for a bearish reversal.
      
New Zealand Dollars to US Dollars : The rally out from the mid-March 0.7100 area lows has been most impressive, with the market trading back above 0.7800  thus far ahead of the latest minor setbacks. However, any additional gains from here are seen limited, with the greater risk for some form of a medium-term lower top below 0.7900 in favor of a bearish reversal back towards and eventually below 0.7100. Look for a break and close back below 0.7735 to confirm and accelerate declines.                  
US Dollars to Canadian Dollars : Any recoveries in this market have been short-lived, with the price dropping back below 0.9700 in recent trade to fresh multi-month lows in the 0.9600's. However, despite the weakness, we see risks for additional declines from here as limited, with the greater risk for the formation of a longer-term higher low above 0.9055 ahead of the next major upside extension beyond 0.9975 and back above parity. Ultimately, only a daily close below 0.9500 would delay.        .                    

Euros to Japanese Yen : The market has finally taken out some critical multi-week range resistance in the 116.00 area and we believe this to be a significant medium-term development. The break above 116.00 now suggests that a major base is in place with fresh upside now projected back towards the 125.00 area over the coming days. Daily studies are however now showing overbought and we would not at all be surprised to see some form of a pullback in the early week. Look for any inter-day pullbacks to be well supported ahead of 115.00.                                                          

Pounds To Japanese Yen : The market has broken to fresh multi-week highs and now back above a clearly defined medium-term range top to suggest that we could see a fresh upside extension and legitimate bullish trend reversal from here. Next meaningful resistance comes in by the April 2010 highs at 146.00 and we would expect to see the market rally towards this level over the coming days. Daily studies are however overbought now so buying on dips back towards 135.00 is the preferred strategy.              

Euros to Swiss Francs : The market remains very well supported on dips and following the latest successful defence of the record lows by 1.2400, and the latest break back above 1.3205 confirms bullish bias and likely signals a fresh upside extension towards 1.3500 over the coming sessions.  Look for any setbacks from here to be well supported ahead of 1.2800.              

To read more please visit www.dailyfx.com

 

Travel-FX

Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

Need to Buy Holiday Money? Buy Travel money at the best exchange rates visit www.travelfx.co.uk and save on your travel and holiday money needs?

Contact IMS Foreign Exchange + 44 207 183 2790

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Buying Euros

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]]> http://www.imsfx.co.uk/daily_report/april_2011/Buying-Euros-08-04-2011.htm Pounds to Australian Dollars 64A81B0E-8A4C-468F-B50B-039833C4F62E Fri, 8 Apr 2011 12:06:29 +0100 Daily news story:

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Euros to US Dollars :The market remains well bid for now and is in the process of contemplating the establishment above critical medium-term resistance in the form of the November 2010 peak at 1.4280. Daily studies still show room to run and once above 1.4280, and there is very little in the way of any meaningful obstacles until the 2010 high at 1.4580. Still, there is the possibility that the market stalls out once the 1.4280 level is tested, but a break back below 1.4020 will ultimately be required to take the immediate pressure off of the topside.    
             
US Dollars to Japanese Yen :  It has been quite a ride in this pair, with the market initially collapsing to fresh record lows by 76.30, before reversing sharply back above 80.00, and then ultimately racing higher to break a multi-week range on the topside and potentially opening the door for a meaningful longer-term reversal. The latest break back above 84.50 is significant and could pave the way for additional gains ahead, although daily studies are starting to near overbought levels and buying on dips back towards the daily Ichimoku cloud top (82.70) would be the preferred strategy. Next key resistance comes in by the September 2010 highs at 85.90.                                   

Pounds to US Dollars : The market appears to be comfortable trading in a loosely defined range between 1.6000 and 1.6300.  Any dips below 1.6000 have been very well supported in recent days, while rallies above 1.6300 remain very well offered. For now therefore, the best strategy is to play the range and look to sell on rallies above 1.6300 and buy on dips below 1.6000. Meanwhile, a weekly close above 1.6300 or below 1.6000 will potentially warn of a break of the range. Next key topside resistance comes in by 1.6400 although as per our analysis, we expect the latest push above 1.6300 to once again be well capped over the coming sessions.         
              
US Dollars to Swiss Francs :  The latest break to fresh record lows below 0.9000 (0.8910) is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favor the formation of some form of a material base over the coming weeks for an eventual break back above parity. Look for the market to hold above 0.9100 on a daily close basis, while back above 0.9370 will officially confirm reversal prospects and accelerate gains. Only a break and weekly close below the recent record spike lows at 0.8910 ultimately delays outlook.                 

Australian Dollars to US Dollars : The break to fresh multi-year highs through 1.0400 certainly delays our bearish outlook and potentially exposes a move towards next critical resistance by 1.0500 further up. However, we continue to favor looking for opportunities to sell above parity, with the market viewed as technically and cyclically overdone and at risk for a major pullback over the medium-term. Initially, look for a break and close back below 1.0300 to take immediate pressure off of the topside and open the door for a bearish reversal. Monday's topside failure and Tuesday's bearish follow through could produce this result.      
New Zealand Dollars to US Dollars : The rally out from the mid-March 0.7100 area lows has been most impressive, with the market trading back above 0.7700  thus far ahead of the latest minor setbacks. However, any additional gains from here are seen limited, with the greater risk for some form of a medium-term lower top below 0.7800 in favor of a bearish reversal back towards and eventually below 0.7100. Look for a break and close back below 0.7660 to confirm and accelerate declines.               
US Dollars to Canadian Dollars : Any recoveries in this market have been short-lived, with the price dropping back below 0.9700 in recent trade to fresh multi-month lows in the 0.9600's. However, despite the weakness, we see risks for additional declines from here as limited, with the greater risk for the formation of a longer-term higher low above 0.9055 ahead of the next major upside extension beyond 0.9975 and back above parity. Ultimately, only a daily close below 0.9500 would delay.        .                    

Euros to Japanese Yen : The market has finally taken out some critical multi-week range resistance in the 116.00 area and we believe this to be a significant medium-term development. The break above 116.00 now suggests that a major base is in place with fresh upside now projected back towards the 125.00 area over the coming days. Daily studies are however now showing overbought and we would not at all be surprised to see some form of a pullback in the early week. Look for any inter-day pullbacks to be well supported ahead of 115.00.                                                        

Pounds To Japanese Yen : The market has broken to fresh multi-week highs and now back above a clearly defined medium-term range top to suggest that we could see a fresh upside extension and legitimate bullish trend reversal from here. Next meaningful resistance comes in by the April 2010 highs at 146.00 and we would expect to see the market rally towards this level over the coming days. Daily studies are however overbought now so buying on dips back towards 135.00 is the preferred strategy            

Euros to Swiss Francs : The market remains very well supported on dips and following the latest successful defence of the record lows by 1.2400, and the latest break back above 1.3205 confirms bullish bias and likely signals a fresh upside extension towards 1.3500 over the coming sessions.  Look for any setbacks from here to be well supported ahead of 1.2800.             

To read more please visit www.dailyfx.com

 

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]]> http://www.imsfx.co.uk/daily_report/april_2011/Buying-Euros-06-04-2011.htm Pounds to Australian Dollars B04244D0-E49B-48B8-83FE-4DDFD568F5EB Wed, 6 Apr 2011 11:04:31 +0100 Daily news story:

Exchange Rate Outlook - Buying Dollars - Travel Money best currency rates

 

Euros to US Dollars :The market remains well bid for now and is in the process of contemplating the establishment above critical medium-term resistance in the form of the November 2010 peak at 1.4280. Daily studies still show room to run and once above 1.4280, and there is very little in the way of any meaningful obstacles until the 2010 high at 1.4580. Still, there is the possibility that the market stalls out once the 1.4280 level is tested, but a break back below 1.4020 will ultimately be required to take the immediate pressure off of the topside.                      
             
US Dollars to Japanese Yen :  It has been quite a ride in this pair, with the market initially collapsing to fresh record lows by 76.30, before reversing sharply back above 80.00, and then ultimately racing higher to break a multi-week range on the topside and potentially opening the door for a meaningful longer-term reversal. The latest break back above 84.50 is significant and could pave the way for additional gains ahead, although daily studies are starting to near overbought levels and buying on dips back towards the daily Ichimoku cloud top (82.70) would be the preferred strategy.                                  

Pounds to US Dollars : The market appears to be comfortable trading in a loosely defined range between 1.6000 and 1.6300.  Any dips below 1.6000 have been very well supported in recent days, while rallies above 1.6300 remain very well offered. For now therefore, the best strategy is to play the range and look to sell on rallies above 1.6300 and buy on dips below 1.6000. Meanwhile, a weekly close above 1.6300 or below 1.6000 will potentially warn of a break of the range.        
              
US Dollars to Swiss Francs :  The latest break to fresh record lows below 0.9000 (0.8910) is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favour the formation of some form of a material base over the coming weeks for an eventual break back above parity. Look for the market to hold above 0.9100 on a daily close basis, while back above 0.9370 will officially confirm reversal prospects and accelerate gains. Only a break and weekly close below the recent record spike lows at 0.8910 ultimately delays outlook.              

Australian Dollars to US Dollars : The break to fresh multi-year highs through 1.0400 certainly delays our bearish outlook and potentially exposes a move towards next critical resistance by 1.0500 further up. However, we continue to favour looking for opportunities to sell above parity, with the market viewed as technically and cyclically overdone and at risk for a major pullback over the medium-term. Initially, look for a break and close back below 1.0300 to take immediate pressure off of the topside and open the door for a bearish reversal. Monday's topside failure and Tuesday's bearish follow through could produce this result.     
New Zealand Dollars to US Dollars : The rally out from the mid-March 0.7100 area lows has been most impressive, with the market trading back above 0.7700  thus far ahead of the latest minor setbacks. However, any additional gains from here are seen limited, with the greater risk for some form of a medium-term lower top below 0.7800 in favor of a bearish reversal back towards and eventually below 0.7100. Look for a break and close back below 0.7660 to confirm and accelerate declines.             

US Dollars to Canadian Dollars : Any recoveries in this market have been short-lived, with the price dropping back below 0.9700 in recent trade to fresh multi-month lows in the 0.9600's. However, despite the weakness, we see risks for additional declines from here as limited, with the greater risk for the formation of a longer-term higher low above 0.9055 ahead of the next major upside extension beyond 0.9975 and back above parity. Ultimately, only a daily close below 0.9500 would delay.    .                    

Euros to Japanese Yen : The market has finally taken out some critical multi-week range resistance in the 116.00 area and we believe this to be a significant medium-term development. The break above 116.00 now suggests that a major base is in place with fresh upside now projected back towards the 125.00 area over the coming days. Daily studies are however now showing overbought and we would not at all be surprised to see some form of a pullback in the early week. Look for any inter-day pullbacks to be well supported ahead of 115.00.                                                      

Pounds To Japanese Yen : The cross remains very well bid within a multi-week range and looks to be on the verge of testing and potentially breaking the range high by 137.80. A weekly close above 137.80 will potentially warn of a significant bullish shift in the overall trend, while inability to establish above 137.80 will keep the range intact. In the interim, dips towards the 133.00 area are expected to be well supported.            

Euros to Swiss Francs : The market remains very well supported on dips and following the latest successful defence of the record lows by 1.2400, we are increasingly bullish with our outlook for the cross going forward. Look for the latest break back above 1.3040 to accelerate gains and expose more critical resistance by 1.3205 further up. Above 1.3205 then opens a fresh upside extension towards 1.3500. From here, any inter-day pullbacks should be well supported ahead of 1.3000.            

To read more please visit www.dailyfx.com

 

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]]> http://www.imsfx.co.uk/daily_report/april_2011/Buying-Euros-05-04-2011.htm Pounds to Australian Dollars EE02A3F5-A209-485C-9FDE-E70BAC48ACBA Tue, 5 Apr 2011 12:05:22 +0100 Daily news story:

Exchange Rate Outlook - Buying Euros - Travel Money best currency rates

 

Euros to US Dollars :A closer look at the weekly chart shows the market failing ahead of some key resistance from November 2010 at 1.4280 and reversing to confirm a bearish weekly close and break of a sequence of 5 consecutive weekly higher lows. This certainly warns of the potential for deeper setbacks ahead, and we initially will look for a daily close back below 1.4020 to provide further confirmation for reversal prospects. The 1.4020 level loosely coincides with some rising trend-line support off the 2011 lows and a daily close below this level could accelerate declines towards next key support by 1.3750 further down. Back above 1.4280 delays.                 
             
US Dollars to Japanese Yen :  The market has recovered a great deal since basing out by fresh record lows at 76.30 several days back, with the price now back in the very well defined range that had dominated trade for much of the previous weeks. The key levels to watch above and below come in by 84.50 and 79.75 respectively, and look for a sustained break on wither side to provide additional clarity and insight into directional bias. In there interim, we recommend taking to the sidelines.                                 

Pounds to US Dollars : The 1.6300 handle continues to be a difficult obstacle for bulls, with the market unable to hold above the figure for any meaningful period of time. As we had warned in the previous daily analysis, the market has once again rejected trading above the figure to set up a bearish reversal exposing deeper setbacks into the 1.5700 area over the coming sessions. Ultimately, only back above 1.6300 delays.     
              
US Dollars to Swiss Francs :  The latest break to fresh record lows below 0.9000 (0.8910) is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favor the formation of some form of a material base over the coming weeks for an eventual break back above parity. Look for the market to hold above 0.9100 on a daily close basis, while back above 0.9370 will officially confirm reversal prospects and accelerate gains. Only a break and weekly close below the recent record spike lows at 0.8910 ultimately delays outlook.          

Australian Dollars to US Dollars : The break to fresh multi-year highs through 1.0300 certainly delays our bearish outlook and potentially exposes a move towards next critical resistance by 1.0500 further up. However, we continue to favor looking for opportunities to sell above parity, with the market viewed as technically and cyclically overdone and at risk for a major pullback over the medium-term. Initially however, look for a break and close back below 1.0300 to take immediate pressure off of the topside and open the door for a short-term bearish reversal    

New Zealand Dollars to US Dollars : The rally out from the mid-March 0.7100 area lows has been most impressive, with the market trading back above 0.7600 thus far ahead of the latest minor setbacks. However, any additional gains from here are seen limited, with the greater risk for some form of a medium-term lower top below 0.7800 in favour of a bearish reversal back towards and eventually below 0.7100. Look for a break and close back below 0.7580 to confirm and accelerate declines.           

US Dollars to Canadian Dollars : Any recoveries in this market have been short-lived, with the price dropping back below 0.9700 in recent trade to test multi-month lows in the 0.9600's. However, despite the weakness, we see risks for additional declines from here as limited, with the greater risk for the formation of a medium-term higher low in favour of the next major upside extension beyond 0.9975 and back above parity. Ultimately, only a daily close below 0.9600 would delay.                    

Euros to Japanese Yen : The market has finally taken out some critical multi-week range resistance in the 116.00 area and we believe this to be a significant medium-term development. The break above 116.00 now suggests that a major base is in place with fresh upside now projected back towards the 125.00 area over the coming days. In the interim, look for any inter-day pullbacks to be well supported ahead of 113.00.                                                     

Pounds To Japanese Yen : As per our analysis in previous weeks, dips towards the multi-week range lows in the 125.00 area continue to be very well supported, with the market adhering to the defined range. Ultimately, a weekly close back above 137.80 or below 125.00 will be required to force a major shift in the structure. In the interim, we remain sidelined.            

Euros to Swiss Francs : The market remains very well supported on dips and following the latest successful defence of the record lows by 1.2400, we are increasingly bullish with our outlook for the cross going forward. Look for the latest break back above 1.3040 to accelerate gains and expose more critical resistance by 1.3205 further up. Above 1.3205 then opens a fresh upside extension towards 1.3500. From here, any inter-day pullbacks should be well supported ahead of 1.2800.           

To read more please visit www.dailyfx.com

 

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]]> http://www.imsfx.co.uk/daily_report/april_2011/Buying-Euros-01-04-2011.htm Pounds to Australian Dollars 15300E83-4679-4686-AF6C-BF3A226A87F7 Fri, 1 Apr 2011 12:32:37 +0100 Daily news story:

Exchange Rate Outlook - Buying Euros - best rates

 

Euros to US Dollars :The market has stalled out for now ahead of the key November 2010 highs by 1.4280 and is in the process of a correction. At this point, the pullback can only be classified as short-term corrective weakness and ultimately, only a break back below 1.3750 would be required to negate this structure. In the interim, look for a fresh higher low to carve out somewhere ahead of 1.3800 in favour of the next upside extension towards 1.4280.  
             
US Dollars to Japanese Yen :  The latest violent drop-off to fresh record lows by 76.35 has been intense, with the market threatening a fresh longer-term downside extension below 80.00. However, given the nature of the move, we would not at this point categorize the downside break as anything significant that alters the medium-term outlook. For now, the sidelines are the best place to be and we will look to see where the market closes this week to gain a clearer perspective. A weekly close below 79.75 might open a retest of the 76.35 spike lows, but any additional declines below 76.00 are seen limited. A weekly close back above 81.20 on the other hand, would take the immediate pressure off of the downside.                       

Pounds to US Dollars : The 1.6300 handle continues to be a difficult obstacle for bulls, with the market unable to hold above the figure for any meaningful period of time. As we had warned in the previous daily analysis, the market has once again rejected trading above the figure to set up a bearish reversal day exposing deeper setbacks towards 1.6000 over the coming sessions. Ultimately, only back above 1.6400 delays.  
              
US Dollars to Swiss Francs :  The latest break to fresh record lows below 0.9000 (0.8910) is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favor the formation of some form of a material base over the coming weeks for an eventual break back above parity. Look for an initial break and close back above 0.9100 to relieve immediate downside pressure, while back above 0.9370 will officially confirm reversal prospects and accelerate gains. Only a break and weekly close below the recent record spike lows at 0.8910 ultimately delays outlook.   

Australian Dollars to US Dollars : The market has been in the process of recovering since breaking below critical support at 0.9800 a few days back, with the latest rally resulting in a push back above parity. Nevertheless, we view the current bounce as corrective, and expect to see the market very well capped from here below 1.0150 on a daily close basis. Ultimately, only a break and close back above 1.0200 would negate outlook and give reason for pause. 

New Zealand Dollars to US Dollars : The break below major neckline support at 0.7340 in recent trade has now triggered a double top formation that projects additional declines towards the 0.6700 area further down. Below 0.6700 then exposes more critical support at 0.6500. Look to sell into rallies, with a fresh lower top now ideally sought out below 0.7550.  Only a daily close back above 0.7550 delays.        

US Dollars to Canadian Dollars : A near bullish outside week after establishing fresh multi-month lows by 0.9665 got us excited with the prospect for a major reversal, and the latest break and weekly close back above 0.9800 helps to confirm our constructive outlook and should accelerate gains. Next key topside resistance comes in by 0.9975, with a break above opening the door for a test of 1.0060 further up. From here, look for any intraday setbacks to be well supported above 0.9700 on a daily close basis, with only a break back below 0.9665 to ultimately negate outlook and give reason fro concern.           

Euros to Japanese Yen : The market remains very well supported on dips with the overall price action defined as consolidative. However, given where the market trades historically, we continue to like the idea of being buyers down by current levels in favor of a major bullish reversal over the coming months. For now, key resistance comes in by the multi-week consolidation highs at 116.00, and a break and close back above this level will be required to officially force a shift in the structure. In the interim, buying dips towards 110.00 is favoured.                                        

Pounds To Japanese Yen : As per our analysis in previous weeks, dips towards the multi-week range lows in the 125.00 area continue to be very well supported, with the market adhering to the defined range. Ultimately, a weekly close back above 137.80 or below 125.00 will be required to force a major shift in the structure. In the interim, we remain sidelined.         

Euros to Swiss Francs : The latest sharp and intense pullback has not compromised our longer-term basing outlook, with the 1.2400 record lows from late 2010 still intact. Any additional declines are seen limited, with the greater risk for a sharp upside reversal. For now however, a break back above 1.3040 will be required to officially alleviate downside pressures.         

To read more please visit www.dailyfx.com

 

Travel-FX

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]]> http://www.imsfx.co.uk/daily_report/March-2011/Buying-Euros-24-03-2011.htm Pounds to Australian Dollars E82CDB64-D32D-4D89-BD1C-F3F1083BC815 Thu, 24 Mar 2011 14:27:32 +0000 Daily news story:

Exchange Rate Outlook - Travel Money Max - best rates

 

Euros to US Dollars :The market remains very well bid with the latest surge back above 1.4000 opening the next upside extension towards key resistance from November 2010 at 1.4280. Look for a test of this level over the coming sessions, while ultimately, only a break back below 1.3980 would take the immediate pressure off of the topside. 
             
US Dollars to Japanese Yen :  The latest violent drop-ff to fresh record lows by 76.35 has been intense, with the market threatening a fresh longer-term downside extension below 80.00. However, given the nature of the move, we would not at this point categorize the downside break as anything significant that alters the medium-term outlook. For now, the sidelines are the best place to be and we will look to see where the market closes this week to gain a clearer perspective. A weekly close below 79.75 might open a retest of the 76.35 spike lows, but any additional declines below 76.00 are seen limited. A weekly close back above 81.20 on the other hand, would take the immediate pressure off of the downside.                      

Pounds to US Dollars : The 1.6300 handle continues to be a difficult obstacle for bulls, with the market unable to hold above the figure for any meaningful period of time. As such, we would warn that the latest rally above the figure should be met with reservation, as the market could once again stall out above the figure. In the interim, key short-term support comes in by 1.6060 and a break back below would be required to take the pressure off of the topside. 
              
US Dollars to Swiss Francs :  The latest break to fresh record lows below 0.9000 (0.8910) is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favor the formation of some form of a material base over the coming weeks for an eventual break back above parity. Look for an initial break and close back above 0.9100 to relieve immediate downside pressure, while back above 0.9370 will officially confirm reversal prospects and accelerate gains. Only a break and weekly close below the recent record spike lows at 0.8910 ultimately delays outlook.  

Australian Dollars to US Dollars : The market has been in the process of recovering since breaking below critical support at 0.9800 a few days back, with the latest rally resulting in a push back above parity. Nevertheless, we view the current bounce as corrective, and expect to see the market very well capped from here below 1.0150 on a daily close basis. Ultimately, only a break and close back above 1.0200 would negate outlook and give reason for pause.

New Zealand Dollars to US Dollars : The break below major neckline support at 0.7340 in recent trade has now triggered a double top formation that projects additional declines towards the 0.6700 area further down. Below 0.6700 then exposes more critical support at 0.6500. Look to sell into rallies, with a fresh lower top now ideally sought out below 0.7450.  Only back above 0.7450 gives reason for concern.       

US Dollars to Canadian Dollars : A near bullish outside week after establishing fresh multi-month lows by 0.9665 got us excited with the prospect for a major reversal, and the latest break and weekly close back above 0.9800 helps to confirm our constructive outlook and should accelerate gains. Next key topside resistance comes in by 0.9975, with a break above opening the door for a test of 1.0060 further up. From here, look for any intraday setbacks to be well supported above 0.9700 on a daily close basis, with only a break back below 0.9665 to ultimately negate outlook and give reason fro concern.          

Euros to Japanese Yen : The market remains very well supported on dips with the overall price action defined as consolidative. However, given where the market trades historically, we continue to like the idea of being buyers down by current levels in favor of a major bullish reversal over the coming months. For now, key resistance comes in by the multi-week consolidation highs at 116.00, and a break and close back above this level will be required to officially force a shift in the structure. In the interim, buying dips towards 110.00 is favoured.                                       

Pounds To Japanese Yen : As per our analysis in previous weeks, dips towards the multi-week range lows in the 125.00 area continue to be very well supported, with the market adhering to the defined range. Ultimately, a weekly close back above 137.80 or below 125.00 will be required to force a major shift in the structure. In the interim, we remain sidelined.        

Euros to Swiss Francs : The latest sharp and intense pullback has not compromised our longer-term basing outlook, with the 1.2400 record lows from late 2010 still intact. Any additional declines are seen limited, with the greater risk for a sharp upside reversal. For now however, a break back above 1.3040 will be required to officially alleviate downside pressures.      

To read more please visit www.dailyfx.com

 

Travel-FX

Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

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]]> http://www.imsfx.co.uk/daily_report/March-2011/Buying-Euros-23-03-2011.htm Pounds to Australian Dollars 82E8028C-0104-4DDE-96AC-297A28D598FC Wed, 23 Mar 2011 16:38:50 +0000 Daily news story:

Exchange Rate Outlook - Travel Money Max - best rates

 

Euros to US Dollars :The market remains very well bid with the latest surge back above 1.4000 opening the next upside extension towards key resistance from November 2010 at 1.4280. Look for a test of this level over the coming sessions, while ultimately, only a break back below 1.3980 would take the immediate pressure off of the topside. 
             
US Dollars to Japanese Yen :  The latest violent drop-ff to fresh record lows by 76.35 has been intense, with the market threatening a fresh longer-term downside extension below 80.00. However, given the nature of the move, we would not at this point categorize the downside break as anything significant that alters the medium-term outlook. For now, the sidelines are the best place to be and we will look to see where the market closes this week to gain a clearer perspective. A weekly close below 79.75 might open a retest of the 76.35 spike lows, but any additional declines below 76.00 are seen limited. A weekly close back above 81.20 on the other hand, would take the immediate pressure off of the downside.                      

Pounds to US Dollars : The 1.6300 handle continues to be a difficult obstacle for bulls, with the market unable to hold above the figure for any meaningful period of time. As such, we would warn that the latest rally above the figure should be met with reservation, as the market could once again stall out above the figure. In the interim, key short-term support comes in by 1.6060 and a break back below would be required to take the pressure off of the topside. 
              
US Dollars to Swiss Francs :  The latest break to fresh record lows below 0.9000 (0.8910) is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favor the formation of some form of a material base over the coming weeks for an eventual break back above parity. Look for an initial break and close back above 0.9100 to relieve immediate downside pressure, while back above 0.9370 will officially confirm reversal prospects and accelerate gains. Only a break and weekly close below the recent record spike lows at 0.8910 ultimately delays outlook.  

Australian Dollars to US Dollars : The market has been in the process of recovering since breaking below critical support at 0.9800 a few days back, with the latest rally resulting in a push back above parity. Nevertheless, we view the current bounce as corrective, and expect to see the market very well capped from here below 1.0150 on a daily close basis. Ultimately, only a break and close back above 1.0200 would negate outlook and give reason for pause.

New Zealand Dollars to US Dollars : The break below major neckline support at 0.7340 in recent trade has now triggered a double top formation that projects additional declines towards the 0.6700 area further down. Below 0.6700 then exposes more critical support at 0.6500. Look to sell into rallies, with a fresh lower top now ideally sought out below 0.7450.  Only back above 0.7450 gives reason for concern.       

US Dollars to Canadian Dollars : A near bullish outside week after establishing fresh multi-month lows by 0.9665 got us excited with the prospect for a major reversal, and the latest break and weekly close back above 0.9800 helps to confirm our constructive outlook and should accelerate gains. Next key topside resistance comes in by 0.9975, with a break above opening the door for a test of 1.0060 further up. From here, look for any intraday setbacks to be well supported above 0.9700 on a daily close basis, with only a break back below 0.9665 to ultimately negate outlook and give reason fro concern.          

Euros to Japanese Yen : The market remains very well supported on dips with the overall price action defined as consolidative. However, given where the market trades historically, we continue to like the idea of being buyers down by current levels in favor of a major bullish reversal over the coming months. For now, key resistance comes in by the multi-week consolidation highs at 116.00, and a break and close back above this level will be required to officially force a shift in the structure. In the interim, buying dips towards 110.00 is favoured.                                       

Pounds To Japanese Yen : As per our analysis in previous weeks, dips towards the multi-week range lows in the 125.00 area continue to be very well supported, with the market adhering to the defined range. Ultimately, a weekly close back above 137.80 or below 125.00 will be required to force a major shift in the structure. In the interim, we remain sidelined.        

Euros to Swiss Francs : The latest sharp and intense pullback has not compromised our longer-term basing outlook, with the 1.2400 record lows from late 2010 still intact. Any additional declines are seen limited, with the greater risk for a sharp upside reversal. For now however, a break back above 1.3040 will be required to officially alleviate downside pressures.      

To read more please visit www.dailyfx.com

 

Travel-FX

Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

Need to Buy Holiday Money? Buy Travel money at the best exchange rates visit www.travelfx.co.uk and save on your travel and holiday money needs?

Contact IMS Foreign Exchange + 44 207 183 2790

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Buying Euros

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]]> http://www.imsfx.co.uk/daily_report/March-2011/Buying-Euros-22-03-2011.htm Pounds to Australian Dollars E14B410D-C7F0-4CEC-9252-4D1A5588EE9E Tue, 22 Mar 2011 10:27:01 +0000 Daily news story:

Exchange Rate Outlook - Travel Money Max

 

Euros to US Dollars :The market remains very well bid with the latest surge back above 1.4000 opening the next upside extension towards key resistance from November 2010 at 1.4280. Look for a test of this level over the coming sessions, while ultimately, only a break back below 1.3980 would take the immediate pressure off of the topside.
             
US Dollars to Japanese Yen :  The latest violent drop-ff to fresh record lows by 76.35 has been intense, with the market threatening a fresh longer-term downside extension below 80.00. However, given the nature of the move, we would not at this point categorize the downside break as anything significant that alters the medium-term outlook. For now, the sidelines are the best place to be and we will look to see where the market closes this week to gain a clearer perspective. A weekly close below 79.75 might open a retest of the 76.35 spike lows, but any additional declines below 76.00 are seen limited. A weekly close back above 81.20 on the other hand, would take the immediate pressure off of the downside.                     

Pounds to US Dollars : The 1.6300 handle continues to be a difficult obstacle for bulls, with the market unable to hold above the figure for any meaningful period of time. As such, we would warn that any rallies towards the figure over the coming sessions should be met with reservation, as the market could once again stall out by or ahead of the figure. In the interim, key short-term support comes in by 1.6060 and a break back below would be required to take the pressure off of the topside.
              
US Dollars to Swiss Francs :  The latest break to fresh record lows below 0.9000 (0.8910) is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favor the formation of some form of a material base over the coming weeks for an eventual break back above parity. Look for an initial break and close back above 0.9100 to relieve immediate downside pressure, while back above 0.9370 will officially confirm reversal prospects and accelerate gains. Only a break and weekly close below the recent record spike lows at 0.8910 ultimately delays outlook.

Australian Dollars to US Dollars : The market has been in the process of recovering since breaking below critical support at 0.9800 a few days back, with the latest rally resulting in a push back above parity. Nevertheless, we view the current bounce as corrective, and expect to see the market very well capped from here below 1.0150 on a daily close basis. Ultimately, only a break and close back above 1.0200 would negate outlook and give reason for pause.

New Zealand Dollars to US Dollars : The break below major neckline support at 0.7340 in recent trade has now triggered a double top formation that projects additional declines towards the 0.6700 area further down. Below 0.6700 then exposes more critical support at 0.6500. Look to sell into rallies, with a fresh lower top now ideally sought out below 0.7450.  Only back above 0.7450 gives reason for concern.       

US Dollars to Canadian Dollars : A near bullish outside week after establishing fresh multi-month lows by 0.9665 got us excited with the prospect for a major reversal, and the latest break and weekly close back above 0.9800 helps to confirm our constructive outlook and should accelerate gains. Next key topside resistance comes in by 0.9975, with a break above opening the door for a test of 1.0060 further up. From here, look for any intraday setbacks to be well supported above 0.9700 on a daily close basis, with only a break back below 0.9665 to ultimately negate outlook and give reason fro concern.        

Euros to Japanese Yen : The market remains very well supported on dips with the overall price action defined as consolidative. However, given where the market trades historically, we continue to like the idea of being buyers down by current levels in favor of a major bullish reversal over the coming months. For now, key resistance comes in by the multi-week consolidation highs at 116.00, and a break and close back above this level will be required to officially force a shift in the structure. In the interim, buying dips towards 110.00 is favoured.                                     

Pounds To Japanese Yen : As per our analysis in previous weeks, dips towards the multi-week range lows in the 125.00 area continue to be very well supported, with the market adhering to the defined range. Ultimately, a weekly close back above 137.80 or below 125.00 will be required to force a major shift in the structure. In the interim, we remain sidelined.       

Euros to Swiss Francs : The latest sharp and intense pullback has not compromised our longer-term basing outlook, with the 1.2400 record lows from late 2010 still intact. Any additional declines are seen limited, with the greater risk for a sharp upside reversal. For now however, a break back above 1.3040 will be required to officially alleviate downside pressures.     

To read more please visit www.dailyfx.com

 

Travel-FX

Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

Need to Buy Holiday Money? Buy Travel money at the best exchange rates visit www.travelfx.co.uk and save on your travel and holiday money needs?

Contact IMS Foreign Exchange + 44 207 183 2790

Travel Money Best Currency Rates today

Buying Euros

Overseas Money Transfers

]]> http://www.imsfx.co.uk/daily_report/March-2011/Buying-Euros-21-03-2011.htm Pounds to Australian Dollars FF180E6D-5A00-4D64-954F-F0BBA01902F5 Tue, 22 Mar 2011 10:25:46 +0000 Daily news story:

Exchange Rate Outlook - Bank of Japan intervention to Buy Japanese Yen

 

Euros to US Dollars :The market remains very well bid on dips to delay and even potentially negate any hopes for some kind of a topping formation on the daily chart. The latest break back above 1.4000 has threatened bearish reversal prospects and now opens the door for a fresh upside extension towards next critical resistance by 1.4280 further up. A daily close above 1.4035 (7March high) will all but solidify the bullish momentum, while another topside failure above 1.4000 would be required on Friday to reintroduce bearish prospects. For now, the best strategy is to take to the sidelines until a clearer directional bias presents.             
US Dollars to Japanese Yen :  The latest violent drop-ff to fresh record lows by 76.35 has been intense, with the market threatening a fresh longer-term downside extension below 80.00. However, given the nature of the move, we would not at this point categorize the downside break as anything significant that alters the medium-term outlook. For now, the sidelines are the best place to be and we will look to see where the market closes this week to gain a clearer perspective. A weekly close below 79.75 might open a retest of the 76.35 spike lows, but any additional declines below 76.00 are seen limited. A weekly close back above 81.20 on the other hand, would take the immediate pressure off of the downside.                    

Pounds to US Dollars : The 1.6300 handle continues to be a difficult obstacle for bulls, with the market unable to hold above the figure for any meaningful period of time. This has resulted in the latest sharp pullback below 1.6000, and from here, we see risks for additional declines towards next key support in the 1.5700 area over the coming days. Any intraday rallies are expected to be well capped below 1.6200 on a close basis, with only a close back above 1.6200 seen compromising our bearish outlook.                
US Dollars to Swiss Francs :  The latest break to fresh record lows below 0.9000 (0.8910) is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favor the formation of some form of a material base over the coming weeks for an eventual break back above parity. Look for a break and close back above 0.9370 to confirm outlook and accelerate gains. Only a break and weekly close below the recent record spike lows at 0.8910 ultimately delays outlook.                     

Australian Dollars to US Dollars : The latest break below 0.9800 is significant and should now force a shift in the medium-term and potentially longer-term structure. The market had been very well supported by the figure over the past several weeks and this break now triggers what I have classified as an unconventional head & shoulders top that should now open an acceleration of declines initially towards 0.9500 and then towards 0.9000 further down. Markets are however extremely volatile on a shorter-term basis and as such, we would only recommend selling into rallies rather than on breaks. Scope exists for a fresh lower top somewhere around the 1.0000 handle and selling into this psychological barrier is the preferred approach. Ultimately, only back above 1.0200 gives reason for concern.    
      
New Zealand Dollars to US Dollars : The break below major neckline support at 0.7340 in recent trade has now triggered a double top formation that projects additional declines towards the 0.6700 area further down. Below 0.6700 then exposes more critical support at 0.6500. Look to sell into rallies, with a fresh lower top now ideally sought out below 0.7450.      

US Dollars to Canadian Dollars : A near bullish outside week after establishing fresh multi-month lows by 0.9665 got us excited with the prospect for a major reversal, and the latest break back above 0.9800 helps to confirm our constructive outlook and should accelerate gains. Next key topside resistance comes in by 0.9975, with a break above opening the door for a test of 1.0060 further up. From here, look for any intraday setbacks to be well supported above 0.9800 on a daily close basis, with only a break back below 0.9665 to negate outlook and give reason fro concern.     

Euros to Japanese Yen : The market remains very well supported on dips with the overall price action defined as consolidative. However, given where the market trades historically, we continue to like the idea of being buyers down by current levels in favor of a major bullish reversal over the coming months. For now, key resistance comes in by the multi-week consolidation highs at 116.00, and a break and close back above this level will be required to officially force a shift in the structure. In the interim, buying dips towards 110.00 is favoured.                                  

Pounds To Japanese Yen : As per our analysis in previous weeks, dips towards the multi-week range lows in the 125.00 area continue to be very well supported, with the market adhering to the defined range. Ultimately, a close back above 137.80 or below 125.00 will be required to force a major shift in the structure. In the interim, we remain sidelined.       

Euros to Swiss Francs : The latest sharp and intense pullback has not compromised our longer-term basing outlook, with the 1.2400 record lows from late 2010  still intact. Any additional declines are seen limited, with the greater risk for a sharp upside reversal. For now however, a break back above 1.3040 will be required to officially alleviate downside pressures.    

To read more please visit www.dailyfx.com

 

Travel-FX

Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

Need to Buy Holiday Money? Buy Travel money at the best exchange rates visit www.travelfx.co.uk and save on your travel and holiday money needs?

Contact IMS Foreign Exchange + 44 207 183 2790

Travel Money Best Currency Rates today

Buying Euros

Overseas Money Transfers

]]> http://www.imsfx.co.uk/daily_report/March-2011/Buying-Euros-18-03-2011.htm Pounds to Australian Dollars BF1195A7-2E81-4970-B571-AD347F35DBD5 Fri, 18 Mar 2011 09:50:20 +0000 Daily news story:

Exchange Rate Outlook - Pounds to Australian Dollars

 

Euros to US Dollars :The latest topside failure above 1.4000 and ahead of 1.4035 is significant and inability to establish back above the psychological barrier opens the door for a potential bearish trend reversal in favour of the USD. A bearish close on Wednesday shifts the momentum back in the USDs favour and opens the door for deeper setbacks and a potential double top on the daily chart. Look for a break below neckline support at 1.3750 to confirm the double top and open an acceleration towards the 1.3500 area further down. Only a daily close back above 1.4000 would negate.            

US Dollars to Japanese Yen :  The latest violent drop-ff to fresh record lows by 76.35 has been intense, with the market threatening a fresh longer-term downside extension below 80.00. However, given the nature of the move, we would not at this point categorize the downside break as anything significant that alters the medium-term outlook. For now, the sidelines are the best place to be and we will look to see where the market closes this week to gain a clearer perspective. A weekly close below 79.00 might open a  retest of the 76.35 spike lows, but any additional declines below 76.00 are seen limited. Back above 81.20 is required to take the immediate pressure off of the downside.                 

Pounds to US Dollars : The 1.6300 handle continues to be a difficult obstacle for bulls, with the market unable to hold above the figure for any meaningful period of time. This has resulted in the latest sharp pullback below 1.6000, and from here, we see risks for additional declines towards next key support in the 1.5700 area over the coming days. Any intraday rallies are expected to be well capped below 1.6200 on a close basis.                    

US Dollars to Swiss Francs :  The latest break to fresh record lows below 0.9000 is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favor the formation of some form of a material base over the coming weeks for an eventual break back above parity. Look for a break and close back above 0.9370 to confirm outlook and accelerate gains. Only a break and weekly close below the recent record spike lows at 0.8910 ultimately delays outlook.                  

Australian Dollars to US Dollars : The latest break below 0.9800 is significant and should now force a shift in the medium-term and potentially longer-term structure. The market had been very well supported by the figure over the past several weeks and this break now triggers what I have classified as an unconventional head & shoulders top that should now open an acceleration of declines initially towards 0.9500 and then towards 0.9000 further down. Markets are however extremely volatile on a shorter-term basis and as such, we would only recommend selling into rallies rather than on breaks. Scope exists for a fresh lower top somewhere around the 1.0000 handle and selling into this psychological barrier is the preferred approach. Ultimately, only back above 1.0200 gives reason for concern.    
      
New Zealand Dollars to US Dollars : The break below major neckline support at 0.7340 in recent trade has now triggered a double top formation that projects additional declines towards the 0.6700 area further down. Below 0.6700 then exposes more critical support at 0.6500. Look to sell into rallies, with a fresh lower top now ideally sought out below 0.7450.     

US Dollars to Canadian Dollars : A near bullish outside week after establishing fresh multi-month lows by 0.9665 got us excited with the prospect for a major reversal, and the latest break back above 0.9800 helps to confirm our constructive outlook and should accelerate gains. Next key topside resistance comes in by 0.9975, with a break above opening the door for a test of 1.0060 further up. From here, look for any intraday setbacks to be well supported above 0.9800 on a daily close basis, with only a break back below 0.9665 to negate outlook and give reason fro concern.     

Euros to Japanese Yen : The market remains very well supported on dips with the overall price action defined as consolidative. However, given where the market trades historically, we continue to like the idea of being buyers down by current levels in favor of a major bullish reversal over the coming months. For now, key resistance comes in by the multi-week consolidation highs at 116.00, and a break and close back above this level will be required to officially force a shift in the structure. In the interim, buying dips towards 107.00 is favoured.                               

Pounds To Japanese Yen : As per our analysis in previous weeks, dips towards the multi-week range lows in the 125.00 area continue to be very well supported, with the market adhering to the defined range. Ultimately, a close back above 137.80 or below 125.00 will be required to force a major shift in the structure. In the interim, we remain sidelined.      

Euros to Swiss Francs : The latest sharp and intense pullback certainly threatens are longer-term basing outlook, but even with the drop, the 1.2400 record lows from late 2010 are still intact. While we would not rule out the possibility for a retest and break of this level over the coming sessions, and additional declines are seen limited, with the greater risk for a sharp upside reversal. For now however, a break back above 1.3040 will be required to officially alleviate downside pressures. 

To read more please visit www.dailyfx.com

 

Travel-FX

Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

Need to Buy Holiday Money? Buy Travel money at the best exchange rates visit www.travelfx.co.uk and save on your travel and holiday money needs?

Contact IMS Foreign Exchange + 44 207 183 2790

Travel Money Best Currency Rates today

Buying Euros

Overseas Money Transfers

]]> http://www.imsfx.co.uk/daily_report/March-2011/Buying-Euros-17-03-2011.htm Pounds to Australian Dollars B695FE03-5185-4825-8C47-BCDB628DCCD8 Thu, 17 Mar 2011 11:32:46 +0000 Daily news story:

Exchange Rate Outlook - Pounds to Euros

 

Euros to US Dollars :The latest topside failure above 1.4000 and ahead of 1.4035 is significant and inability to establish back above the psychological barrier opens the door for a potential bearish trend reversal in favour of the USD. Tuesday's intense recovery rally certainly threatens this outlook, but a bearish close on Wednesday will once again shift the momentum back in the USDs favour and open the door for deeper setbacks and a potential double top on the daily chart. However, a break and close back above 1.4000 will negate and open the door for a fresh upside extension towards critical resistance by 1.4280 from November 2010.        

US Dollars to Japanese Yen :  Overall, nothing has changed as of yet, with the market still locked within a well defined multi-week range between the 80.00-85.00 area. The latest sharp setbacks have once again been well supported ahead of 80.00, to leave the range very much intact for now. The record lows come in by 79.75 from 1995, and we continue to see the more medium and longer-term risks to the upside, with the market trading just off these record lows. Still, we are now on the sidelines and will wait for a sustained break back above 84.50 or below 80.00 for a clearer directional bias.                 

Pounds to US Dollars : The 1.6300 handle continues to be a difficult obstacle for bulls, with the market unable to hold above the figure for any meaningful period of time. This has resulted in the latest sharp pullback below 1.6000, and from here, we see risks for additional declines towards next key support in the 1.5700 area over the coming days. Any intraday rallies are expected to be well capped below 1.6200 on a close basis.                   

US Dollars to Swiss Francs :  The latest break to fresh record lows below 0.9200 is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favor the formation of some form of a material base over the coming weeks for an eventual break back above parity. Look for a break and close back above 0.9370 to confirm outlook and accelerate gains. Only a break and weekly close below critical psychological barriers at 0.9000 ultimately delays outlook.                 

Australian Dollars to US Dollars : Although the market has been very well supported on a medium-term basis ahead of 0.9800, we continue to favour risks for additional downside and like the idea of selling into any rallies. Ultimately, we see the market in the process of carving out a major top with the formation of what looks to be a very unconventional head & shoulders pattern. The neckline for this formation is highly debatable, but we will call 0.9800 as the neckline, with a weekly close below this figure to open the door for a severe decline back towards 0.9000 over the medium-term. Ultimately, only back above 1.0250 would negate and give reason for pause, while intraday rallies should be sold ahead of 1.0100.    
      
New Zealand Dollars to US Dollars : The market remains well offered on rallies to put in a series of inter-day lower highs and lower lows. The latest break below 0.7425 confirms a fresh lower top by 0.7555, and has opened the door for the next downside extension below critical medium-term support at 0.7340. Should the market now establish a weekly close below 0.7340, we could see a further acceleration of declines back to the 0.6500 area over the coming weeks. In the interim, any rallies should now be well capped ahead of 0.7450.     

US Dollars to Canadian Dollars : A near bullish outside week after establishing fresh multi-month lows by 0.9665 got us excited with the prospect for a major reversal, and the latest break back above 0.9800 helps to confirm our constructive outlook and should accelerate gains. Next key topside resistance comes in by 0.9975, with a break above opening the door for a test of 1.0060 further up. From here, look for any intraday setbacks to be well supported ahead of 0.9700, with only a break back below 0.9665 to negate outlook and give reason fro concern.    

Euros to Japanese Yen : The market remains very well supported on dips with the overall price action defined as consolidative. However, given where the market trades historically, we continue to like the idea of being buyers down by current levels in favor of a major bullish reversal over the coming months. For now, key resistance comes in by the multi-week consolidation highs at 116.00, and a break and close back above this level will be required to officially force a shift in the structure. In the interim, buying dips towards 113.00 is favoured.                            

Pounds To Japanese Yen : As per our analysis in previous weeks, dips towards the multi-week range lows in the 125.00 area were once again very well supported, with the market adhering to the defined range and bouncing back above 135.00. At this point, we would not at all be surprised to see a push towards the range highs by 137.80. Ultimately, a close back above 137.80 or below 125.00 will be required to force a major shift in the structure. In the interim, we remain sidelined.      

Euros to Swiss Francs : The market has come under some pressure over the past several days with setbacks extending into the 1.2700's ahead of the latest bounce. However, with medium-term studies looking more constructive and showing the formation of a potential major base by record lows at 1.2400 from late 2010, we liked the idea of buying into this dip in anticipation of a higher platform by 1.2705. Any intraday setbacks should continue to be supported above 1.2700 on a daily close basis.  

To read more please visit www.dailyfx.com

 

Travel-FX

Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

Need to Buy Holiday Money? Buy Travel money at the best exchange rates visit www.travelfx.co.uk and save on your travel and holiday money needs?

Contact IMS Foreign Exchange + 44 207 183 2790

Travel Money Best Currency Rates today

Buying Euros

Overseas Money Transfers

]]> http://www.imsfx.co.uk/daily_report/March-2011/Buying-Euros-16-03-2011.htm Pounds to Australian Dollars E81FC23F-F228-47DC-AF22-F0EDD923A3B3 Thu, 17 Mar 2011 11:31:59 +0000 Daily news story:

Exchange Rate Outlook - Pounds to us dollar exchange rate headed lower on Japanese Earth Quake

 

Euros to US Dollars :The latest topside failure above 1.4000 and ahead of 1.4035 is significant and inability to establish back above the psychological barrier opens the door for a bearish trend reversal in favor of the USD. Tuesday's setbacks have already resulted in a break below Monday's low to set up a potential bearish reversal day, and should the market end up closing lower on the day, we could also see the formation of a double top on the daily chart. Neckline support comes in at 1.3750 and a break below would confirm the formation and open a measured move downside extension back towards the 1.3500 area over the coming days.       

US Dollars to Japanese Yen :  Overall, nothing has changed as of yet, with the market still locked within a well defined multi-week range between the 80.00-85.00 area. The latest sharp setbacks have once again been well supported ahead of 80.00, to leave the range very much intact for now. The record lows come in by 79.75 from 1995, and we continue to see the more medium and longer-term risks to the upside, with the market trading just off these record lows. Still, we are now on the sidelines and will wait for a break back above 84.50 or below 80.00 for a clearer directional bias.                

Pounds to US Dollars : The 1.6300 handle continues to be a difficult obstacle for bulls, with the market unable to hold above the figure for any meaningful period of time. This has resulted in the latest sharp pullback below 1.6000, and from here, we see risks for additional declines towards next key support in the 1.5700 area over the coming days. Any intraday rallies are expected to be well capped below 1.6200 on a close basis.                  

US Dollars to Swiss Francs :  The latest break to fresh record lows by 0.9200 is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favor the formation of some form of a material base over the coming weeks for an eventual break back above parity. Look for a break and close back above 0.9370 to confirm outlook and accelerate gains. A break and close back below 0.9200 delays.                

Australian Dollars to US Dollars : Although the market has been very well supported on a medium-term basis ahead of 0.9800, we continue to favour risks for additional downside and like the idea of selling into any rallies. Ultimately, we see the market in the process of carving out a major top with the formation of what looks to be a very unconventional head & shoulders pattern. The neckline for this formation is highly debatable, but we will call 0.9800 as the neckline, with a weekly close below this figure to open the door for a severe decline back towards 0.9000 over the medium-term. Ultimately, only back above 1.0250 would negate and give reason for pause. 
      
New Zealand Dollars to US Dollars : The market remains well offered on rallies to put in a series of inter-day lower highs and lower lows. The latest break below 0.7425 confirms a fresh lower top by 0.7555, and has opened the door for the next downside extension below critical medium-term support at 0.7340. Should the market now establish a weekly close below 0.7340, we could see a further acceleration of declines back to the 0.6500 area over the coming weeks. In the interim, any rallies should now be well capped ahead of 0.7500.     

US Dollars to Canadian Dollars : A near bullish outside week after establishing fresh multi-month lows by 0.9665 got us excited with the prospect for a major reversal, and the latest break back above 0.9800 helps to confirm our constructive outlook and should accelerate gains. Next key topside resistance comes in by 0.9960, with a break above opening the door for a test of 1.0060 further up. From here, look for any intraday setbacks to be well supported ahead of 0.9700, with only a break back below 0.9665 to negate outlook and give reason fro concern.  

Euros to Japanese Yen : The market remains very well supported on dips with the overall price action defined as consolidative. However, given where the market trades historically, we continue to like the idea of being buyers down by current levels in favor of a major bullish reversal over the coming months. For now, key resistance comes in by the multi-week consolidation highs at 116.00, and a break and close back above this level will be required to officially force a shift in the structure. In the interim, buying dips towards 113.00 is favoured.                         

Pounds To Japanese Yen : As per our analysis in previous weeks, dips towards the multi-week range lows in the 125.00 area were once again very well supported, with the market adhering to the defined range and bouncing back above 135.00. At this point, we would not at all be surprised to see a push towards the range highs by 137.80. Ultimately, a close back above 137.80 or below 125.00 will be required to force a major shift in the structure. In the interim, we remain sidelined.     

Euros to Swiss Francs : The market has come under some pressure over the past several days with setbacks extending into the 1.2700's ahead of the latest bounce. However, with medium-term studies looking more constructive and showing the formation of a potential major base by record lows at 1.2400 from late 2010, we liked the idea of buying into this dip in anticipation of a higher platform by 1.2705. Any intraday setbacks should continue to be supported above 1.2700 on a daily close basis.  

To read more please visit www.dailyfx.com

 

Travel-FX

Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

Need to Buy Holiday Money? Buy Travel money at the best exchange rates visit www.travelfx.co.uk and save on your travel and holiday money needs?

Contact IMS Foreign Exchange + 44 207 183 2790

Travel Money Best Currency Rates today

Buying Euros

Overseas Money Transfers

]]> http://www.imsfx.co.uk/daily_report/March-2011/Buying-Euros-15-03-2011.htm Pounds to Australian Dollars 7452902C-C644-4C36-9B79-026CE598ABD0 Thu, 17 Mar 2011 11:31:39 +0000 Daily news story:

Exchange Rate Outlook - Pounds to us dollar exchange rate headed lower on Japanese Earth Quake

 

Euros to US Dollars :The latest topside failure above 1.4000 and ahead of 1.4035 is significant and inability to establish back above the psychological barrier opens the door for a bearish trend reversal in favor of the USD. Tuesday's setbacks have already resulted in a break below Monday's low to set up a potential bearish reversal day, and should the market end up closing lower on the day, we could also see the formation of a double top on the daily chart. Neckline support comes in at 1.3750 and a break below would confirm the formation and open a measured move downside extension back towards the 1.3500 area over the coming days.       

US Dollars to Japanese Yen :  Overall, nothing has changed as of yet, with the market still locked within a well defined multi-week range between the 80.00-85.00 area. The latest sharp setbacks have once again been well supported ahead of 80.00, to leave the range very much intact for now. The record lows come in by 79.75 from 1995, and we continue to see the more medium and longer-term risks to the upside, with the market trading just off these record lows. Still, we are now on the sidelines and will wait for a break back above 84.50 or below 80.00 for a clearer directional bias.                

Pounds to US Dollars : The 1.6300 handle continues to be a difficult obstacle for bulls, with the market unable to hold above the figure for any meaningful period of time. This has resulted in the latest sharp pullback below 1.6000, and from here, we see risks for additional declines towards next key support in the 1.5700 area over the coming days. Any intraday rallies are expected to be well capped below 1.6200 on a close basis.                  

US Dollars to Swiss Francs :  The latest break to fresh record lows by 0.9200 is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favor the formation of some form of a material base over the coming weeks for an eventual break back above parity. Look for a break and close back above 0.9370 to confirm outlook and accelerate gains. A break and close back below 0.9200 delays.                

Australian Dollars to US Dollars : Although the market has been very well supported on a medium-term basis ahead of 0.9800, we continue to favour risks for additional downside and like the idea of selling into any rallies. Ultimately, we see the market in the process of carving out a major top with the formation of what looks to be a very unconventional head & shoulders pattern. The neckline for this formation is highly debatable, but we will call 0.9800 as the neckline, with a weekly close below this figure to open the door for a severe decline back towards 0.9000 over the medium-term. Ultimately, only back above 1.0250 would negate and give reason for pause. 
      
New Zealand Dollars to US Dollars : The market remains well offered on rallies to put in a series of inter-day lower highs and lower lows. The latest break below 0.7425 confirms a fresh lower top by 0.7555, and has opened the door for the next downside extension below critical medium-term support at 0.7340. Should the market now establish a weekly close below 0.7340, we could see a further acceleration of declines back to the 0.6500 area over the coming weeks. In the interim, any rallies should now be well capped ahead of 0.7500.     

US Dollars to Canadian Dollars : A near bullish outside week after establishing fresh multi-month lows by 0.9665 got us excited with the prospect for a major reversal, and the latest break back above 0.9800 helps to confirm our constructive outlook and should accelerate gains. Next key topside resistance comes in by 0.9960, with a break above opening the door for a test of 1.0060 further up. From here, look for any intraday setbacks to be well supported ahead of 0.9700, with only a break back below 0.9665 to negate outlook and give reason fro concern.  

Euros to Japanese Yen : The market remains very well supported on dips with the overall price action defined as consolidative. However, given where the market trades historically, we continue to like the idea of being buyers down by current levels in favor of a major bullish reversal over the coming months. For now, key resistance comes in by the multi-week consolidation highs at 116.00, and a break and close back above this level will be required to officially force a shift in the structure. In the interim, buying dips towards 113.00 is favoured.                         

Pounds To Japanese Yen : As per our analysis in previous weeks, dips towards the multi-week range lows in the 125.00 area were once again very well supported, with the market adhering to the defined range and bouncing back above 135.00. At this point, we would not at all be surprised to see a push towards the range highs by 137.80. Ultimately, a close back above 137.80 or below 125.00 will be required to force a major shift in the structure. In the interim, we remain sidelined.     

Euros to Swiss Francs : The market has come under some pressure over the past several days with setbacks extending into the 1.2700's ahead of the latest bounce. However, with medium-term studies looking more constructive and showing the formation of a potential major base by record lows at 1.2400 from late 2010, we liked the idea of buying into this dip in anticipation of a higher platform by 1.2705. Any intraday setbacks should continue to be supported above 1.2700 on a daily close basis.  

To read more please visit www.dailyfx.com

 

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Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

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]]> http://www.imsfx.co.uk/daily_report/March-2011/Buying-Euros-15-03-2011.htm Pounds to Australian Dollars 724E50FA-8D51-44DF-8719-129D1CBCE365 Thu, 17 Mar 2011 11:27:16 +0000 Daily news story:

Exchange Rate Outlook - Pounds to New Zealand slides again

 

Euros to US Dollars :Despite the latest recovery back above 1.3900, we would not get overly bullish at current levels, with the market stalling out by the 78.6% fib retrace off of the latest 1.4035-1.3750 move just ahead of 1.4000. We would recommend looking to see how the market settles on Monday for a clearer directional bias. Inability to close back above 1.4000 would once again open the door for a potential pullback towards and eventually below 1.3750, while a close back above 1.4000 would most likely open the door for a full retracement back to the November 2010 highs by 1.4280.     

US Dollars to Japanese Yen :  Overall, nothing has changed as of yet, with the market still locked within a well defined multi-week range between the 80.00-85.00 area. The latest sharp setbacks have once again been well supported ahead of 80.00, to leave the range very much intact for now. The record lows come in by 79.75 from 1995, and we continue to see the more medium and longer-term risks to the upside, with the market trading just off these record lows. Still, we are now on the sidelines and will wait for a break back above 84.50 or below 80.00 for a clearer directional bias.                

Pounds to US Dollars : The 1.6300 handle continues to be a difficult obstacle for bulls, with the market unable to hold above the figure for any meaningful period of time. This has resulted in the latest sharp pullback below 1.6000, and from here, we see risks for additional declines towards next key support in the 1.5700 area over the coming days. Any intraday rallies are expected to be well capped below 1.6200 on a close basis.                   

US Dollars to Swiss Francs :  The latest break to fresh record lows by 0.9200 is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favour the formation of some form of a material base over the coming weeks for an eventual break back above parity. Look for a break and close back above 0.9370 to confirm outlook and accelerate gains. Back below 0.9200 delays.              

Australian Dollars to US Dollars : Although the market has been very well supported on a medium-term basis ahead of 0.9800, we continue to favour risks for additional downside and like the idea of selling into current rallies. Ultimately, we see the market in the process of carving out a major top and any rallies from here should be well capped below 1.0200 on a close basis. Only back above 1.0200 gives reason for concern, while a daily close below 0.9945 should accelerate to 0.9800 and below.
      
New Zealand Dollars to US Dollars : The market remains well offered on rallies to put in a series of inter-day lower highs and lower lows. The latest break below 0.7425 confirms a fresh lower top by 0.7555, and has opened the door for the next downside extension below critical medium-term support at 0.7340. Should the market now establish a weekly close below 0.7340, we could see a further acceleration of declines back to the 0.6500 area over the coming weeks. In the interim, any rallies should now be well capped ahead of 0.7500.      

US Dollars to Canadian Dollars : Daily studies are starting to look a little stretched, and this in conjunction with longer-term cyclical studies which warn of a major base, leave us looking for opportunities to buy rather then selling into the downtrend. The latest dip below the 0.9800 figure is viewed as an excellent opportunity to establish a very playable counter-trend long position. Ultimately, only a daily close back below 0.9700 would delay outlook and give reason for concern. A break and close back above 0.9800 reaffirms bias.

Euros to Japanese Yen : The market remains very well supported on dips with the overall price action defined as consolidative. However, given where the market trades historically, we continue to like the idea of being buyers down by current levels in favour of a major bullish reversal over the coming months. For now, key resistance comes in by the multi-week consolidation highs at 116.00, and a break and close back above this level will be required to officially force a shift in the structure. In the interim, buying dips towards 113.00 is favoured.                       

Pounds To Japanese Yen : As per our analysis in previous weeks, dips towards the multi-week range lows in the 125.00 area were once again very well supported, with the market adhering to the defined range and bouncing back above 135.00. At this point, we would not at all be surprised to see a push towards the range highs by 137.80. Ultimately, a close back above 137.80 or below 125.00 will be required to force a major shift in the structure. In the interim, we remain sidelined.    

Euros to Swiss Francs : The market had come under some pressure over the past several days with setbacks extending into the 1.2700's ahead of the latest bounce. However, with medium-term studies looking more constructive and showing the formation of a potential major base by record lows at 1.2400 from late 2010, we liked the idea of buying into this dip in anticipation of a higher platform by 1.2705. The latest sharp reversal back above 1.2900 confirms and opens the door for an assault back on and eventually through 1.3200. Any intraday setbacks should now be well supported ahead of 1.2800. 

To read more please visit www.dailyfx.com

 

Travel-FX

Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

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Contact IMS Foreign Exchange + 44 207 183 2790

Travel Money Best Currency Rates today

Buying Euros

Overseas Money Transfers

]]> http://www.imsfx.co.uk/daily_report/March-2011/Buying-Euros-14-03-2011.htm Pounds to Australian Dollars E73F9D98-C612-4F0C-B996-87E283B7ABA7 Thu, 17 Mar 2011 11:27:14 +0000 Daily news story:

Exchange Rate Outlook - Will the Bank of England Hike rates?

 

Euros to US Dollars :The market is looking really top heavy and rallies look to have stalled out for now by 1.4035, with the formation of a short-term top. The key levels to watch now come in by previous resistance and the 10-Day SMA by 1.3860 and 1.3880 respectively, and a daily close below these levels will likely accelerate declines towards next key support in the lower 1.3700's. Any intraday rallies are now expected to be well capped ahead of 1.3950.   

US Dollars to Japanese Yen :  The market continues to respect a multi-week range with setbacks most recently stalling out by 81.00 area support and bouncing back into the mid-range. From here, we see risks for continued upside and look for a test of the multi-week range resistance by 84.50 over the coming days. A break and close above 84.50 will be required to open the door for a more significant rally, while any intraday setbacks from here should be well supported above 82.00 on a daily close basis.               

Pounds to US Dollars : The 1.6300 handle continues to be a difficult obstacle for bulls, with the market unable to hold above the figure for any meaningful period of time. Monday's bearish outside day was impressive with the market engulfing the previous 2 day range and closing just under 1.6200 to open the door for deeper setbacks over the coming sessions. Look for a drop towards the 1.6000 area initially, while back under 1.5960 accelerates further. Intraday rallies should be well capped ahead of 1.6250. Only back above 1.6345 ultimately negates.                  

US Dollars to Swiss Francs :  The latest break to fresh record lows by 0.9200 is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favour the formation of some form of a material base over the coming weeks for an eventual break back above parity. The latest break and close back above 0.9330 strengthens the outlook and could now accelerate gains. Intraday setbacks should be well supported ahead of 0.9260.        

Australian Dollars to US Dollars : The latest break to fresh record lows by 0.9200 is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favor the formation of some form of a material base over the coming weeks for an eventual break back above parity. The latest break and close back above 0.9330 strengthens the outlook and could now accelerate gains. Intraday setbacks should be well supported ahead of 0.9260.      
New Zealand Dollars to US Dollars : The market remains well offered on rallies to put in a series of inter-day lower highs and lower lows. The latest break below 0.7425 confirms a fresh lower top by 0.7555, and has opened the door for the next downside extension below critical medium-term support at 0.7340. Should the market now establish a sustained break below 0.7340, we could see a further acceleration of declines back to the 0.6500 area over the coming weeks. In the interim, any rallies should now be well capped ahead of 0.7500.     

US Dollars to Canadian Dollars : Daily studies are starting to look a little stretched, and this in conjunction with longer-term cyclical studies which warn of a major base, leave us looking for opportunities to buy rather then selling into the downtrend. The latest dip below the 0.9800 figure is viewed as an excellent opportunity to establish a very playable counter-trend long position. Ultimately, only a daily close back below 0.9700 would delay outlook and give reason for concern. A break and close back above 0.9800 reaffirms bias. 

Euros to Japanese Yen : The market remains very well supported on dips with the overall price action defined as consolidative. However, given where the market trades historically, we continue to like the idea of being buyers down by current levels in favor of a major bullish reversal over the coming months. For now, key resistance comes in by the multi-week consolidation highs at 116.00, and a break and close back above this level will be required to officially force a shift in the structure. In the interim, buying dips towards 113.00 is favoured.                   

Pounds To Japanese Yen : As per our analysis in previous weeks, dips towards the multi-week range lows in the 125.00 area were once again very well supported, with the market adhering to the defined range and bouncing back above 135.00. At this point, we would not at all be surprised to see a push towards the range highs by 137.80. Ultimately, a close back above 137.80 or below 125.00 will be required to force a major shift in the structure. In the interim, we remain sidelined.    

Euros to Swiss Francs : The market had come under some pressure over the past several days with setbacks extending into the 1.2700's ahead of the latest bounce. However, with medium-term studies looking more constructive and showing the formation of a potential major base by record lows at 1.2400 from late 2010, we liked the idea of buying into this dip in anticipation of a higher platform by 1.2705. The latest sharp reversal back above 1.2900 confirms and opens the door for an assault back on and eventually through 1.3200. Any intraday setbacks should now be well supported ahead of 1.2900.

To read more please visit www.dailyfx.com

 

Travel-FX

Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

Need to Buy Holiday Money? Buy Travel money at the best exchange rates visit www.travelfx.co.uk and save on your travel and holiday money needs?

Contact IMS Foreign Exchange + 44 207 183 2790

Travel Money Best Currency Rates today

Buying Euros

Overseas Money Transfers

]]> http://www.imsfx.co.uk/daily_report/March-2011/Buying-Euros-10-03-2011.htm Pounds to Australian Dollars A2F4201C-A3CF-4C3F-BF05-9AB25CF798EE Thu, 17 Mar 2011 11:27:13 +0000 Daily news story:

Exchange Rate Outlook - Foreign Exchange Traders Buying New Zealand Dollars

 

Euros to US Dollars :The market has since stalled out after breaking above 1.4000 and the latest topside failure should not be taken lightly, with the price stalling around some key resistance at the 78.6% fib retrace off of the major November-January high-low move and by the psychological round number barrier. Tuesday's bearish close helps to reaffirm topping prospects and from here, deeper setbacks are seen towards 1.3700 over the coming sessions. Any intraday rallies should be well capped below 1.4000.   

US Dollars to Japanese Yen :  Although the market has come under some intense pressure in recent trade back below 82.00, overall price action remains largely consolidative with the market once again very well supported in the 81.00's. For now, 81.00 remains the key level to watch below, and only a close below this figure would negate the current range-bound price action and give reason for concern. As such, we like the idea of buying into the latest dips in favour of a bullish reversal back towards the key 84.50 multi-day range highs over the coming days. Intraday setbacks should now be well supported ahead of 82.00.           

Pounds to US Dollars : The 1.6300 handle continues to be a difficult obstacle for bulls, with the market unable to hold above the figure for any meaningful period of time. Monday's bearish outside day was impressive with the market engulfing the previous 2 day range and closing just under 1.6200 to now open the door for deeper setbacks over the coming sessions. Look for a drop towards the 1.6000 area, while back under 1.5960 accelerates further. Intraday rallies should be well capped ahead of 1.6250. Only back above 1.6345 negates.              

US Dollars to Swiss Francs :  The latest break to fresh record lows by 0.9200 is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favour the formation of some form of a material base over the coming weeks for an eventual break back above parity. The latest break and close back above 0.9330 strengthens the outlook and could now accelerate gains. Intraday setbacks should be well supported ahead of 0.9260.        

Australian Dollars to US Dollars : Although medium-term setbacks have stalled out for now ahead of 0.9800, we continue to favor risks for additional downside and like the idea of selling into current rallies. Ultimately, we see the market in the process of carving out a major top and any rallies from here should be well capped below 1.0200 on a close basis. Only back above 1.0200 gives reason for concern, while below 0.9945 should accelerate to 0.9800 and below.   

New Zealand Dollars to US Dollars : The market remains well offered on rallies to put in a series of inter-day lower highs and lower lows. The latest break below 0.7425 confirms a fresh lower top by 0.7555, and has opened the door for the next downside extension to critical medium-term support by 0.7340. Should the market now establish a sustained break below 0.7340, we could see a further acceleration of declines back to the 0.6500 area over the coming weeks. In the interim, any rallies should now be well capped ahead of 0.7500.    

US Dollars to Canadian Dollars : Daily studies are starting to look a little stretched, and this in conjunction with longer-term cyclical studies which warn of a major base, leave us looking for opportunities to buy rather then selling into the downtrend. The latest dip below the 0.9800 figure is viewed as an excellent opportunity to establish a very playable counter-trend long position. Ultimately, only a daily close back below 0.9700 would delay outlook and give reason for concern. A break and close back above 0.9800 reaffirms bias. 

Euros to Japanese Yen : The market remains very well supported on dips with the overall price action defined as consolidative. However, given where the market trades historically, we continue to like the idea of being buyers down by current levels in favor of a major bullish reversal over the coming months. For now, key resistance comes in by the multi-week consolidation highs at 116.00, and a break and close back above this level will be required to officially force a shift in the structure. In the interim, buying dips towards 113.00 is favoured.                

Pounds To Japanese Yen : As per our analysis in previous weeks, dips towards the multi-week range lows in the 125.00 area were once again very well supported, with the market adhering to the defined range and bouncing back above 135.00. At this point, we would not at all be surprised to see a push towards the range highs by 137.80. Ultimately, a close back above 137.80 or below 125.00 will be required to force a major shift in the structure. In the interim, we remain sidelined.   

Euros to Swiss Francs : The market had come under some pressure over the past several days with setbacks extending into the 1.2700's ahead of the latest bounce. However, with medium-term studies looking more constructive and showing the formation of a potential major base by record lows at 1.2400 from late 2010, we liked the idea of buying into this dip in anticipation of a higher platform by 1.2705. The latest sharp reversal back above 1.2900 confirms and opens the door for an assault back on and eventually through 1.3200. Any intraday setbacks should now be well supported ahead of 1.2900. 

To read more please visit www.dailyfx.com

 

Travel-FX

Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

Need to Buy Holiday Money? Buy Travel money at the best exchange rates visit www.travelfx.co.uk and save on your travel and holiday money needs?

Contact IMS Foreign Exchange + 44 207 183 2790

Travel Money Best Currency Rates today

Buying Euros

Overseas Money Transfers

]]> http://www.imsfx.co.uk/daily_report/March-2011/Buying-Euros-09-03-2011.htm Pounds to Australian Dollars 9254897D-0CDE-4A25-AA50-CCD9DC34BB3C Wed, 9 Mar 2011 13:14:30 +0000 Daily news story:

Exchange Rate Outlook - Foreign Exchange Traders Buy New Zealand Dollars

 

Euros to US Dollars :The market has since stalled out after breaking above 1.4000 and the latest topside failure should not be taken lightly, with the market stalling around some key resistance at the 78.6% fib retrace off of the major November-January high-low move and by the psychological round number barrier. For now, we will use 1.4000 as our gauge for directional bias. A daily close above 1.4000 will open the door for a direct retest of 1.4280, while inability to establish above the figure on a daily close basis will open the door for a meaningful bearish reversal. A break and close back below 1.3940 on Tuesday helps to confirm short-term bearish reversal prospects.  

US Dollars to Japanese Yen :  Although the market has come under some intense pressure in recent trade back below 82.00, overall price action remains largely consolidative with the market once again very well supported in the 81.00's. For now, 81.00 remains the key level to watch below, and only a close below this figure would negate the current range-bound price action and give reason for concern. As such, we like the idea of buying into the latest dips in favour of a bullish reversal back towards the key 84.50 multi-day range highs over the coming days. Intraday setbacks should now be well supported ahead of 81.50.         

Pounds to US Dollars : The 1.6300 handle continues to be a difficult obstacle for bulls, with the market unable to hold above the figure for any meaningful period of time. Monday's bearish outside day was impressive with the market engulfing the previous 2 day range and closing just under 1.6200 to now open the door for deeper setbacks over the coming sessions. Look for a drop towards the 1.6000 area, while back under 1.5960 accelerates further. Intraday rallies should be well capped ahead of 1.6300. |only back above 1.6345 negates.             

US Dollars to Swiss Francs :  The latest break to fresh record lows by 0.9200 is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favour the formation of some form of a material base over the coming weeks in favour of an eventual break back above parity. From here, big figures become key support as we are in unchartered territory, while a daily close back above 0.9330 would help to encourage bullish reversal prospects.   

Australian Dollars to US Dollars : Although setbacks have stalled out for now ahead of 0.9800, we continue to favor risks for additional downside and like the idea of selling into current rallies. Ultimately, we see the market in the process of carving out a major top and any rallies from here should be well capped below 1.0200 on a close basis. Only back above 1.0200 gives reason for concern, while below 0.9945 should accelerate to 0.9800 and below.      

New Zealand Dollars to US Dollars : The market remains well offered on rallies to put in a series of inter-day lower highs and lower lows. The latest break below 0.7425 confirms a fresh lower top by 0.7555, and has opened the door for the next downside extension to critical medium-term support by 0.7340. Should the market now establish a sustained break below 0.7340, we could see a further acceleration of declines back to the 0.6500 area over the coming weeks. In the interim, any rallies should now be well capped ahead of 0.7500.     

US Dollars to Canadian Dollars : Daily studies are starting to look a little stretched, and this in conjunction with longer-term cyclical studies which warn of a major base, leave us looking for opportunities to buy rather then selling into the downtrend. The latest dip below the 0.9800 figure is viewed as an excellent opportunity to establish a very playable counter-trend long position. Ultimately, only a daily close back below 0.9700 would delay outlook and give reason for concern. A break and close back above 0.9800 reaffirms bias.

Euros to Japanese Yen : The market remains very well supported on dips with the overall price action defined as consolidative. However, given where the market trades historically, we continue to like the idea of being buyers down by current levels in favor of a major bullish reversal over the coming months. For now, key resistance comes in by the multi-week consolidation highs at 116.00, and a break and close back above this level will be required to officially force a shift in the structure. In the interim, buying dips towards 113.00 is favoured.             

Pounds To Japanese Yen : As per our analysis in previous weeks, dips towards the multi-week range lows in the 125.00 area were once again very well supported, with the market adhering to the defined range and bouncing back above 135.00. At this point, we would not at all be surprised to see a push towards the range highs by 137.80. Ultimately, a close back above 137.80 or below 125.00 will be required to force a major shift in the structure. In the interim, we remain sidelined.   

Euros to Swiss Francs The market had come under some pressure over the past several days with setbacks extending into the 1.2700's ahead of the latest bounce. However, with medium-term studies looking more constructive and showing the formation of a potential major base by record lows at 1.2400 from late 2010, we liked the idea of buying into this dip in anticipation of a higher platform by 1.2705. The latest sharp reversal back above 1.2900 confirms and opens the door for an assault back on and eventually through 1.3200. Any intraday setbacks should now be well supported ahead of 1.2900. 

To read more please visit www.dailyfx.com

 

Travel-FX

Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

Need to Buy Holiday Money? Buy Travel money at the best exchange rates visit www.travelfx.co.uk and save on your travel and holiday money needs?

Contact IMS Foreign Exchange + 44 207 183 2790

Travel Money Best Currency Rates today

Buying Euros

Overseas Money Transfers

]]> http://www.imsfx.co.uk/daily_report/March-2011/Buying-Euros-08-03-2011.htm Pounds to Australian Dollars 3BA5431A-69AB-4C4D-AB12-081CBC896A3A Tue, 8 Mar 2011 10:58:02 +0000 Daily news story:

Exchange Rate Outlook - Will the pound exchange rate Improve?

 

Euros to US Dollars :The market has since stalled out after breaking above 1.4000 and the latest topside failure should not be taken lightly, with the market stalling around some key resistance at the 78.6% fib retrace off of the major November-January high-low move and by the psychological round number barrier. For now, we will use 1.4000 as our gauge for directional bias. A daily close above 1.4000 will open the door for a direct retest of 1.4280, while inability to establish above the figure on a daily close basis will open the door for a meaningful bearish reversal.  A break and close back below 1.3940 helps to confirm short-term bearish reversal prospects.  

US Dollars to Japanese Yen :  Although the market has come under some intense pressure in recent trade back below 82.00, overall price action remains largely consolidative with the market once again very well supported in the 81.00's. For now, 81.00 remains the key level to watch below, and only a close below this figure would negate the current range-bound price action and give reason for concern. As such, we like the idea of buying into the latest dips in favor of a bullish reversal back towards the key 84.50 multi-day range highs over the coming days. Intraday setbacks should now be well supported ahead of 81.50.         

Pounds to US Dollars : After failing to establish above 1.6300 over the past several weeks, the market finally managed to break and close above the level to suggest that a fresh upside extension towards 1.6500 could be underway. However, failure to hold above the figure once again leaves us doubting the latest move, and a break and close back below 1.6215 would confirm our suspicions and open the door for a key bearish reversal. For now we remain sidelined until a clearer opportunity presents.         

US Dollars to Swiss Francs :  The latest break to fresh record lows by 0.9200 is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favour the formation of some form of a material base over the coming weeks in favour of an eventual break back above parity. From here, big figures become key support as we are in unchartered territory, while a weekly close back above 0.9330 would help to encourage bullish reversal prospects. 

Australian Dollars to US Dollars : Although setbacks have stalled out for now ahead of 0.9800, we continue to favor risks for additional downside and like the idea of selling into current rallies. Ultimately, we see the market in the process of carving out a major top and any rallies from here should be well capped below 1.0200 on a close basis. Only back above 1.0200 gives reason for concern, while below 0.9945 should accelerate to 0.9800 and below.     

New Zealand Dollars to US Dollars : The market remains well offered on rallies to put in a series of inter-day lower highs and lower lows. The latest break below 0.7425 confirms a fresh lower top by 0.7555, and has opened the door for the next downside extension towards critical medium-term support by 0.7340. Should the market now establish a sustained break below 0.7340, we could see a further acceleration of declines back to the 0.6500 area over the coming weeks. In the interim, any rallies should now be well capped ahead of 0.7500.    

US Dollars to Canadian Dollars : Daily studies are starting to look a little stretched, and this in conjunction with longer-term cyclical studies which warn of a major base, leave us looking for opportunities to buy rather then selling into the downtrend. The latest dip below the 0.9800 figure is viewed as an excellent opportunity to establish a very playable counter-trend long position. Ultimately, only a daily close back below 0.9700 would delay outlook and give reason for concern. A break and close back above 0.9800 reaffirms bias.

Euros to Japanese Yen : The market remains very well supported on dips with the overall price action defined as consolidative. However, given where the market trades historically, we continue to like the idea of being buyers down by current levels in favor of a major bullish reversal over the coming months. For now, key resistance comes in by the multi-week consolidation highs at 116.00, and a break and close back above this level will be required to officially force a shift in the structure. In the interim, buying dips towards 113.00 is favored.              

Pounds To Japanese Yen : As per our analysis in previous weeks, dips towards the multi-week range lows in the 125.00 area were once again very well supported, with the market adhering to the defined range and bouncing back above 135.00. At this point, we would not at all be surprised to see a push towards the range highs by 137.80. Ultimately, a close back above 137.80 or below 125.00 will be required to force a major shift in the structure. In the interim, we remain sidelined.   

Euros to Swiss Francs The market had come under some pressure over the past several days with setbacks extending into the 1.2700's ahead of the latest bounce. However, with medium-term studies looking more constructive and showing the formation of a potential major base by record lows at 1.2400 from late 2010, we liked the idea of buying into this dip in anticipation of a higher platform by 1.2705. The latest sharp reversal back above 1.2900 confirms and opens the door for an assault back on and eventually through 1.3200. Any intraday setbacks should now be well supported ahead of 1.2850. 

To read more please visit www.dailyfx.com

 

Travel-FX

Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

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]]> http://www.imsfx.co.uk Pounds to Australian Dollars 8B953827-77D6-4891-97C2-82AC8FCEE2D1 Mon, 7 Mar 2011 16:04:40 +0000 Daily news story:

Exchange Rate Outlook - Will the pound exchange rate Improve?

 

Euros to US Dollars :The market has since stalled out after breaking above 1.4000 and the latest topside failure should not be taken lightly, with the market stalling around some key resistance at the 78.6% fib retrace off of the major November-January high-low move and by the psychological round number barrier. For now, we will use 1.4000 as our gauge for directional bias. A daily close above 1.4000 will open the door for a direct retest of 1.4280, while inability to establish above the figure on a daily close basis will open the door for a meaningful bearish reversal.  A break and close back below 1.3940 helps to confirm short-term bearish reversal prospects.  

US Dollars to Japanese Yen :  Although the market has come under some intense pressure in recent trade back below 82.00, overall price action remains largely consolidative with the market once again very well supported in the 81.00's. For now, 81.00 remains the key level to watch below, and only a close below this figure would negate the current range-bound price action and give reason for concern. As such, we like the idea of buying into the latest dips in favor of a bullish reversal back towards the key 84.50 multi-day range highs over the coming days. Intraday setbacks should now be well supported ahead of 81.50.         

Pounds to US Dollars : After failing to establish above 1.6300 over the past several weeks, the market finally managed to break and close above the level to suggest that a fresh upside extension towards 1.6500 could be underway. However, failure to hold above the figure once again leaves us doubting the latest move, and a break and close back below 1.6215 would confirm our suspicions and open the door for a key bearish reversal. For now we remain sidelined until a clearer opportunity presents.         

US Dollars to Swiss Francs :  The latest break to fresh record lows by 0.9200 is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favour the formation of some form of a material base over the coming weeks in favour of an eventual break back above parity. From here, big figures become key support as we are in unchartered territory, while a weekly close back above 0.9330 would help to encourage bullish reversal prospects. 

Australian Dollars to US Dollars : Although setbacks have stalled out for now ahead of 0.9800, we continue to favor risks for additional downside and like the idea of selling into current rallies. Ultimately, we see the market in the process of carving out a major top and any rallies from here should be well capped below 1.0200 on a close basis. Only back above 1.0200 gives reason for concern, while below 0.9945 should accelerate to 0.9800 and below.     

New Zealand Dollars to US Dollars : The market remains well offered on rallies to put in a series of inter-day lower highs and lower lows. The latest break below 0.7425 confirms a fresh lower top by 0.7555, and has opened the door for the next downside extension towards critical medium-term support by 0.7340. Should the market now establish a sustained break below 0.7340, we could see a further acceleration of declines back to the 0.6500 area over the coming weeks. In the interim, any rallies should now be well capped ahead of 0.7500.    

US Dollars to Canadian Dollars : Daily studies are starting to look a little stretched, and this in conjunction with longer-term cyclical studies which warn of a major base, leave us looking for opportunities to buy rather then selling into the downtrend. The latest dip below the 0.9800 figure is viewed as an excellent opportunity to establish a very playable counter-trend long position. Ultimately, only a daily close back below 0.9700 would delay outlook and give reason for concern. A break and close back above 0.9800 reaffirms bias.

Euros to Japanese Yen : The market remains very well supported on dips with the overall price action defined as consolidative. However, given where the market trades historically, we continue to like the idea of being buyers down by current levels in favor of a major bullish reversal over the coming months. For now, key resistance comes in by the multi-week consolidation highs at 116.00, and a break and close back above this level will be required to officially force a shift in the structure. In the interim, buying dips towards 113.00 is favored.              

Pounds To Japanese Yen : As per our analysis in previous weeks, dips towards the multi-week range lows in the 125.00 area were once again very well supported, with the market adhering to the defined range and bouncing back above 135.00. At this point, we would not at all be surprised to see a push towards the range highs by 137.80. Ultimately, a close back above 137.80 or below 125.00 will be required to force a major shift in the structure. In the interim, we remain sidelined.   

Euros to Swiss Francs The market had come under some pressure over the past several days with setbacks extending into the 1.2700's ahead of the latest bounce. However, with medium-term studies looking more constructive and showing the formation of a potential major base by record lows at 1.2400 from late 2010, we liked the idea of buying into this dip in anticipation of a higher platform by 1.2705. The latest sharp reversal back above 1.2900 confirms and opens the door for an assault back on and eventually through 1.3200. Any intraday setbacks should now be well supported ahead of 1.2850. 

To read more please visit www.dailyfx.com

 

Travel-FX

Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

Need to Buy Holiday Money? Buy Travel money at the best exchange rates visit www.travelfx.co.uk and save on your travel and holiday money needs?

Contact IMS Foreign Exchange + 44 207 183 2790

Travel Money Best Currency Rates today

Buying Euros

Overseas Money Transfers

]]> http://www.imsfx.co.uk/daily_report/March-2011/Buying-Euros-07-03-2011.htm Pounds to Australian Dollars 748108FA-AD8F-4898-80FC-260507D5D6F5 Mon, 7 Mar 2011 16:03:48 +0000 Daily news story:

Exchange Rate Outlook - Pound Exchange Rate Outlook improves

 

Euros to US Dollars :It seems as though there was no need to wait for confirmation following Wednesday's daily close by 1.3860, with the market easily accelerating on Thursday above the level and towards our next key topside objective just shy of 1.4000. The market has since stalled out and the failure ahead of 1.4000 should not be taken lightly, with the market stalling by the 78.6% fib retrace off of the major November-January high-low move. For now, we will use 1.4000 as our gauge for directional bias. A daily close above 1.4000 will open the door for a direct retest of 1.4280, while inability to establish above the figure will open the door for a meaningful bearish reversal.  

US Dollars to Japanese Yen :  Although the market has come under some intense pressure in recent trade back below 82.00, overall price action remains largely consolidative with the market once again very well supported in the 81.00's. For now, 81.00 remains the key level to watch below, and only a close below this figure would negate the current range-bound price action and give reason for concern. As such, we like the idea of buying into the latest dips in favour of a bullish reversal back towards the key 84.50 multi-day range highs over the coming days.        

Pounds to US Dollars : After failing to establish above 1.6300 over the past several weeks, the market finally managed to break and close above the level on Wednesday to suggest that a fresh upside extension towards 1.6500 could be underway. However, Thursday's failure to hold above the figure once again leaves us doubting the latest move, and a break and close back below 1.6215 would confirm our suspicions and open the door for a key bearish reversal. For now we remain sidelined until a clearer opportunity presents.        

US Dollars to Swiss Francs :  The latest break to fresh record lows by 0.9200 is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favor the formation of some form of a material base over the coming weeks in favor of an eventual break back above parity. From here, big figures become key support as we are in unchartered territory, while a weekly close back above 0.9320 would help to encourage bullish reversal prospects.  

Australian Dollars to US Dollars : Although setbacks have stalled out for now ahead of 0.9800, we continue to favor risks for additional downside and like the idea of selling into current rallies. Ultimately, we see the market in the process of carving out a major top and any rallies from here should be well capped below 1.0200 on a close basis. Only back above 1.0200 gives reason for concern, while below 0.9945 should accelerate to 0.9800 and below.     

New Zealand Dollars to US Dollars : The market remains well offered on rallies to put in a series of inter-day lower highs and lower lows. The latest break below 0.7425 confirms a fresh lower top by 0.7555, and opens the door for the next downside extension towards critical medium-term support by 0.7340. Should the market then establish a sustained break below 0.7340, we could then see an acceleration of declines back to the 0.6500 area over the coming weeks. In the interim, any rallies should now be well capped ahead of 0.7650.    

US Dollars to Canadian Dollars : Daily studies are starting to look a little stretched, and this in conjunction with longer-term cyclical studies which warn of a major base, leave us looking for opportunities to buy rather then selling into the downtrend. The latest dip below the 0.9800 figure is viewed as an excellent opportunity to establish a very playable counter-trend long position. Ultimately, only a daily close back below 0.9700 would delay outlook and give reason for concern. A break and close back above 0.9800 reaffirms bias.   

Euros to Japanese Yen : The market remains very well supported on dips with the overall price action defined as consolidative. However, given where the market trades historically, we continue to like the idea of being buyers down by current levels in favour of a major bullish reversal over the coming months. For now, key resistance comes in by the multi-week consolidation highs at 115.70, and a break and close back above this level will be required to officially force a shift in the structure. In the interim, buying dips towards 112.00 is favoured.            

Pounds To Japanese Yen : As per our analysis in previous weeks, dips towards the multi-week range lows in the 125.00 area were once again very well supported, with the market adhering to the defined range and bouncing back above 135.00. At this point, we would not at all be surprised to see a push towards the range highs by 137.80. Ultimately, a close back above 137.80 or below 125.00 will be required to force a major shift in the structure. In the interim, we remain sidelined.   

Euros to Swiss Francs The market had come under some pressure over the past several days with setbacks extending into the 1.2700's ahead of the latest bounce. However, with medium-term studies looking more constructive and showing the formation of a potential major base by record lows at 1.2400 from late 2010, we liked the idea of buying into this dip in anticipation of a higher platform by 1.2705. The latest sharp reversal back above 1.2900 confirms and opens the door for an assault back on and eventually through 1.3200. Any intraday setbacks should now be well supported ahead of 1.2850. 

To read more please visit www.dailyfx.com

 

Travel-FX

Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

Need to Buy Holiday Money? Buy Travel money at the best exchange rates visit www.travelfx.co.uk and save on your travel and holiday money needs?

Contact IMS Foreign Exchange + 44 207 183 2790

Travel Money Best Currency Rates today

Buying Euros

Overseas Money Transfers

]]> http://www.imsfx.co.uk/daily_report/March-2011/Buying-Euros-04-03-2011.htm Pounds to Australian Dollars 52D19EFD-B399-4C13-8D82-26FED8F52801 Mon, 7 Mar 2011 15:39:37 +0000 Daily news story:

Exchange Rate Outlook - Pound Exchange Rate Outlook improves

 

Euros to US Dollars :We said a daily close above 1.3860 would be required to officially open the door to the next upside extension through psychological barriers by 1.4000 and towards key medium-term resistance from November 2010 at 1.4280, and the market made things difficult by closing just at 1.3860 on Wednesday. While this sends a strong message that we could in fact now see this next major upside extension, we will defer our bullish opinion another day to see where we close on Thursday. A close above 1.3860 on Thursday will solidify bullish prospects, while back below 1.3860 will alleviate topside pressures and open the door for some significant downside. Ultimately, a break and close back below 1.3700 will be required to officially shift the structure.

US Dollars to Japanese Yen :  Although the market has come under some intense pressure in recent trade back below 82.00, overall price action remains largely consolidative and we would expect to see the market once again well supported in the 81.00's. For now, 81.00 remains the key level to watch below, and only a close below this figure would negate the current range-bound price action and give reason for concern. As such, we like the idea of buying US Dollars on dips into the 81.00's in favour of a bullish reversal and close back above 82.00.         

Pounds to US Dollars : After failing to establish above 1.6300 over the past several weeks, the market finally managed to break and close above the level on Wednesday to suggest that a fresh upside extension towards 1.6500 and beyond is now underway. Look for a break back above 1.6350 to accelerate gains, while a drop back below 1.6215 would now be required to alleviate topside pressures.       

US Dollars to Swiss Francs :  The latest break to fresh record lows by 0.9200 is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favour the formation of some form of a material base over the coming weeks in favour of an eventual break back above parity. From here, big figures become key support as we are in unchartered territory, while a break back and close back above 0.9320 would be required to relieve immediate downside pressures.

Australian Dollars to US Dollars : Although setbacks have stalled out for now ahead of 0.9800, we continue to favor risks for additional downside and like the idea of selling into current rallies. Ultimately, we see the market in the process of carving out a major top and any rallies from here should be well capped below 1.0200 on a close basis. Only back above 1.0200 gives reason for concern, while below 0.9945 should accelerate to 0.9800 and below.    

New Zealand Dollars to US Dollars : The market remains well offered on rallies to put in a series of inter-day lower highs and lower lows. The latest break below 0.7425 confirms a fresh lower top by 0.7555, and opens the door for the next downside extension towards critical medium-term support by 0.7340. Should the market then establish a sustained break below 0.7340, we could then see an acceleration of declines back to the 0.6500 area over the coming weeks. In the interim, any rallies should now be well capped ahead of 0.7650.    

US Dollars to Canadian Dollars : Daily studies are starting to look a little stretched, and this in conjunction with longer-term cyclical studies which warn of a major base, leave us looking for opportunities to buy rather then selling into the downtrend. The latest dip below the 0.9800 figure is viewed as an excellent opportunity to establish a very playable counter-trend long position. Ultimately, only a daily close back below 0.9700 would delay outlook and give reason for concern. A break and close back above 0.9800 reaffirms bias.  

Euros to Japanese Yen : The market remains very well supported on dips with the overall price action defined as consolidative. However, given where the market trades historically, we continue to like the idea of being buyers down by current levels in favour of a major bullish reversal over the coming months. For now, key resistance comes in by the multi-week consolidation highs at 115.70, and a break and close back above this level will be required to officially force a shift in the structure. In the interim, buying dips towards 110.00 is favoured.          

Pounds To Japanese Yen : As per our analysis in previous weeks, dips towards the multi-week range lows in the 125.00 area were once again very well supported, with the market adhering to the defined range and bouncing back above 135.00. At this point, we would not at all be surprised to see a push towards the range highs by 137.80. Ultimately, a close back above 137.80 or below 125.00 will be required to force a major shift in the structure. In the interim, we remain sidelined.  

Euros to Swiss Francs The market has come under some pressure over the past several days with setbacks extending into the 1.2700's ahead of the latest minor bounce. However, with medium-term studies looking more constructive and showing the formation of a potential major base by record lows at 1.2400 from late 2010, we like the idea of buying into this dip from 1.3200 in anticipation of a higher platform by 1.2705. A close back above 1.2900 helps to confirm.

To read more please visit www.dailyfx.com

 

Travel-FX

Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

Need to Buy Holiday Money? Buy Travel money at the best exchange rates visit www.travelfx.co.uk and save on your travel and holiday money needs?

Contact IMS Foreign Exchange + 44 207 183 2790

Travel Money Best Currency Rates today

Buying Euros

Overseas Money Transfers

]]> http://www.imsfx.co.uk/daily_report/March-2011/Buying-Euros-03-03-2011.htm Pounds to Australian Dollars 34EC6F33-749B-4675-8E58-501F4B850E63 Mon, 7 Mar 2011 15:37:48 +0000

Exchange Rate Outlook - Pounds to New Zealand Dollar almost back at 2.2000

 

Euros to US Dollars :The market has stalled out just shy of the critical short-term resistance at 1.3860 in favor of the latest minor bearish reversal. The prospects for yet another high in the 1.3860 area ahead of a more significant decline are looking better, but we would need to see a break and close back under 1.3700 to officially confirm this outlook and shift in the structure. Below 1.3700 should accelerate declines and open the door for a fresh drop towards the 1.3500 area further down.     

US Dollars to Japanese Yen :  Although the market has come under some intense pressure in recent trade back below 82.00, overall price action remains largely consolidative and we would expect to see the market once again well supported in the 81.00's. For now, 81.00 remains the key level to watch below, and only a close below this figure would negate the current range-bound price action and give reason for concern. As such, we like the idea of buying on dips into the 81.00's in favor of a bullish reversal and close back above 82.00.         

Pounds to US Dollars : The market largely remains locked in some consolidation after continuously stalling out by key resistance at 1.6300. From here, it is difficult to establish a clear directional bias and we will need to see a sustained break above 1.6300 or daily close back below 1.6100 for additional clarity. Tuesday's bearish gravestone doji and failure above 1.6300 certainly suggests that we could be in for additional weakness over the coming sessions.      

US Dollars to Swiss Francs :  The latest break to fresh record lows by 0.9228 is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favour the formation of some form of a material base over the coming weeks in favour of an eventual break back above parity. From here, big figures become key support as we are in unchartered territory, while a break back and close back above 0.9320 would be required to relieve immediate downside pressures.  

Australian Dollars to US Dollars : Although setbacks have stalled out for now ahead of 0.9800, we continue to favor risks for additional downside and like the idea of selling into current rallies. Ultimately, we see the market in the process of carving out a major top and any rallies from here should be well capped below 1.0200 on a close basis. Only back above 1.0200 gives reason for concern, while below 0.9945 should accelerate to 0.9800 and below.  

New Zealand Dollars to US Dollars : The market remains well offered on rallies to put in a series of inter-day lower highs and lower lows. The latest break below 0.7425 confirms a fresh lower top by 0.7555, and opens the door for the next downside extension towards critical medium-term support by 0.7340. Should the market then establish a sustained break below 0.7340, we could then see an acceleration of declines back to the 0.6500 area over the coming weeks. In the interim, any rallies should now be well capped ahead of 0.7650.   

US Dollars to Canadian Dollars : Daily studies are starting to look a little stretched, and this in conjunction with longer-term cyclical studies which warn of a major base, leave us looking for opportunities to buy rather then selling into the downtrend. The latest dip below the 0.9800 figure is viewed as an excellent opportunity to establish a very playable counter-trend long position. Ultimately, only a daily close back below 0.9700 would delay outlook and give reason for concern. A break and close back above 0.9800 reaffirms bias.

Euros to Japanese Yen : The market remains very well supported on dips with the overall price action defined as consolidative. However, given where the market trades historically, we continue to like the idea of being buyers down by current levels in favor of a major bullish reversal over the coming months. For now, key resistance comes in by the multi-week consolidation highs at 115.70, and a break and close back above this level will be required to officially force a shift in the structure. In the interim, buying dips towards 110.00 is favoured.          

Pounds To Japanese Yen : As per our analysis in previous weeks, dips towards the multi-week range lows in the 125.00 area were once again very well supported, with the market adhering to the defined range and bouncing back above 135.00. At this point, we would not at all be surprised to see a push towards the range highs by 137.80. Ultimately, a close back above 137.80 or below 125.00 will be required to force a major shift in the structure. In the interim, we remain sidelined.

Euros to Swiss Francs The market has come under some pressure over the past several days with setbacks extending into the 1.2700's ahead of the latest minor bounce. However, with medium-term studies looking more constructive and showing the formation of a potential major base by record lows at 1.2400 from late 2010, we like the idea of buying into this dip from 1.3200 in anticipation of a higher platform by 1.2705. A close back above 1.2835 helps to confirm.

To read more please visit www.dailyfx.com

 

Travel-FX

Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

Need to Buy Holiday Money? Buy Travel money at the best exchange rates visit www.travelfx.co.uk and save on your travel and holiday money needs?

Contact IMS Foreign Exchange + 44 207 183 2790

Travel Money Best Currency Rates today

Buying Euros

Overseas Money Transfers

]]> http://www.imsfx.co.uk/daily_report/March-2011/Buying-Euros-02-03-2011.htm Pounds to Australian Dollars 94D18222-6185-4890-A230-15481CF43F73 Wed, 2 Mar 2011 11:49:53 +0000 Exchange Rate Outlook - Pound Exchange Rate Outlook improves

 

Euros to US Dollars :The market remains very well bid, with key short-term resistance by 1.3745-65 being easily cleared to now put the focus on next topside barriers at 1.3860. The 1.3860 level represents the current yearly high, and a break above will then open the door for a fresh upside extension towards psychological barriers by 1.4000 which also guard against the more significant medium-term resistance at 1.4285 from November 2010. There is still however the risk that the market stalls out in the 1.3800's, but a failure at or near 1.3860, and break back below 1.3700 would be required at a minimum to relieve current topside pressures. 

US Dollars to Japanese Yen :  Although the market has come under some intense pressure in recent trade back below 82.00, overall price action remains largely consolidative and we would expect to see the market once again well supported in the 81.00's. For now, 81.00 remains the key level to watch below, and only a close below this figure would negate the current range-bound price action and give reason for concern. As such, we like the idea of buying on dips into the 81.00's in favor of a bullish reversal and close back above 82.00.        

Pounds to US Dollars : The market largely remains locked in some consolidation after continuously stalling out by and ahead of key resistance at 1.6300. From here, it is difficult to establish a clear directional bias and we will need to see a sustained break above 1.6300 or daily close back below 1.6100 for additional clarity.   

US Dollars to Swiss Francs :  The latest break to fresh record lows by 0.9228 is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favor the formation of some form of a material base over the coming weeks in favor of an eventual break back above parity. From here, big figures become key support as we are in unchartered territory, while a break back and close back above 0.9320 would be required to relieve immediate downside pressures.  

Australian Dollars to US Dollars : Although setbacks have stalled out for now ahead of 0.9800, we continue to favor risks for additional downside and like the idea of selling into current rallies. Ultimately, we see the market in the process of carving out a major top and any rallies from here should be well capped below 1.0200 on a close basis. Only back above 1.0200 gives reason for concern, while below 0.9945 should accelerate to 0.9800 and below.   

New Zealand Dollars to US Dollars : Rallies continue to be very well capped and the market has once again stalled out in favor of yet another bearish reversal. From here, we see risks for additional declines towards 0.7300 over the coming sessions, with current intraday rallies expected to be well capped below 0.7600 on a close basis.   

US Dollars to Canadian Dollars : Daily studies are starting to look a little stretched, and this in conjunction with longer-term cyclical studies which warn of a major base, leave us looking for opportunities to buy rather then selling into the downtrend. The latest dip below the 0.9800 figure is viewed as an excellent opportunity to establish a very playable counter-trend long position. Ultimately, only a daily close back below 0.9700 would delay outlook and give reason for concern.  

Euros to Japanese Yen : The market remains very well supported on dips with the overall price action defined as consolidative. However, given where the market trades historically, we continue to like the idea of being buyers down by current levels in favor of a major bullish reversal over the coming months. For now, key resistance comes in by the multi-week consolidation highs at 115.70, and a break and close back above this level will be required to officially force a shift in the structure. In the interim, buying dips towards 110.00 is favored.       

Pounds To Japanese Yen : As per our analysis in previous weeks, dips towards the multi-week range lows in the 125.00 area were once again very well supported, with the market adhering to the defined range and bouncing back above 135.00 thus far. At this point, we would not at all be surprised to see a push towards the range highs by 137.80. Ultimately, a close back above 137.80 or below 125.00 will be required to force a major shift in the structure. In the interim, we remain sidelined.  

Euros to Swiss Francs The market has come under some pressure over the past several days with setbacks extending into the 1.2700's ahead of the latest minor bounce. However, with medium-term studies looking more constructive and showing the formation of a potential major base by record lows at 1.2400 from late 2010, we like the idea of buying into this dip from 1.3200 in anticipation of a higher platform by 1.2705. A close back above 1.2835 helps to confirm.

To read more please visit www.dailyfx.com

 

Travel-FX

Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
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]]> http://www.imsfx.co.uk/daily_report/february-2011/Buying-Euros-28-02-2011.htm Pounds to Australian Dollars D53B45D1-C020-41D8-ACBE-C8FB1171C55C Wed, 2 Mar 2011 11:49:53 +0000  

Euros to US Dollars : The market remains very well bid, with key short-term resistance by 1.3745-65 being easily cleared to now put the focus on next topside barriers at 1.3860. The 1.3860 level represents the current yearly high, and a break above will then open the door for a fresh upside extension towards psychological barriers by 1.4000 which also guard against the more significant medium-term resistance at 1.4285 from November 2010. There is still however the risk that the market stalls out in the 1.3800's, but a failure at or near 1.3860, and break back below 1.3700 would be required at a minimum to relieve current topside pressures.  

US Dollars to Japanese Yen :  Although the market has come under some intense pressure in recent trade back below 82.00, overall price action remains largely consolidative and we would expect to see the market once again well supported in the 81.00's. For now, 81.00 remains the key level to watch below, and only a close below this figure would negate the current range-bound price action and give reason for concern. As such, we like the idea of buying on dips into the 81.00's in favor of a bullish reversal and close back above 82.00.     

Pounds to US Dollars : The market largely remains locked in some consolidation after continuously stalling out by and ahead of key resistance at 1.6300. From here, it is difficult to establish a clear directional bias and we will need to see a sustained break above 1.6300 or daily close back below 1.6100 for additional clarity.  

US Dollars to Swiss Francs :  The latest break to fresh record lows below 0.9250 is certainly concerning and threatens our longer-term recovery outlook. Still, we do not see setbacks extending much further and continue to favor the formation of some form of a material base over the coming weeks in favour of an eventual break back above parity. From here, big figures become key support as we are in unchartered territory, while a break back and close back above 0.9320 would be required to relieve immediate downside pressures.  

Australian Dollars to US Dollars : Although setbacks have stalled out for now ahead of 0.9800, we continue to favour risks for additional downside and like the idea of selling into current rallies. Ultimately, we see the market in the process of carving out a major top and any rallies from here should be well capped below 1.0200 on a close basis. Only back above 1.0200 gives reason for concern, while below 0.9945 should accelerate to 0.9800 and below.  

New Zealand Dollars to US Dollars : Rallies continue to be very well capped and the market has once again stalled out in favour of yet another bearish reversal. From here, we see risks for additional declines towards 0.7300 over the coming sessions, with current intraday rallies expected to be well capped below 0.7600 on a close basis.  

US Dollars to Canadian Dollars : Daily studies are starting to look a little stretched, and this in conjunction with longer-term cyclical studies which warn of a major base, leave us looking for opportunities to buy rather then selling into the downtrend. The latest dip below the 0.9800 figure is viewed as an excellent opportunity to establish a very playable counter-trend long position. Ultimately, only a daily close back below 0.9700 would delay outlook and give reason for concern.  

Euros to Japanese Yen : The market remains very well supported on dips with the overall price action defined as consolidative. However, given where the market trades historically, we continue to like the idea of being buyers down by current levels in favour of a major bullish reversal over the coming months. For now, key resistance comes in by the multi-week consolidation highs at 115.70, and a break and close back above this level will be required to officially force a shift in the structure. In the interim, buying dips towards 110.00 is favoured.    

Pounds To Japanese Yen : As per our analysis in previous weeks, dips towards the multi-week range lows in the 125.00 area were once again very well supported, with the market adhering to the defined range and bouncing back above 135.00 thus far. At this point, we would not at all be surprised to see a push towards the range highs by 137.80. Ultimately, a close back above 137.80 or below 125.00 will be required to force a major shift in the structure. In the interim, we remain sidelined.  

Euros to Swiss Francs The market has come under some pressure over the past several days with setbacks extending into the 1.]]> http://www.imsfx.co.uk/daily_report/february-2011/Buying-Euros-28-02-2011.htm Pounds to Australian Dollars 51A23BED-FECF-4BA1-AD05-65BE9700CF13 Mon, 28 Feb 2011 10:45:42 +0000

Exchange Rate Outlook - Pound Exchange Rate falls on GDP

 

EUR/USD: The market remains very well bid, with key short-term resistance by 1.3745-65 being easily cleared to now put the focus on next topside barriers at 1.3860. The 1.3860 level represents the current yearly high, and a break above will then open the door for a fresh upside extension towards psychological barriers by 1.4000 which also guard against the more significant medium-term resistance at 1.4285 from November 2010. There is still however the risk that the market stalls out in the 1.3800's, but a failure at or near 1.3860, and break back below 1.3700 would be required at a minimum to relieve current topside pressures.  

USD/JPY: Although the market has come under some intense pressure in recent trade back below 82.00, overall price action remains largely consolidative and we would expect to see the market once again well supported in the 81.00's. For now, 81.00 remains the key level to watch below, and only a close below this figure would negate the current range-bound price action and give reason for concern. As such, we like the idea of buying on dips into the 81.00's in favor of a bullish reversal and close back above 82.00.     

GBP/USD: The market largely remains locked in some consolidation after continuously stalling out by and ahead of key resistance at 1.6300. From here, it is difficult to establish a clear directional bias and we will need to see a sustained break above 1.6300 or back below 1.6100 for additional clarity.  

USD/CHF: The latest break to fresh record lows below 0.9300 is certainly concerning and threatens our longer-term recovery prospects. Still, we do not see setbacks extending much further and continue to favor the formation of some form of a material base over the coming weeks in favor of an eventual break back above parity. From here, big figures become key support as we are in unchartered territory, while a break back above 0.9400 would be required to relieve immediate downside pressures.  

AUD/USD: Although setbacks have stalled out for now ahead of 0.9800, we continue to favor risks for additional downside and like the idea of selling into current rallies. Ultimately, we see the market in the process of carving out a major top and any rallies from here should be well capped below 1.0150 on a close basis. Only back above 1.0200 gives reason for concern, while below 0.9945 should accelerate to 0.9800 and below.  

NZD/USD: Rallies continue to be very well capped and the market has once again stalled out in favor of yet another bearish reversal. From here, we see risks for additional declines towards 0.7300 over the coming sessions, with any intraday rallies expected to be well capped below 0.7600 on a close basis.  

USD/CAD: Daily studies are starting to look a little stretched, and this in conjunction with longer-term cyclical studies which warn of a major base, leave us looking for opportunities to buy rather then selling into the downtrend. The 0.9800 figure seems to be offering itself as a formidable support zone for now, and any dips back towards or slightly below the figure over the coming sessions are viewed as an excellent opportunity to establish a very playable counter-trend long position. Ultimately, only a daily close back below 0.9750 would delay outlook and give reason for concern.  

EUR/JPY: The market remains very well supported on dips with the overall price action defined as consolidative. However, given where the market trades historically, we continue to like the idea of being buyers down by current levels in favor of a major bullish reversal over the coming months. For now, key resistance comes in by the multi-week consolidation highs at 115.70, and a break and close back above this level will be required to officially force a shift in the structure. In the interim, buying dips towards 110.00 is favored.    

GBP/JPY: As per our analysis in previous weeks, dips towards the multi-week range lows in the 125.00 area were once again very well supported, with the market adhering to the defined range and bouncing back above 135.00 thus far. At this point, we would not at all be surprised to see a push towards the range highs by 137.80. Ultimately, a close back above 137.80 or below 125.00 will be required to force a major shift in the structure. In the interim, we remain sidelined.  

EUR/CHF: The market has come under some pressure over the past several days with setbacks extending into the 1.2700's ahead of the latest minor bounce. However, with medium-term studies looking more constructive and showing the formation of a potential major base by record lows at 1.2400 from late 2010, we like the idea of buying into this dip from 1.3200 in anticipation of a higher platform somewhere in the 1.2700's. A close back above 1.2835 helps to confirm.

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Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
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]]> http://www.imsfx.co.uk/daily_report/february-2011/Buying-Euros-25-02-2011.htm Pounds to Australian Dollars AFB36977-560F-45C1-BB6B-1C64159AF93C Fri, 25 Feb 2011 11:13:52 +0000

Exchange Rate Outlook - Currency Exchange Rates

 

EUR/USD: The latest sharp upside reversal certainly threatens short-term bearish prospects, with the market now looking to establish back above 1.3745 (previous right shoulder). Next key resistance comes in by 1.3860 and a break and close above this level will completely negate bearish outlook and open the door for a more significant rally over the coming sessions towards 1.4000. However, inability to establish above 1.3745, will once again put the focus back on the downside and expose a retest of 1.3425 further down. In the interim, we remain sidelined and will wait for a clearer signal.   

 

USD/JPY: The market continues to remain extremely well bid on dips, with the latest surge back above 83.00 really encouraging longer-term recovery prospects and opening the door for a potential break of key topside resistance by 84.50 over the coming days. Longer-term cyclical studies certainly suggest that the market could be poised for a major bullish reversal and we would look for a break and weekly close back above 84.50 to help confirm outlook. Any additional dips from here should be well supported above 82.00 on a close basis, while only a break and close back below 82.00 would concern.

 

GBP/USD: The market largely remains locked in some consolidation after continuously stalling out by and ahead of key resistance at 1.6300. From here, it is difficult to establish a clear directional bias and we will need to see a sustained break above 1.6300 or back below 1.6100 for additional clarity.

 

USD/CHF: The latest break to fresh record lows below 0.9300 is certainly concerning and threatens our longer-term recovery prospects. Still, we do not see setbacks extending much further and continue to favor the formation of some form of a material base over the coming weeks in favor of an eventual break back above parity. From here, big figures become key support as we are in unchartered territory, while a break back above 0.9400 would be required to relieve immediate downside pressures.

AUD/USD: Although setbacks have stalled out for now ahead of 0.9800, we continue to favor risks for additional downside and like the idea of selling into current rallies. Ultimately, we see the market in the process of carving out a major top and any rallies from here should be well capped below 1.0150 on a close basis. Only back above 1.0200 gives reason for concern, while below 0.9945 should accelerate to 0.9800 and below.

NZD/USD: Rallies continue to be very well capped above 0.7800 and the market has once again stalled out above the figure in favor of yet another bearish reversal. From here, we see risks for additional declines towards 0.7300 over the coming sessions, with any intraday rallies expected to be well capped ahead of 0.7600. Tuesday's daily close below 0.7500 should accelerate declines.

USD/CAD: Daily studies are starting to look a little stretched, and this in conjunction with longer-term cyclical studies which warn of a major base, leave us looking for opportunities to buy rather then selling into the downtrend. The 0.9800 figure seems to be offering itself as a formidable support zone for now, and any dips back towards or slightly below the figure over the coming sessions are viewed as an excellent opportunity to establish a very playable counter-trend long position. Ultimately, only a daily close back below 0.9750 would delay outlook and give reason for concern.

EUR/JPY: The market remains very well supported on dips with the overall price action defined as consolidative. However, given where the market trades historically, we continue to like the idea of being buyers down by current levels in favor of a major bullish reversal over the coming months. For now, key resistance comes in by the multi-week consolidation highs at 115.70, and a break and close back above this level will be required to officially force a shift in the structure. In the interim, buying dips towards 110.00 is favored.  

GBP/JPY: As per our analysis in previous weeks, dips towards the multi-week range lows in the 125.00 area were once again very well supported, with the market adhering to the defined range and bouncing back above 135.00 thus far. At this point, we would not at all be surprised to see a push towards the range highs by 137.80. Ultimately, a close back above 137.80 or below 125.00 will be required to force a major shift in the structure. In the interim, we remain sidelined.

 

EUR/CHF: The market has come under some pressure over the past several days with setbacks extending into the 1.2700's ahead of the latest minor bounce. However, with medium-term studies looking more constructive and showing the formation of a potential major base by record lows at 1.2400 from late 2010, we like the idea of buying into this dip from 1.3200 in anticipation of a higher platform somewhere in the 1.2700's.

To read more please visit www.dailyfx.com

 

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Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

Need to Buy Holiday Money? Buy Travel money at the best exchange rates visit www.travelfx.co.uk and save on your travel and holiday money needs

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Buying Euros

]]> http://www.imsfx.co.uk/daily_report/february-2011/Buying-Euros-24-02-2011.htm Pounds to Australian Dollars C3248B04-9BF9-4806-9030-6A4A301AEDCC Thu, 24 Feb 2011 17:06:15 +0000 Exchange Rate Outlook - Best US Dollar Exchange Rates Feb. 18 (Bloomberg) -- The pound exchange rate reached a two-week high against the us dollar rate after U.K. retail sales surged last month by almost four times the amount forecast by economists, adding to signs the Bank of England has room to raise interest rates. Sterling advanced against a basket of nine developed-nation peers tracked by Bloomberg Correlation-Weighted Currency Indexes. The currency erased gains versus the euro after European Central Bank Executive Board member Lorenzo Bini Smaghi said the bank may need to raise rates as global inflation pressures mount. U.K. retail sales rose 1.9 percent in January, compared with a revised drop of 1.4 percent the previous month, the Office for National Statistics said today in London. The gain was the biggest since February 2010 and exceeded the 0.5 percent median forecast of 22 economists surveyed by Bloomberg. “It seems inevitable that rates will need to go up in the next two quarters,” said Chris Huddleston, a trader at Investec Bank Plc in London. “The retail data adds to that argument. The market is moving to price in further gains in sterling.” The pound rose as much as 0.5 percent to $1.6247, the strongest intraday level since Feb. 3, before trading at $1.6232 at 4:36 p.m. in London. Britain’s currency was little changed versus the euro at 84.16 pence, erasing a 0.7 percent gain. The yield on the 10-year gilt increased four basis points to 3.81 percent. Two-year note yields, typically more sensitive to interest-rate expectations, rose seven basis points to 1.53 percent. Pressure on the Bank of England to raise its key rate from a record low of 0.5 percent increased this week after a Feb. 15 report showed inflation accelerated to double the central bank’s 2 percent target. Consumer-price growth accelerated to 4 percent in January, forcing central bank Governor Mervyn King to write a fifth letter to explain the monetary-policy stance. Hawkish Support Sterling surged yesterday after policy maker Andrew Sentance said in a speech in London that the central bank should raise rates to boost the pound as a means of curbing inflation. King dismissed the spurt in inflation in his letter to Chancellor of the Exchequer George Osborne, saying raising rates quickly would hurt the economy, which unexpectedly shrank by 0.5 percent in the fourth quarter. “There is a feeling in the market that the hawkish camp is trying to get more support, and that King’s argument that inflation will be temporary is losing more and more appeal,” said Ulrich Leuchtmann, head of foreign exchange strategy in Frankfurt at Commerzbank AG. “There are good arguments for joining the hawks. The risk is that when inflation is so high above your target, it risks causing second-round effects that can push inflation higher on a more permanent basis.” Money Markets Money markets signal the Bank of England may boost its bank rate by about 75 basis points by year-end, according to the Sterling Overnight Interbank Average, or Sonia, Tullett Prebon Plc data shows. The implied yield on the December short-sterling futures contract rose eight basis points to 1.74 percent, indicating traders raised bets that borrowing costs will rise. Citigroup Inc. today raised its expectations for rate increases, saying the Bank of England is likely to lift its main rate three times this year, after previously predicting two increases. The timing of the first rate increase is “uncertain” though it may occur as early as March, Citigroup analysts led by Michael Saunders, chief economist for western Europe, wrote in a note to clients. The bank estimates the U.K.’s benchmark rate will climb to 1.25 percent by year-end and 2.25 percent at the end of 2012. The U.K. 10-year breakeven rate, an indication of investors’ inflation expectations over the life of the securities, derived from the yield gap between conventional and index-linked bonds, was little changed at 3.18 percent.   To read more please visit www.bloomberg.com http://www.imsfx.co.uk/daily_report/february-2011/Buying-Euros-22-02-2011.htm Pounds to Australian Dollars 99C97D93-D1D3-4F58-937D-6E4240972675 Thu, 24 Feb 2011 17:06:12 +0000 * The key focus today is the release of the February eurozone PMI and German IFO business surveys. Both provide an indication of economic trends in the current quarter and are probably the most closely watched of all business surveys by economists and policymakers alike. Scheduled ECB speakers today are Draghi, Stark and Weber. * French PMI services for February comes in at 60.8 beating expectations of 58.0 and the PMI manufacturing comes in as expected at 55.3. * German PMI services for February comes in at 59.5 missing expectations of 60.2 whilst manufacturing PMI comes in at 62.6 smashing expectations of 60.3. * Eurozone PMI services for February has come in at 57.2 beating expectations of 55.9 & PMI has also beat expectations helping the Euro gain some momentum this morning. * The German IFO has come in as expected showing an improvement for February. Significantly, notwithstanding prospects of German government spending cuts and a modest slowdown in Chinese growth, the expectations component is holding up very well, thanks to a pick-up in domestic demand led by a relatively resilient labour market. http://imsfx-fx-broker.blogspot.com/ 1BE5CCE5-0A60-4E60-8010-4648CFDD0049 Mon, 21 Feb 2011 14:51:57 +0000 * Reminding us that inflationary pressures are not just a UK phenomena, German PPI for January is expected to show a rise of 0.7% from the previous month, taking the annual increase to 5.2%. * The ECB will be keeping a close eye to ensure that such increases do not lead to an entrenchment of increased wage expectations, driving consumer prices higher. CPI inflation in the 17 nation eurozone reached 2.4% year-on-year in January, while German reached 2.0%, both above the ECB's target of just under 2.0%. * Germany has warned that the eurozone's future bail-out fund must not become a "regional development fund", despite Europe's widely diverging economies. Next month the EU plans to finalise the rules for the new permanent fund - the European stability Mechanism (ESM). * Spain's auctions were marginally disappointing yesterday, raising a little less than expected, but Portugal was an even bigger underperformer as rumours circulated that they were being pressured to accept a bailout. The big rise in the use of the ECB's marginal lending facility was also apparently EUR negative, but EUR weakness was very selective, only really showing up against the CHF. http://imsfx-fx-broker.blogspot.com/ 1BA82AE6-574E-4A69-AB54-AF828EAFAF6B Mon, 21 Feb 2011 14:51:24 +0000 Feb. 18 (Bloomberg) -- The pound exchange rate reached a two-week high against the us dollar rate after U.K. retail sales surged last month by almost four times the amount forecast by economists, adding to signs the Bank of England has room to raise interest rates. Sterling advanced against a basket of nine developed-nation peers tracked by Bloomberg Correlation-Weighted Currency Indexes. The currency erased gains versus the euro after European Central Bank Executive Board member Lorenzo Bini Smaghi said the bank may need to raise rates as global inflation pressures mount. U.K. retail sales rose 1.9 percent in January, compared with a revised drop of 1.4 percent the previous month, the Office for National Statistics said today in London. The gain was the biggest since February 2010 and exceeded the 0.5 percent median forecast of 22 economists surveyed by Bloomberg. “It seems inevitable that rates will need to go up in the next two quarters,” said Chris Huddleston, a trader at Investec Bank Plc in London. “The retail data adds to that argument. The market is moving to price in further gains in sterling.” The pound rose as much as 0.5 percent to $1.6247, the strongest intraday level since Feb. 3, before trading at $1.6232 at 4:36 p.m. in London. Britain’s currency was little changed versus the euro at 84.16 pence, erasing a 0.7 percent gain. The yield on the 10-year gilt increased four basis points to 3.81 percent. Two-year note yields, typically more sensitive to interest-rate expectations, rose seven basis points to 1.53 percent. Pressure on the Bank of England to raise its key rate from a record low of 0.5 percent increased this week after a Feb. 15 report showed inflation accelerated to double the central bank’s 2 percent target. Consumer-price growth accelerated to 4 percent in January, forcing central bank Governor Mervyn King to write a fifth letter to explain the monetary-policy stance. Hawkish Support Sterling surged yesterday after policy maker Andrew Sentance said in a speech in London that the central bank should raise rates to boost the pound as a means of curbing inflation. King dismissed the spurt in inflation in his letter to Chancellor of the Exchequer George Osborne, saying raising rates quickly would hurt the economy, which unexpectedly shrank by 0.5 percent in the fourth quarter. “There is a feeling in the market that the hawkish camp is trying to get more support, and that King’s argument that inflation will be temporary is losing more and more appeal,” said Ulrich Leuchtmann, head of foreign exchange strategy in Frankfurt at Commerzbank AG. “There are good arguments for joining the hawks. The risk is that when inflation is so high above your target, it risks causing second-round effects that can push inflation higher on a more permanent basis.” Money Markets Money markets signal the Bank of England may boost its bank rate by about 75 basis points by year-end, according to the Sterling Overnight Interbank Average, or Sonia, Tullett Prebon Plc data shows. The implied yield on the December short-sterling futures contract rose eight basis points to 1.74 percent, indicating traders raised bets that borrowing costs will rise. Citigroup Inc. today raised its expectations for rate increases, saying the Bank of England is likely to lift its main rate three times this year, after previously predicting two increases. The timing of the first rate increase is “uncertain” though it may occur as early as March, Citigroup analysts led by Michael Saunders, chief economist for western Europe, wrote in a note to clients. The bank estimates the U.K.’s benchmark rate will climb to 1.25 percent by year-end and 2.25 percent at the end of 2012. The U.K. 10-year breakeven rate, an indication of investors’ inflation expectations over the life of the securities, derived from the yield gap between conventional and index-linked bonds, was little changed at 3.18 percent.   http://www.imsfx.co.uk/daily_report/february-2011/Buying-Euros-21-02-2011.htm Pounds to Australian Dollars CD670BF7-6058-4E95-8268-C30043BE2741 Mon, 21 Feb 2011 14:48:58 +0000 Feb. 16 (Bloomberg) -- The Australian dollar strengthened from a two-week low against the greenback as Asian stocks gained, increasing demand for higher-yielding assets. The so-called Aussie snapped a two-day loss against the yen as Melbourne-based BHP Billiton Ltd. said profits surged, and after the Reserve Bank of Australia said yesterday a “restrictive” policy was appropriate as a resources boom boosts incomes. New Zealand’s currency advanced from near this year’s low after Fonterra Cooperative Group Ltd. said whole milk powder prices rose to the highest in two and a half years. “There will be some resistance above parity but the Aussie is still a buy on dips,” said Jim Vrondas, a currency dealer in Sydney. “The RBA expects growth to improve and the inflation effects of the Queensland floods will feed through in the second half of the year.” Australia’s currency rose to 99.85 U.S. cents as of 5:19 p.m. in Sydney from 99.64 cents in New York yesterday, when it dropped to 99.44 cents, the least since Jan. 31. The currency fetched 83.57 yen from 83.47 yen. New Zealand’s dollar gained to 75.41 U.S. cents from 75.19 yesterday, when it touched 75.05 cents, the weakest since Dec. 28. It bought 63.12 yen from 62.98. The MSCI Asia Pacific Index of shares rose 0.2 percent. RBA Policy The Reserve Bank of Australia said in minutes of its February meeting released yesterday that a “slightly restrictive” policy stance was appropriate. The bank this month raised its 2011 inflation forecast to 3 percent, the high end of its target range, as reconstruction in Queensland and record jobs growth adds to price pressures. Benchmark interest rates are 4.75 percent in Australia and 3 percent in New Zealand, compared with as low as zero in the U.S. and Japan, attracting investors to the South Pacific nations’ higher-yielding assets. The risk in such trades is that currency market moves will erase profits. Australia’s dollar yesterday fell below parity with the greenback for the first time in two weeks after U.S. equities declined and prices of commodities dropped. The currency will trade at parity until the third quarter before weakening to 98 U.S. cents by year-end, according to the median forecast of analysts polled by Bloomberg News. “While the Aussie dollar holds above 98-98.50 U.S. cents it looks reasonably positive,” said Tim Kelleher, vice-president of institutional banking and markets at Commonwealth Bank of Australia in Auckland. BHP Billiton BHP Billiton Ltd., the world’s largest mining company, said today first-half profit rose 72 percent, driven by an almost threefold gain in iron ore earnings. An Australian index of leading economic indicators rose in December as the economy strengthened before flooding struck the nation’s northeast. The index, a gauge of future economic growth, rose 0.8 percent from a month earlier to 280.7, Westpac Banking Corp. and the Melbourne Institute said in Sydney today. New Zealand’s currency rose for the first time in six days after Auckland-based Fonterra said whole milk powder prices gained 8.4 percent from two weeks earlier, reaching the highest for the near-term contract since July 2008. To read more please visit strong> www.bloomberg.com  Travel-FX Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now! Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now! Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now! Need to Buy Holiday Money? Buy Travel money at the best exchange rates visit www.travelfx.co.uk and save on your travel and holiday money needs Contact IMS Foreign Exchange + 44 207 183 2790 Travel Money Best Currency Rates today Buying Euros Overseas Money Transfers http://www.imsfx.co.uk/daily_report/february-2011/Buying-Euros-16-02-2011.htm Pounds to Australian Dollars C5B2E98E-2F4E-405E-9485-82ADD02549FD Mon, 21 Feb 2011 14:48:56 +0000
The Canadian Dollar is by far the biggest gainer in recent trade with the Loonie finding some relative strength on the back of the news of Russia’s intent to boost Cad reserves over the coming months. Price action in the major currencies has been less compelling however, with the Euro exchange rate in particular still at risk due to the ongoing debt crisis within the region, while the Pound rallies on resumption of risk buying have also been limited on concerns over UK loan exposure to Ireland.

Swiss Franc and Japanese Yen price action remains more consolidative than anything else. On the data front, Japanese trade data came in narrower than expected, while exports data was also subdued. Meanwhile, Australian capital expenditures were much stronger than expected and helped to fuel some additional bids in the antipodean. Elsewhere, geopolitical risk remains on the radar, wit North Korea warning that it would launch more attacks on South Korea if provoked.

On the technical side of things, one of the most interesting charts right now is the Australian Dollar exchange rates to Canadian Dollars /Cad daily chart, with the market now confirming a major head & shoulders top following Thursday’s break of neckline support by 0.9900. This should now open a drop back towards a measured move objective by 0.9600 over the coming days. And with the market by cyclical highs on a longer-term basis, we could very well see setbacks extend well beyond the shorter-term 0.9600 objective.

Ultimately, only back above the right shoulder by 1.0110 would negate bearish outlook. We would remind everyone that trade is expected to be much lighter for the remainder of the week given the Thanksgiving day holiday in the US, and as such, the best strategy is most probably to stay on the sidelines.

Lighter trade certainly does not mean less volatile trade, and volatility in light trade is not always welcome. More often than not, this type of volatility is characterized by whipsaw moves that make it nearly impossible to trade. The other possibility is that the markets go nowhere which is also not ideal for trading, unless of course you are selling volatility or buying double-no-touch options but we digress.

Looking ahead, the economic calendar for the remainder of the day is rather light, with Swiss employment data is due at 8:15GMT, followed by UK CBI reported sales at 11:00GMT. On the official circuit, BOE King, Tucker, Dale, Posen, and Sentance attend the Treasury hearing at 10:00GMT. Global equities are tracking higher in response to the US close on Wednesday, while commodities are marginally offered

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]]> http://www.imsfx.co.uk/daily_report/november-2010/Buying-Euros-25-11-2010.htm Pounds to Australian Dollars 72E57525-42BA-4AF7-B932-E761CB984BF7 Fri, 18 Feb 2011 16:20:44 +0000 * Spain's long-dated bond auctions will attract attention but the long-term commitment of China to support Iberian debt means that, relative EU spread differentials aside, supply should pass without too many glitches. * Jens Weidmann has been named to take over the helm of the Bundesbank, running the central bank of Germany in Europe's strongest economy. As the head of the Bundesbank Weidmann is expected to have a strong voice at the ECB. * Tomorrow we have German PPI figures. http://imsfx-fx-broker.blogspot.com/ FD032355-0F0E-4133-BF04-161E617F2EF3 Fri, 18 Feb 2011 16:18:31 +0000 * Reminding us that inflationary pressures are not just a UK phenomena, German PPI for January is expected to show a rise of 0.7% from the previous month, taking the annual increase to 5.2%. * The ECB will be keeping a close eye to ensure that such increases do not lead to an entrenchment of increased wage expectations, driving consumer prices higher. CPI inflation in the 17 nation eurozone reached 2.4% year-on-year in January, while German reached 2.0%, both above the ECB's target of just under 2.0%. * Germany has warned that the eurozone's future bail-out fund must not become a "regional development fund", despite Europe's widely diverging economies. Next month the EU plans to finalise the rules for the new permanent fund - the European stability Mechanism (ESM). * Spain's auctions were marginally disappointing yesterday, raising a little less than expected, but Portugal was an even bigger underperformer as rumours circulated that they were being pressured to accept a bailout. The big rise in the use of the ECB's marginal lending facility was also apparently EUR negative, but EUR weakness was very selective, only really showing up against the CHF. http://imsfx-fx-broker.blogspot.com/ D29AFD5A-8854-4FC6-86DB-F3C8AE3AED22 Fri, 18 Feb 2011 16:18:11 +0000 * As expected the BOE left interest rates on hold after the MPC meeting. However, this is very unlikely to halt speculation about a near term hike in rates. The BOE's announcement didn't give us any fresh information on the relative probabilities that they would give to downside risks to growth compared with the upside risks to inflation. * Attention will now focus upon next week's Quarterly Inflation Report to see what that reveals about these topics. Then the following week we will see the publication of the minutes for yesterday's meeting which will tell us which way the 9 members of the MPC voted and whether there was any increase in January's two votes for an immediate rate hike. * UK Producer Price Index Input for January month-on-month comes in at 1.7% beating expectations of 1.4%. The year-on-year figure is 13.4% beating expectations of 12.7%. UK PPI output for January month-on-month came in at 1.0% beating expectations of 0.5%. The year-on-year figure comes in at 4.8% beating expectations of 4.4%. http://www.overseasmoneytransfers.co.uk/ DB441882-4B94-4645-9B16-AE4CA1229D50 Fri, 18 Feb 2011 16:15:43 +0000 Australian dollar strengthened to a nine-month high against the yen after a Chinese report showed consumer prices rose less than economists forecast, boosting demand for higher-yielding assets.

The so-called Aussie Dollar also gained after the Reserve Bank of Australia said in minutes of its February meeting that a “slightly restrictive” policy stance was appropriate as a resources boom boosts incomes. New Zealand’s dollar ended a four-day loss against the U.S. currency as Asian stocks advanced. The China “outcome is slightly bullish for the commodity currencies as it’s likely to, on the margin, support the view that some of the fears on the pick-up in Chinese and Asian inflation are perhaps overplayed,” said Todd Elmer, the Singapore-based head of Group-of-10 currency strategy for Asia ex-Japan at Citigroup Inc. “The Aussie is a buy on dips.”

Australia’s dollar advanced to 83.86 yen as of 5:12 p.m. in Sydney from 83.57 yen yesterday in New York, and earlier touched 83.90, the strongest since May 13. It traded at $1.0040 from $1.0029 yesterday. New Zealand’s currency gained 0.4 percent to 63.28 yen and fetched 75.76 U.S. cents from 75.67 cents.

China’s consumer prices rose 4.9 percent last month from a year earlier, the statistics bureau said, compared with a 4.6 percent gain in December and a median forecast for 5.4 percent in a tp://www.bloomberg.com" class="style2"> Bloomberg survey. China is Australia’s largest trading partner and New Zealand’s second-biggest export market. China Inflation The MSCI Asia Pacific Index of shares rose 0.1 percent, after gaining 1.5 percent yesterday.

The Shanghai Composite Index advanced 0.4 percent. Minutes of the RBA’s Feb. 1 meeting showed policy makers said “there had been a stronger tone to the data on the global economy” since they gathered in December. Restraint in consumer spending was slowing inflation and offsetting stronger demand for resources, they said. “The tone of the minutes is consistent with an overall tightening bias,” Michael Turner, a fixed-income strategist at RBC Capital Markets Ltd. in Sydney, wrote in a note to clients.
The Reserve Bank will increase its benchmark rate by 33 basis points over the next 12 months, according to a Credit Suisse AG index based on swaps. Benchmark interest rates are 4.75 percent in Australia and 3 percent in New Zealand, compared with as low as zero in the U.S. and Japan, attracting investors to the South Pacific nations’ higher-yielding assets. The risk in such trades is that currency market moves will erase profits.

To read more please visit www.bloomberg.com

 

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Overseas Money Transfers]]> http://www.imsfx.co.uk/daily_report/february-2011/Buying-Euros-15-02-2011.htm Pounds to Australian Dollars 874E00BF-BBD4-4893-8C99-325CB52E3BB2 Tue, 15 Feb 2011 15:58:36 +0000 Feb. 10 (Bloomberg) -- Australia’s dollar fell for a second day after a government report showed full-time employment dropped in January, fueling concern the economy is growing too slowly to prompt the central bank to raise interest rates.

The so-called Aussie weakened against all except one of its 16 most-traded counterparts as swap traders reduced expectations for how much borrowing costs will rise over the next year. New Zealand’s dollar slipped as Asian stocks declined and economists said a report next week will show retail sales fell in December.

“A drop in full-time employment will probably temper the markets in terms of the Aussie dollar rising higher,” said Jonathan Cavenagh, a currency strategist in Singapore at Westpac Banking Corp. The overall job data “suggest the labor market is in a pretty good shape, at least on the surface.”

Australia’s dollar fell to $1.0070 as of 4:20 p.m. in Sydney from $1.0124 in New York yesterday, when it dropped 0.2 percent. The currency weakened 0.3 percent to 83.08 yen. New Zealand’s dollar slipped 0.3 percent to 77.04 U.S. cents, and traded at 63.56 yen from 63.61 yen.

The MSCI Asia Pacific Index of shares dropped 0.6 percent.

Australian full-time employment declined by 8,000 in January, the statistics bureau said today in Sydney. Employers added 24,000 jobs, an 11th month of gains. That compared with the median forecast of a 17,500 increase in a Bloomberg News survey of economists.

Rate Outlook p>

SSSwaps traders expect Reserve Bank of Australia Governor Glenn Stevens will increase the benchmark by 42 basis points over the next 12 months, down from a prediction of 47 basis points yesterday, according to a Credit Suisse AG index.

The Aussie briefly rose after the release of the jobs data. The statistics bureau said flooding in Queensland disrupted its survey of unemployment in the state and reduced the quality of its jobs estimates. Floods last month inundated much of the state, including parts of the capital, Brisbane. p>

“The market is very confused because there are effects of the Queensland floods making it a bit difficult for traders to see what is going on,” said Joseph Capurso, a currency strategist at Commonwealth Bank of Australia in Sydney. “The report is a strong one once you take out the Queensland part. It certainly keeps the Reserve Bank of Australia still in play when it comes to interest rates and I think the Aussie won’t fall more than it has already fallen earlier today.”

NNNew Zealand Economy

New Zealand’s currency dropped for a second day after Finance Minister Bill English said yesterday the nation’s recovery is going to have some challenges. The economy may have contracted in the fourth quarter of 2010, entering its second recession in two years, he said.

Retail sales declined 0.4 percent from November, when they rose 1.5 percent, according to economists surveyed by Bloomberg before the Feb. 14 report. p>

Australian bond futures rose. The 10-year contract for March delivery climbed 0.04 to 94.275 on the Sydney Futures Exchange. The implied yield fell 4 basis points to 5.73 percent.

NeNew Zealand’s two-year swap rate, a fixed payment made to receive floating rates, gained one basis point to 3.85 percent.

To read more please visit www.bloomberg.com

 

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]]> http://www.imsfx.co.uk/daily_report/february-2011/Buying-Euros-10-02-2011.htm Pounds to Australian Dollars 0D588568-4E24-42A3-989A-3892CC5605F2 Tue, 15 Feb 2011 15:57:47 +0000 Australian dollar was weaker at noon following a quiet morning session, but it held onto most of its gains from yesterday night. At 12pm (AEDT), the local unit was trading at 101.43 US cents, down from 101.56 cents yesterday. Since 7am (AEDT) today, the Australian dollar traded between 101.37 US cents and 101.49 cents. CMC Markets foreign exchange dealer Tim Waterer said today's domestic session had so far been a quiet one, while the dollar had been well supported since yesterday's offshore trade. He said firm commodity prices and a strong night on the US share market helped the unit shrug off the shock of a surprise interest rate rise in China. "It held up quite well, even with the (Chinese rate decision). "In the past we have seen it cause a bigger shift than it did last night."

China's central bank raised interest rates for the second time in just over a month in a bid to dampen inflation and guide economic growth to a sustainable level. The People's Bank of China (PBOC) announced on Tuesday on its website that the benchmark one-year deposit rate would rise by a quarter percentage point to three per cent and the one-year lending rate would increase by a similar amount to 6.06 per cent. However, strong commodity prices shielded the growth currency from the PBOC's decision, Mr Waterer said.

In April contracts, gold rose $15.90 to settle at $US1364.10 per fine ounce on the Comex division of the NYMEX, and platinum also rose, by $17.70 to settle at $US1861.90. In March contracts, silver rose 92.8 cents to settle at $US30.271 per ounce and palladium lifted $19.40 to $US838.45. Mr Waterer said he did not expect the unit to make any large moves ahead of Australian Bureau of Statistics (ABS) Labour Force data tomorrow.

The median forecast for the unemployment rate in January is to be steady at five per cent, with 16,500 jobs added for the month, an AAP survey of 12 economists shows. The participation rate in January is also expected to remain unchanged at 65.8 per cent.

To read more please visit www.news.com.au

 

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Overseas Money Transfers]]> http://www.imsfx.co.uk/daily_report/february-2011/Buying-Euros-09-02-2011.htm Pounds to Australian Dollars 876DED51-2AF2-43B1-8711-939E2150B256 Tue, 15 Feb 2011 15:55:57 +0000 # big week for sterling with the Inflation report on Wednesday having potential to significantly change market expectations on rates. With three rate hikes priced in for the year, it is hard to see how more gets priced in ahead of the QIR, suggesting some downside potential for sterling in the run-up to the Report. # In addition to the report, the UK's consumer prices, employment and retail sales figures are all due, which should provide a better picture of the country's economic health. # It is expected that the pound will climb against the euro through the week, particularly as eurozone bond yields start to widen again, but could struggle to push far against the US dollar. http://imsfx-fx-broker.blogspot.com/ 5EE433C0-5F46-4476-8D86-F0351985A5A8 Tue, 15 Feb 2011 15:54:09 +0000 * As expected the BOE left interest rates on hold after the MPC meeting. However, this is very unlikely to halt speculation about a near term hike in rates. The BOE's announcement didn't give us any fresh information on the relative probabilities that they would give to downside risks to growth compared with the upside risks to inflation. * Attention will now focus upon next week's Quarterly Inflation Report to see what that reveals about these topics. Then the following week we will see the publication of the minutes for yesterday's meeting which will tell us which way the 9 members of the MPC voted and whether there was any increase in January's two votes for an immediate rate hike. * UK Producer Price Index Input for January month-on-month comes in at 1.7% beating expectations of 1.4%. The year-on-year figure is 13.4% beating expectations of 12.7%. UK PPI output for January month-on-month came in at 1.0% beating expectations of 0.5%. The year-on-year figure comes in at 4.8% beating expectations of 4.4%. http://imsfx-fx-broker.blogspot.com/ 6C8975E1-3280-4BBC-934A-4FF98611FE08 Tue, 15 Feb 2011 15:54:09 +0000 * Today's economic calendar is a busy one with UK CPI inflation taking centre stage. The UK CPI numbers have the capacity to be a big market mover, particularly ahead of tomorrow's key Bank of England Inflation Report. * It is expected higher food and energy prices to have lifted the annual CPI up from 3.7% to 4.0% in January, in line with the market consensus. The big uncertainty is how much of the VAT increase at the start of the year has already been passed on by retailers, and how this compares with the impact of the 2.5ppt VAT increase in January 2011. * Looking ahead of the week we also have Unemployment, CBI Trends Total Orders and Retail sales figures http://imsfx-fx-broker.blogspot.com/ 747BDC97-C0F2-49E0-BCD6-5E1EB6219E3A Tue, 15 Feb 2011 15:54:08 +0000 POUND HEADLINES: * Today's UK manufacturing PMI will provide an early taster of how conditions in the sector are faring in Q1. Manufacturing has been a rare source of strength in recent months, with the headline PMI rising to a near 17-year high of 58.3 in December. * Attention will also be on the UK M4 money supply figures. Although there has been some improvement in the underlying measure, the headline decline in M4 still makes a strong argument for the MPC not being panicked into an early interest rate increase. * Sterling was exceptionally strong yesterday, primarily it seems because of end month demand, but it may may also have been boosted by Weale's justification of his hawkish January MPC stance in yesterday's press. http://imsfx-fx-broker.blogspot.com Pounds to Australian Dollars 2C9D9575-22A9-495F-959A-230A3DFE8E80 Tue, 1 Feb 2011 13:38:31 +0000 # The eurozone posts preliminary estimates of January's CPI. Notwithstanding the surprisingly soft reading in last week's German numbers, we see the risk of rising food, energy and other commodity prices pushing the currency area's rate higher, with analysts expected forecast for a rise to 2.5% from 2.2%. # preliminary numbers for Spain precede the release of the eurozone aggregate and will contain further clues. This will be particularly relevant ahead of the ECB rate announcement and president Trichet's pressconference. # German Retail Sales for http://imsfx-fx-broker.blogspot.com Pounds to Australian Dollars 3F783561-B8D4-4297-B8BD-6BE954B49263 Tue, 1 Feb 2011 13:37:53 +0000 - Australian Dollar Outlook aganist the Pound

The Reserve Bank of Australia kept its benchmark interest rate unchanged and said it will “look through” the near-term impact on growth and prices of flooding across the nation’s east coast. Governor Glenn Stevens left the overnight cash rate target at 4.75 percent in Sydney, as forecast by all 22 economists surveyed by Bloomberg News. In a statement, he said flood reconstruction doesn’t pose a much inflation risk and called the global economic outlook “strong” for this year. “The net additional demand from rebuilding is unlikely to have a major impact on the medium-term outlook for inflation,” Stevens said.

“The bank expects that inflation over the year ahead will continue to be consistent with” its 2 percent to 3 percent target range. The RBA has paused for two straight meetings after raising rates seven times from October 2009 to November last year, curbing the local currency’s rally last year against the U.S. dollar. Policy makers are forecast to hold borrowing costs unchanged through the first quarter because inflation slowed at the end of last year and households are saving more, even as a mining boom stokes employment. The Australian currency was little changed after the decision, trading at $1.0032 as of 4:04 p.m. in Sydney from $1.0002 before the decision and 99.74 cents yesterday in New York.

Australia’s benchmark S&P/ASX 200 Index closed little changed at 4,752.1. Global Outlook Stevens characterized the outlook for the world economy as “strong going into 2011.” That showed more optimism than indicated in the December statement, said Su-Lin Ong, senior economist at RBC Capital Markets in Sydney. The central bank’s “tightening bias is clear,” she said, predicting a rate increase late in the second quarter. Traders are betting there is a 16 percent chance Stevens will raise rates by a quarter percentage point to 5 percent by June, according to Bloomberg calculations based on interbank futures on the Sydney Futures Exchange. That’s up from a 12 percent chance before today’s statement.

The Australian dollar has fallen 2.2 percent this year, the second-worst performer among the 16 major currencies tracked by Bloomberg, as investors reduced bets the central bank will raise rates in the short term to contain inflation. Swan’s Estimates Treasurer Wayne Swan said last week the inundation of Queensland and the southern state of Victoria is expected to add 0.25 percentage point to inflation this quarter and cut 0.5 point from gross domestic product. “While the statement acknowledges the ‘temporary’ negative impact of the floods, it implies that the underlying fundamentals for the economy have not changed much at all,” Stephen Walters, chief economist for Australia at JPMorgan Chase & Co. in Sydney, wrote in a research report after the decision. “There is no sign today that RBA officials, who consistently have hinted at anxiety about the medium term inflation outlook, have changed tack.”

Reports earlier today showed business confidence plunged to a 19-month low in December as the floods started damaging Queensland’s mining, transport, agriculture and tourism industries, while house prices in the nation’s eight major cities unexpectedly rose by 0.7 percent in the fourth quarter.

The RBA’s next economic forecasts are scheduled to be released on Feb. 4. Job Growth In today’s statement, the central bank said employment growth was “unusually strong” last year and “most leading indicators suggest further growth, though most likely at a slower pace.” Employers added 2,300 jobs in December, capping a record year of job growth with the smallest increase since February. A government report last week showed Australian consumer prices advanced 0.4 percent in the final three months of last year from the prior quarter, the slowest pace in almost two years.

From a year earlier, prices were up 2.7 percent. Torrential rains in Queensland state killed as many as 32 people, affected about 30,000 properties, shut coal mines, cut rail lines and damaged crops. Woolworths Ltd., Australia’s biggest retailer, last week cut its full-year profit forecast, citing lower consumer confidence and “uncertainty” over inflation and interest rates. Some economists estimate as much as A$20 billion in repairs and rebuilding. The costs jeopardized the government’s goal of meeting a November forecast for an A$3.1 billion surplus in the year ending June 30, 2013. Throughout the disaster, Prime Minister Julia Gillard has repeated a pledge to eliminate the deficit by that time.

Worker Shortage Finding workers for the reconstruction in Queensland, as well as the flood-damaged Victoria and New South Wales states, may become increasingly difficult in an economy where the labor market is already stretched. Two coal-seam gas projects, expected to cost more than A$30 billion, are proceeding near the Queensland port of Gladstone. Santos Ltd.,

Australia’s third-largest oil producer, and BG Group Plc, the U.K.’s third-biggest gas producer, will start hiring the first of more than 10,000 construction workers needed for the two projects later this year. “After the significant decline in 2009, growth in wages picked up somewhat last year,” Stevens said in today’s statement. “Some further increase is likely over the coming year.” 

To read more please visit www.bloomberg.com

 

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]]> http://www.imsfx.co.uk/daily_report/february-2011/Buying-Euros-01-02-2011.htm Pounds to Australian Dollars 754490AB-9FAA-445C-A753-AC2D8E631250 Tue, 1 Feb 2011 13:34:41 +0000
“We are experiencing a period of uncomfortably high inflation,” King said in Newcastle, England late yesterday in his first public speech of the year. “The determinants of inflation further ahead remain consistent with inflation falling back quite sharply next year.” Inflation has exceeded the bank’s 2 percent target for more than a year, and accelerated to 3.7 percent in December.

While King forecast the rate may rise above 4 percent in the coming months due to higher commodity prices and an increase in sales tax, he said the Monetary Policy Committee hasn’t abandoned its mandate for price stability.

“Large -- very large -- shocks to relative prices are an inevitable part of the real adjustment vital to the rebalancing of the U.K. economy,” he said. “None of this means that we cannot return inflation to the target in the medium term, nor that the MPC has abandoned its commitment to meeting the inflation target.” King, 62, said slow wage growth, high unemployment and government spending cuts are creating economic “headwinds” that will limit price gains.

He also said that data yesterday showing the economy unexpectedly shrank 0.5 percent in the fourth quarter points to a recovery that will be “choppy.”

Credibility King’s nine-member committee has split three ways on the future direction of policy. His comments come days after Andrew Sentance reiterated his call for higher rates and Adam Posen suggested he may continue a push for more bond purchases. The bank held the key interest rate at a record low of 0.5 percent and its bond purchases at 200 billion pounds ($316 billion) this month. It will publish the minutes of that decision at 9:30 a.m. in London. King said the asset plan “has not pushed inflation above target -- it has done no more than stabilize broad monetary growth.” “The MPC has stuck to its remit,” he said. “Credibility was not earned in a year, and it will not be lost in a year. It is the result of experience of a number of years.” He said the bank was right to keep rates at a record low because increasing them “significantly” would have led to greater unemployment, slower wage growth and a bigger deterioration in living standards. ‘Unhappiness’ There is “unhappiness” among many people about the level of inflation as price gains have “squeezed” households’ incomes, he said. There is a “misapprehension” the bank could have prevented this.

“The idea that the MPC could have preserved living standards, by preventing the rise in inflation without also pushing down earnings growth further, is wishful thinking,” King said. Even if last year’s price jump was foreseeable, “it would not have been sensible to pretend that a tightening of monetary policy” would have returned inflation to target. “Communicating this big picture is not easy,” he also said. “We shall try even harder to explain the basis for policy decisions.”

Nevertheless, the bank is monitoring inflation risks, including a possible further increase in energy prices, according to King, who added that a feed-through to wage settlements “would require a response by the MPC.” While household surveys show inflation expectations have risen, they don’t show that above-target price growth will persist. “At some point bank rate will have to return to a more normal level,” he said. In the current circumstances, “the right course has been set, and it is important we maintain it.”

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Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
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Overseas Money Transfers]]> http://www.imsfx.co.uk/daily_report/january-2011/Buying-Euros-26-01-2011.htm Pounds to Australian Dollars 1A9980EA-25F1-46C1-87AC-516A97B1AC99 Wed, 26 Jan 2011 14:46:40 +0000 Euro exchange rate, price action overall was quiet boring on Tuesday, with currencies once again well offered on rallies and deferring to familiar ranges. The Euro is still very well offered ahead of critical multi-week range resistance from December at 1.3500, and it is going to take a clear break above this psychological barrier to officially trigger some form of a shift in the structure. Until then, the preferred strategy is to continue to sell topside failures ahead of 1.3500 in favor of a bearish resumption back below 1.3000.

Still, at the end of the day, the  buy Euro was overall bid on Tuesday despite the early US morning sell-off, with some stronger German ZEW and expectations that the Eurozone EcoFin meeting would deliver a comprehensive plan to boost the region's rescue fund and set up new bank stress tests, helping to keep the major well supported on dips. On the data front, US Empire manufacturing and NAHB house prices were slightly softer than forecast, while TIC flows were a good deal above consensus estimates.

Elsewhere, the buying Canadian Dollars was in the headlines and was seen as a relative underperformer on the day with the single currency coming under some pressure following the release of the as expected unchanged interest rate decision from the Bank of Canada. Although growth prospects for the Canadian economy remained quite solid, mention of concerns over the negative impact of the strong Canadian Dollar, and a more dovish than expected stance on policy proved enough to inspire some profit taking in the Loonie. It is of our opinion that the relative strength in the Canadian Dollar (USD/CAD below parity) can not be sustained, with technical and cyclical studies warning of a major base in USD/CAD. As such, we will continue to be on the lookout for additional warnings from the BOC over the coming weeks.

On the strategy side, we had been looking to fade the rally in Cable on Tuesday, but unfortunately our order never triggered and the market pulled back without our involvement. However, the single currency is still very well bid for the time being, and we will once again look for an opportunity to sell into another rally on Wednesday. A combination of stronger local data and rising inflationary pressures have been driving the market over the past several days, but we do not expect this to persist and see any rallies towards 1.6100 as unsustainable.

LLooking ahead, we could very well see a fresh market rally towards a sell entry in pounds to us dollars on Wednesday, with a batch of employment data due and potentially capable of triggering a quick surge of impulse buying. The claimant count rate (4.5% expected), jobless claims change (0.0k expected) and ILO unemployment rate (7.9% expected) are all scheduled for release at 9:30GMT. Eurozone construction output then follows at 10:00GMT. US equities continue to surge, while commodities lag and defer to some consolidation. It is however worth noting that the impressive move in equities has now resulted in some overbought daily technical studies which are a red flag for potential weakness in stocks over the coming days.

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]]> http://www.imsfx.co.uk/daily_report/january-2011/Buying-Euros-20-01-2011.htm Pounds to Australian Dollars D87F59AB-A718-4BB0-BDED-285358AE2941 Wed, 26 Jan 2011 14:47:40 +0000 The dollar is up against the yen and Canadian Dollar exchange rate this morning but down against everything else as the euro consolidates gains across the board. Actually, the euros to us dollar exchange rate is down from the Sunday night high but that high was the most since Nov 22 and a test of that high (1.3786) could be in the works.

Supporting the euro is the US futures market report showing a reversal of the buy euros short position to a net euro long position last week to the tune of $8 billion, small potatoes in the grand scheme of things but symbolically very important, plus euro-zone interest rates rising significantly over US rates. Traders say we need to watch the interest rate spreads now (and not oil or equities or other assets less logically connected to Foreign exchange).

 Thank goodness.

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Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

Need to Buy Holiday Money? Buy Travel money at the best exchange rates visit www.travelfx.co.uk and save on your travel and holiday money needs

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Buying Euros

Overseas Money Transfers

]]> http://www.imsfx.co.uk/daily_report/january-2011/Buying-Euros-24-01-2011.htm Pounds to Australian Dollars 935D4178-8FA2-442E-A862-DFCAB39895E4 Wed, 26 Jan 2011 14:47:29 +0000 Overall, currencies remain well bid against the US Dollar rate, with buying Euros once again looking to extend gains to fresh yearly highs beyond 1.3700 on Tuesday. A combination of hawkish comments from ECB President Trichet and improved sentiment towards the Eurozone, in light of what appears to be a comprehensive support package, have contributed to the relative strength. Technically, while we continue to look for opportunities to buy USD’s over the medium-term, there is certainly room for additional Euro gains from here, and we eye a potential move just shy of 1.4000 before the market once again looks to roll over in favor of broader USD gains. Elsewhere, the Australian Dollar has been the big loser on the day thus far. Although the single currency is only marginally lower on the day against the buck at this point, we continue to see relative weakness ahead, with a combination of softer economic data and narrowing yield differentials in favor of other major currencies driving the relative weakness. The latest inflation data certainly does not help the antipodean’s cause, with a much softer CPI print earlier today, providing added support for the idea that the RBA will continue to remain on hold going forward. The Australian central bank has been in a period of transition, with the RBA moving away from a hawkish monetary policy to a more balanced policy. Meanwhile, other major central banks look to be on the verge of shifting away (if they have not done so already) from super accommodative policies. Moving on, as was widely expected, the Bank of Japan came out and left rates unchanged with the overnight call rate holding at 0-1.10%. Meanwhile, the BOJ maintained its economic assessment with economic growth in 2011, 20112 and 2013 seen growing at 3.3%, 1.6% and 2.0% respectively. Also in Japan, MOF Noda said that the 2011 budget needed to be passed by the end of March to rid deflationary concerns, but there has been some resistance within the government and the passage of the budget may prove to be a difficult task with some speculating that PM Kan will have to make some serious personnel changes in order to achieve government goals re the budget. On the strategy side, we have been looking for opportunities to buy US Dollars to Canadian dollars on dips in recent days, and USD/CHF is now back on our radar, with a move towards the 0.9400 figure viewed as a potential counter-trend long opportunity. We will let you know as things progress throughout the day, but right now, it looks as though our next recommendation will be in one of these two currencies. Looking ahead, the Swiss UBS consumption indicator is due at 7:00GMT, followed by the much more highly anticipated UK data due out at 9:30GMT. UK GDP (0.5% expected) is the key release, with public finances (16.3B),public sector net borrowing (20.0B expected) and index of services (0.8% expected) also out at the same time. US equity futures are tracking marginally higher on the day, while commodities have been mildly offered. To read more please visit www.dailyfx.com  Travel-FX Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now! Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now! Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now! Need to Buy Holiday Money? Buy Travel money at the best exchange rates visit www.travelfx.co.uk and save on your travel and holiday money needs Contact IMS Foreign Exchange + 44 207 183 2790 Travel Money Best Currency Rates today Buying Euros Overseas Money Transfers http://www.imsfx.co.uk/daily_report/january-2011/Buying-Euros-25-01-2011.htm Pounds to Australian Dollars B78D0D8A-0AC5-4E0A-8F36-0C12497AFACD Wed, 26 Jan 2011 14:47:28 +0000 POUND HEADLINES: * The CPI rose by a record 1% month-on-month in December pushing inflation up to 3.7% year-on-year, significantly above the median for a 0.7% month-on-month and 3.4% rise on the year. The December month-on-month rise was the largest monthly gain ever seen in the index. Transport costs led the increase rising by a record monthly amount due to higher airfares and petrol. * Core inflation also edged up to 2.9% from 2.7%, also above the median. For Q4, Inflation stood at 3.4% above the BOE's November Inflation forecast for 3.2%. Overall, this report will add significantly to Inflation fears and it is likely to boost expectations that the BOE will need to respond by raising rates earlier than previously expected. * The recent rise VAT rise from 17.5% to 20% could further fuel Inflation, which has now remained above the 2% target by one percentage point or more for 13 months. EURO HEADLINES: * The EU Finance ministers' meeting has so far produced little of note, and it looks like the reasonable results from last weeks auctions have made the politicians assume they have time to come up with new initiatives. * This may be a misapprehension, as the auctions were bolstered by EUR 2.3bn of ECB buying in the proceeding week, and the ECB may not provide this much support indefinitely. Nevertheless, ZEW may provide some more euro support today, and the Spanish bill auctions will be ignored, unless they are surprisingly poor. US DOLLAR HEADLINES: * There is potential for the USD to gain some support from Empire Manufacturing Index today, which is the first of the January numbers which typically provide some lead on the ISM. http://imsfx-fx-broker.blogspot.com Pounds to Australian Dollars BA3AFA22-32BB-47AF-B3E2-6CA018FBD8A9 Wed, 19 Jan 2011 12:05:12 +0000 * Hot on the heels of Decembers 3.7% inflation reading and the UK Chancellors expression of 'huge concern' over rising prices yesterday, today's UK labour market release assumes added importance. * Fears that rising inflation concerns may force the Bank of England into a monetary policy response only make sense if wage inflation responds to rising inflation expectations. This would translate a short-term price spike to medium-term inflation pressure, hence today's news of the latest pay round (for November) will be closely monitored. * Looking at the jobs numbers, today's report is expected to further highlight why the MPC is unlikely to respond to the recent rise in inflation by tightening monetary policy. A softer labour market tone reflects an underlying economic weakness, which the MPC will be mindful of in the face of the VAT rise and the prospect of a fiscal squeeze in the months ahead. EURO HEADLINES: * Higher yields and receding concerns over periphery debt are supportive of the Euro but bolder statements of intent from the EU will be required to get investors looking beyond the short-term bounce and re-engage in (bullish) longer term tactical plays. * The Ecofin/Eurogroup meeting proved that we are still way off an accord and until Germany can be convinced it is expected gains will fizzle out once the broader risk rally fades. * On Friday we have German IFO business climate index. US DOLLAR HEADLINES: * The dollar index has sunk to the lower end of the 7 week trading range and the next few trading sessions are likely to be pivotal whether the index stages a bounce back over 80.0 or instead momentum accelerates for a deeper retracement towards 77.85. * US housing starts and building permits for December risk a softer than consensus outturn in the light of some weather disruption. http://imsfx-fx-broker.blogspot.com Pounds to Australian Dollars 4F6EA1B9-ADF3-4DFC-B701-C98C2E6098E0 Wed, 19 Jan 2011 12:05:07 +0000 Euro exchange rate, price action overall was quiet boring on Tuesday, with currencies once again well offered on rallies and deferring to familiar ranges. The Euro rate is still very well offered ahead of critical multi-week range resistance from December at 1.3500, and it is going to take a clear break above this psychological barrier to officially trigger some form of a shift in the structure. Until then, the preferred strategy is to continue to sell topside failures ahead of 1.3500 in favour of a bearish resumption back below 1.3000.

Still, at the end of the day, the best Euro rates was overall bid on Tuesday despite the early US morning sell-off, with some stronger German ZEW and expectations that the Eurozone EcoFin meeting would deliver a comprehensive plan to boost the region's rescue fund and set up new bank stress tests, helping to keep the major well supported on dips. On the data front, US Empire manufacturing and NAHB house prices were slightly softer than forecast, while TIC flows were a good deal above consensus estimates.

Elsewhere, the Canadian Dollar was in the headlines and was seen as a relative underperformer on the day with the single currency coming under some pressure following the release of the as expected unchanged interest rate decision from the Bank of Canada. Although growth prospects for the Canadian economy remained quite solid, mention of concerns over the negative impact of the buying Canadian Dollar, and a more dovish than expected stance on policy proved enough to inspire some profit taking in the Loonie. It is of our opinion that the relative strength in the Canadian Dollar (USD/CAD below parity) can not be sustained, with technical and cyclical studies warning of a major base in USD/CAD. As such, we will continue to be on the lookout for additional warnings from the BOC over the coming weeks.

On the strategy side, we had been looking to fade the rally in Cable on Tuesday, but unfortunately our order never triggered and the market pulled back without our involvement. However, the single currency is still very well bid for the time being, and we will once again look for an opportunity to sell into another rally on Wednesday. A combination of stronger local data and rising inflationary pressures have been driving the market over the past several days, but we do not expect this to persist and see any rallies towards 1.6100 as unsustainable.

Looking ahead, we could very well see a fresh market rally towards a sell entry in pounds to us dollars on Wednesday, with a batch of employment data due and potentially capable of triggering a quick surge of impulse buying. The claimant count rate (4.5% expected), jobless claims change (0.0k expected) and ILO unemployment rate (7.9% expected) are all scheduled for release at 9:30GMT. Eurozone construction output then follows at 10:00GMT. US equities continue to surge, while commodities lag and defer to some consolidation. It is however worth noting that the impressive move in equities has now resulted in some overbought daily technical studies which are a red flag for potential weakness in stocks over the coming days.

To read more please visit www.dailyfx.com]]> http://www.imsfx.co.uk/daily_report/january-2011/Buying-Euros-19-01-2011.htm Pounds to Australian Dollars F6831EF9-CC28-4678-89DE-9D616B537689 Wed, 19 Jan 2011 12:01:19 +0000 t is good to be back on the desk after being away for a couple of days and in the end, nothing much has really changed. Overall price action in the Euro remains consolidative, with the market stalling out ahead of some key resistance by 1.3500 and rolling back over into the 1.3200’s. The intense Euro exchange rate rally in the previous week is now being attributed to nothing more than a major bout of profit taking on shorter-term USD long positions, and market participants are once again back to focusing on broader Eurozone structural deficiencies. Monday’s US holiday session was a non-factor and the buying Euros which had been offered in European trade remained offered into the NY close. The Eurogroup meeting to discuss the EFSF package (which will be launched next week) only fueled more concerns over the health of the region, while renewed worries over the state of the Irish banking system and dovish comments from ECB Orphanides also helped to weigh on the single currency. If one currency stands out at all in early Tuesday trade thus far, it is most certainly the Pound to euros, which outperforms across the board on the back of some solid data. Nationwide consumer confidence came in much better than expected, while RICS house price data was encouraging with the data series producing less of a deterioration than consensus estimates. As a result, the Cable market managed to break through some key resistance at 1.5915 to expose psychological barriers at 1.6000 further up. Still, this is a market that we are much more comfortable selling into rallies rather than looking for opportunities to buy, with the overall structure tilted to the downside. As such, we recommend looking to sell on any rallies towards 1.6050 in Tuesday trade. Also on the strategy side of things, while most major buy currency are well off of their respective multi-week highs against the Greenback, the Canadian Dollar has been doing its own thing and continues to trade by multi-week highs. In our opinion the currency is not likely to remain well bid for much longer, with longer-term technical and cyclical studies warning of the formation of a major top in the best Canadian Dollar rates. In light of this, we will also be aggressively looking for opportunities to buy USD/CAD on dips into the 0.9800 area. Looking ahead, UK inflation data (0.7% expected), the retail price index (0.7% expected) and DCLG house prices are all due at 9:30GMT. Then at 10:00GMT, the highly anticipated German and Eurozone ZEW series are scheduled for release. US equity futures and oil prices are tracking lower on the day thus far, while gold is mildly bid. http://www.imsfx.co.uk/daily_report/january-2011/Buying-Euros-18-01-2011.htm Pounds to Australian Dollars A892572B-061B-40B5-B953-C3FF0FF98183 Wed, 19 Jan 2011 12:01:18 +0000 Jan. 16 (Bloomberg) -- Ernst & Young LLP’s Item Club will say the Bank of England must “hold its nerve” and not raise its key interest rate until the recovery shows signs of overcoming the impact of the government’s budget squeeze. “With inflation likely to reach 4 percent this spring, the Monetary Policy Committee will come under intense pressure,” the research group will say in a report to be issued in London tomorrow, according to an e-mailed statement. It should “keep base rates where they are until it is clear that the economy is taking the fiscal adjustment in its stride.” The central bank maintained emergency stimulus last week as it weighed the threats of spending cuts against the risk that higher oil prices and sales tax rate will keep inflation above the government’s 3 percent limit. Citigroup Inc., Societe Generale SA and BNP Paribas SA said this month the bank may increase the benchmark rate faster than previously anticipated. The Item Club, which uses the same forecasting model as the U.K. Treasury, will revise its prediction for economic growth this year to 2.3 percent from 2.2 percent. It will cut its 2012 projection to 2.8 percent from 2.9 percent. “The fiscal retrenchment will keep gross domestic product subdued, while commodity price rises and the VAT hike will push inflation close to 4 percent and leave the MPC agonizing whether to increase the base rate,” Peter Spencer, chief economic adviser at the Item Club and a former Treasury official, will say. “However, it’s vital that the MPC stands firm.” The group will say that exports and investment will be “sufficiently strong” for the recovery to continue and that inflation will slow, easing pressure on household incomes. The central bank held its key rate at a record low 0.5 percent and bond plan at 200 billion pounds ($317 billion) last week. In a sign of building price pressures, input-price inflation accelerated to 12.5 percent in December from 9.2 percent, data last week showed. Consumer-price growth may have quickened to a seven-month high of 3.4 percent, according to the median forecast of 31 economists in a Bloomberg News survey. The U.K. statistics office will publish the December consumer-price inflation data on Jan. 18. To read more please visit www.bloomberg.com Bye for Now   Travel-FX Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now! Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now! Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now! Need to Buy Holiday Money? Buy Travel money at the best exchange rates visit www.travelfx.co.uk and save on your travel and holiday money needs Contact IMS Foreign Exchange + 44 207 183 2790 Travel Money Best Currency Rates today Buying Euros Overseas Money Transfers http://www.imsfx.co.uk/daily_report/january-2011/Buying-Euros-17-01-2011.htm Pounds to Australian Dollars 73452ABC-3AFB-4F3F-BB8E-79B7FEF8F731 Mon, 17 Jan 2011 10:30:59 +0000 Technically, the market remains short EUR and as the 2-day EU Ecofin meeting gets underway and Germany reiterates its opposition to any expanded EFSF, we think the single currency could rapidly see ECB induced gains evaporate. The Economist newspaper has no reputation for causing tremors but its call for a debt restructuring in Friday's edition will not go unnoticed in EU political circles at the IMF prepares undertakes a 'routine' mission to Spain. Rising fuel prices helped push annual eurozone inflation up to 2.2% in December, from 1.9% in November. On Thursday last week, the ECB left interest rates unchanged for the 20th month in a row at its monthly meeting. http://imsfx-fx-broker.blogspot.com/ Pounds to Australian Dollars 1F472529-45CC-4FA3-9E40-350AD02A9B6B Mon, 17 Jan 2011 10:00:37 +0000 Hi All <br /> <br /> Found an article in the Australian press re <a href="http://australian-dollar-exchange-rate.blogspot.com/">House Prices in Australia</a>, What does everyone else think - i am sure rents will rise and property that wasn't damaged to go up in value, but those areas that were damaged to fall sharply <br /> <br /> read the article <a href="http://www.news.com.au/breaking-news/floodrelief/rent-to-soar-house-prices-to-plummet/story-fn7ik2te-1225989665626">www.news.com.au</a> http://www.propertycommunity.com/forum/australia-property/20021-australian-property-prices-after-floods-2011-a.html#post138865 Pounds to Australian Dollars 159D7C0F-0770-4398-855C-D98FE0E4B44F Mon, 17 Jan 2011 09:52:19 +0000 The dollar is up across the board this morning and the euro is down in all the crosses as an exodus from commodities is spooking equity markets and pushing the dollar index up.<br /> <br /> Sentiment toward the euro is tending toward the negative, but it’s not fully in place yet, with Asian sovereign reported buying euros at intermediate lows and Portuguese 10-year yields steady, even if the 6-month bill auction today was more costly than the last one in Sept.<br /> <br /> Read more visit www.rts-forex.com http://www.imsfx.co.uk Pounds to Australian Dollars 397AFB90-D0A9-4FBF-AD0A-58B0298D9483 Fri, 7 Jan 2011 16:07:06 +0000 EURO HEADLINES: * In the eurozone, the markets will focus on the latest set of services PMI readings which are expected to remain unchanged on the previous month both in Germany and the region as a whole. However, with the manufacturing index showing an unexpected improvement earlier in the week, there will be optimism that the recovery is gaining some much needed momentum. * Tomorrows eurozone data sees the publications of consumer confidence, retail sales and German Factory orders. * Eurozone PMI services for December comes in this morning at 54.2 beating expectations of 53.7 http://imsfx-fx-broker.blogspot.com Pounds to Australian Dollars DEBD5B1A-1A74-4E54-8912-B55E5DD3BF00 Wed, 5 Jan 2011 13:39:39 +0000 * Sterling has been the worlds weakest currency in the last few weeks, and today's PMI offers an opportunity to recover. Although a rise is unlikely after the stronger number last month, and as expected above 57 would emphasise that UK manufacturing remains on track, though it is the service that is more of a concern. * The top rate of VAT has risen from 17.5% to 20% as the government looks to boost tax revenues to cut the UK's debt levels. The government says the rise is necessary to help bring down the UK's high budget deficit. The VAT rise is also a worry for the bank of England. At 3.3%, the annual rise in the consumer prices index is already well above the Banks target of 2%, and the increased VAT rate is likely to push inflation towards 4% this year, analysts say. * UK mortgage approvals for November has come in at 48.0k beating expectations of 46.5k http://imsfx-fx-broker.blogspot.com Pounds to Australian Dollars E796D275-24CE-4712-BA9D-90C8F90266CD Wed, 5 Jan 2011 13:38:59 +0000 The dollar is up across the board this morning and the euro is down in all the crosses as an exodus from commodities is spooking equity markets and pushing the dollar index up.<br /> <br /> Sentiment toward the euro is tending toward the negative, but it’s not fully in place yet, with Asian sovereign reported buying euros at intermediate lows and Portuguese 10-year yields steady, even if the 6-month bill auction today was more costly than the last one in Sept.<br /> <br /> Read more visit www.rts-forex.com http://www.imsfx.co.uk Pounds to Australian Dollars 730F3416-386B-4033-9257-00718AF1E32D Wed, 5 Jan 2011 13:37:53 +0000 further pressure on the euro, allowing the pound to push back above 1.18
where it is continuing to hold this morning. GBP has so far failed to really
take advantage of the combination of weaker US data and Eurozone problems,
but certainly looks preferable to both the Euro and Dollar after the last
few days.
UK manufacturing production for October month-on-month
has come back at 0.6% beating expectations of 0.3%. The year-on-year figure
is 5.8% beating expectations of 5.4%.
UK industrial Production for October month-on-month comes
in at -0.2% missing expectations of 0.3%. The year-on-year figure is 3.3%
missing expectations of 3.9%.
EURO HEADLINES:
The Eurozone's financial safety net is large enough for
now, a meeting of the groups finance ministers said. Jean-Claude Juncker,
said the 750bn euro backstop was the right size.
The Irish Republic will take further steps to address its
economic problems with more detail on its four-year budget plans later on
Tuesday afternoon.
The pound did make half a cent gain against the euro
yesterday following disagreements between EU finance ministers fuelling
fears that the debt crisis will remain unresolved in the short term.
US DOLLAR HEADLINES:


Euro weakness is continuing to spur a stronger dollar but
comments from Fed Chairman Bernanke have eased demand for the US Dollar. In
a speech yesterday Bernanke said that the Fed may expand bond purchases
beyond the $600bn announced last month to spur growth.
Bernanke added that a return to recessions "doesn't seem
likely," but this has not stopped the dollar dropping slightly this morning.
The USD looks likely to move with risk appetite today,
given no significant US news on the calendar.]]> http://imsfx-fx-broker.blogspot.com Pounds to Australian Dollars F3E54DD2-8380-4F3E-8695-C757C8A86EB5 Tue, 7 Dec 2010 13:48:57 +0000 Australian Interest rates will stay steady for at least another two months after the Reserve Bank today kept the official rate on hold at 4.75 per cent. The decision was widely expected after the RBA’s surprise move last month prompted the big banks to lift mortgage rates well beyond the official 25 basis-point rise. HSBC economist Paul Bloxham said last week that today’s decision was “almost a fait accompli” after mortgage rates rose by about 40 basis-points in November, “which is plenty of tightening for now”. After today’s board meeting, the RBA will not meet again until February, http://australian-dollar-exchange-rate.blogspot.com Pounds to Australian Dollars AC950B1C-FC4A-43E1-8086-7FBC875BE0AB Tue, 7 Dec 2010 11:07:23 +0000 will stay steady for at least another two months after the Reserve Bank today kept the official rate on hold at 4.75 per cent. The decision was widely expected after the RBA’s surprise move last month prompted the big banks to lift mortgage rates well beyond the official 25 basis-point rise. HSBC economist Paul Bloxham said last week that today’s decision was “almost a fait accompli” after mortgage rates rose by about 40 basis-points in November, “which is plenty of tightening for now”. After today’s board meeting, the RBA will not meet again until February, the Herald Sun reports.

In a statement detailing today's rate decision, RBA governor Glenn Stevens said there continued to be "a degree of caution" in consumer spending and borrowing, which has led to "a noticeable increase" in the household saving rate. "Following the board's decision last month to lift the cash rate, and the subsequent increases by financial institutions, lending rates in the economy are now a little above average," Mr Stevens said. "The board views this setting of monetary policy as appropriate for the economic outlook."

A 25 basis point increase to the official rate would have added about $50 a month to a $300,000, 25-year home loan, according to research company Canstar Cannex. All 15 economists surveyed earlier by AAP forecasted the central bank would leave the overnight cash rate at 4.75 per cent. The meeting followed weak economic data last week showing the Australian economy grew 0.2 per cent in the September quarter for an annual pace of 2.7 per cent and retail trade fell 1.1 per cent in October. "The 'super-sizing' by the commercial banks all but eliminated the need to do much more near term," JP Morgan chief economist Stephen Walters said yesterday. Last week's data also showed tepid economic growth in the September quarter and an unexpectedly weak result for October retail sales, giving the (RBA) more flexibility on its next move. The jump in mortgage rates, aside from the uproar from customers and politicians of all stripes, has caused a change of behaviour among borrowers.

According to Mortgage Choice data, almost 11 per cent of all home loans approved in November were fixed rate, compared with 7.7 per cent in October, as borrowers sought certainty in their monthly repayments. Such mortgages accounted for less than one per cent of approvals in January. Another broker, Loan Market, has also faced a flood of inquiries from people wanting to reduce their home loan by moving to a smaller house. Treasurer Wayne Swan is expected to announce a suite of measures this week to encourage more banking competition by promoting smaller banks, building societies and credit unions.

For the full story please visit www.news.com.au

 

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Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

Need to Buy Holiday Money? Buy Travel money at the best exchange rates visit www.travelfx.co.uk and save on your travel and holiday money needs

Contact IMS Foreign Exchange + 44 207 183 2790

Travel Money Best Currency Rates today

Buying Euros

Overseas Money Transfers

]]> http://www.imsfx.co.uk/daily_report/december-2010/Buying-Euros-07-12-2010.htm Pounds to Australian Dollars 5042346A-78C8-4D7B-A4A6-9ADBFBCCED90 Tue, 7 Dec 2010 10:55:50 +0000 * The recent run of reasonably upbeat data continued last week with the latest industry PMI's pointing to ongoing economic recovery. If the manufacturing PMI is to be believed, business activity in this sector is currently running at its strongest pace since 1994. Services and Construction activity are also holding up well. * While the MPC meeting dominates this weeks calendar, there are a number of key economic releases due. The highlights include the latest industrial production, external trade & produce price data. * GBP underperformed on Friday but looks very well supported against the USD at this point as long as UK numbers continue to impress. http://imsfx-fx-broker.blogspot.com Pounds to Australian Dollars B29E367E-10C8-44DB-8D1F-22B696683CCB Mon, 6 Dec 2010 12:33:44 +0000
The Canadian Dollar is by far the biggest gainer in recent trade with the Loonie finding some relative strength on the back of the news of Russia’s intent to boost Cad reserves over the coming months. Price action in the major currencies has been less compelling however, with the Euro exchange rate in particular still at risk due to the ongoing debt crisis within the region, while the Pound rallies on resumption of risk buying have also been limited on concerns over UK loan exposure to Ireland.

Swiss Franc and Japanese Yen price action remains more consolidative than anything else. On the data front, Japanese trade data came in narrower than expected, while exports data was also subdued. Meanwhile, Australian capital expenditures were much stronger than expected and helped to fuel some additional bids in the antipodean. Elsewhere, geopolitical risk remains on the radar, wit North Korea warning that it would launch more attacks on South Korea if provoked.

On the technical side of things, one of the most interesting charts right now is the Australian Dollar exchange rates to Canadian Dollars /Cad daily chart, with the market now confirming a major head & shoulders top following Thursday’s break of neckline support by 0.9900. This should now open a drop back towards a measured move objective by 0.9600 over the coming days. And with the market by cyclical highs on a longer-term basis, we could very well see setbacks extend well beyond the shorter-term 0.9600 objective.

Ultimately, only back above the right shoulder by 1.0110 would negate bearish outlook. We would remind everyone that trade is expected to be much lighter for the remainder of the week given the Thanksgiving day holiday in the US, and as such, the best strategy is most probably to stay on the sidelines.

Lighter trade certainly does not mean less volatile trade, and volatility in light trade is not always welcome. More often than not, this type of volatility is characterized by whipsaw moves that make it nearly impossible to trade. The other possibility is that the markets go nowhere which is also not ideal for trading, unless of course you are selling volatility or buying double-no-touch options but we digress.

Looking ahead, the economic calendar for the remainder of the day is rather light, with Swiss employment data is due at 8:15GMT, followed by UK CBI reported sales at 11:00GMT. On the official circuit, BOE King, Tucker, Dale, Posen, and Sentance attend the Treasury hearing at 10:00GMT. Global equities are tracking higher in response to the US close on Wednesday, while commodities are marginally offered

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Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

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Buying Euros

Overseas Money Transfers

]]> http://www.imsfx.co.uk/daily_report/november-2010/Buying-Euros-25-11-2010.htm Pounds to Australian Dollars 46150FCB-1020-4F49-80DC-F99D3EB5ED1D Thu, 25 Nov 2010 11:01:30 +0000 Yesterdays Q3 GDP figures have shown that the economy grew 0.8% between July and September.<br /> <br /> The ONS (Office of National Statistics) said exports of goods & services rose 2.2% while imports rose 0.7%. However growth in&nbsp;&nbsp;government & household spending slowed.<br /> <br /> After yesterdays second estimate for UK Q3 GDP, which was unchanged, attention now turns to the HM Treasury Committee hearing on the Bank of England's November Inflation Report. Bank of England's governor Mervyn King and MPC members, Posen and Sentance, who represent the increasing polarised view among the MPC Committee, are scheduled to speak. http://imsfx-fx-broker.blogspot.com/ Pounds to Australian Dollars 7D69EC3F-C1F3-46DB-BB59-09F64BBB526E Thu, 25 Nov 2010 10:59:45 +0000 Today sees the release of a raft of US data, including durable goods orders, jobless claims, personal spending, new home sales and consumer confidence. On balance the overall tone of these should be a little stronger, albeit scant respite ahead of the Thanksgiving holiday on Thursday.<br /> <br /> The Federal Reserve has cuts its 2011 growth forecast for the US economy the latest FOMC minutes reveal. The Fed expects growth of 3 - 3.6% next year down from its previous of 3.5 - 4.2% estimate. It also forecasts higher unemployment and lower inflation than before. <br /> <br /> The minutes of the Feds November meeting show that support for QE policy was almost unanimous, with only one member voting against. http://imsfx-fx-broker.blogspot.com/ Pounds to Australian Dollars 98CF5580-16C1-43A8-BB96-DCB4ECB0F644 Wed, 24 Nov 2010 13:20:12 +0000 After breaking to fresh multi-day lows below 1.3300, the best Euro rates has bounced, with the market managing to establish back above 1.3300. The initial selling in the major had been brought on by a continued wave of risk aversion and fear over the possible contagion in the Eurozone.

 

Comments from Germany’s Merkel outlining the severity of the situation and potential threats had not done anything to help the Euro’s cause, and the market traded down to 1.3285 before bouncing. Also seen weighing on the Euro were comments from Iceland’s President who questioned the adoption of the Euro given the current crisis, and IFO’s Abberger who warned that EMU peripheral contagion was a major risk.

However, there have been a number of officials out in recent trade attempting to downplay the severity of the Eurozone debt situation, and their reassurances seem to have been helping to inspire this latest minor bounce in the currency. While economic data has failed to materially influence price action over the past several sessions, the German IFO, which was the strongest on record and better than expectation, could also not be ignored, and this too was seen helping to keep the single currency propped for the time being.

Technically, there is some very solid support in Euros to US Dollars in the 1.3300’s, and while 1.3300 figure has been breached on Wednesday, we will only become convinced of a fresh downside extension in the major should we manage to close below the 1.3300 figure. The levels of support in the 1.3300-1.3400 area include; the 38.2% fib retrace off of the 2010 low-high move, some previous resistance turned support from early August, and the 100-Day SMA. As such, we would not at all be surprised to see some form of a bounce from current levels, with bulls looking to reassert. Additionally, talk of US Dollar exchange rate diversification has once again resurfaced and this could also serve to attract fresh USD shorts. The release of Tuesday’s Fed Minutes should also not be overlooked in these hectic markets, with the Fed downgrading their outlook for the economy and continuing to sound quite dovish.

Elsewhere, UK GDP data came in as expected despite earlier rumours of a weaker number, and in the end, the release failed to materially factor into price action. A few weeks ago, there seemed to be no good reason to be owning US Dollars given the ultra accommodative Fed policy, and now it seems like there is also no good reason to be holding Euros in light of the escalation in the Eurozone debt crisis. The currency that stands to benefit going forward will therefore be the currency which is will hurt the least, rather than benefit the most. While our core bias is for longer-term USD appreciation, at current levels, we would also not rule out the potential for a bounce in the Euro.

Looking ahead, Wednesday’s economic calendar in the US is super stacked ahead of the Thanksgiving holiday, with US durable goods (0.1% expected), personal income (0.4% expected), personal spending (0.5% expected), and personal consumption all due at 13:30GMT, along with initial jobless claims (435k expected) and continuing claims (4275k expected). University of Michigan confidence (69.5 expected) is then out at 14:55GMT, followed by the house price index (0.0% expected) and new home sales (1.6% expected) at 15:00GMT. Oil and gas inventory data then caps things off at 15:30GMT. US equity futures and oil prices are marginally bid, while gold trades flat. It is worth noting that Wednesday will be the last real trading day of the week in terms of liquidity given the US holiday.

For the full story please visit www.dailyfx.com

 

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Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
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]]> http://www.imsfx.co.uk/daily_report/november-2010/Buying-Euros-24-11-2010.htm Pounds to Australian Dollars 97554796-6295-4F8A-8B8D-707AD95352E6 Wed, 24 Nov 2010 13:19:49 +0000
These developments have infected the market’s sense of security and many now look to funding pressures in Portugal and the threat of additional tightening in China as an added source for worry. ECB Liikanen has been on the wires into the European open stressing that the Euro exchange rates will survive through the current crisis, while also reassuring market participants that it would be impossible for the Eurozone to breakup.

Meanwhile the Yen has come under some pressure with the single currency selling off sharply across the board on rising geopolitical tensions as news gets out the North Korea has fired dozens of artillery at a South Korean island. Elsewhere, the New Zealand Dollar has been making up some lost ground on the crosses after getting hit hard on Monday following the S&P downgrade, with Moody’s coming out on Tuesday and offering a more stable outlook for the country and reaffirming its ratings.

Looking ahead, there is a batch of German data due at 7:00GMT, with some more German data in the form of MIs at 8:30GMT. Eurozone PMIs are then released at 9:00GMT, with UK BBA loans for house purchases capping things off at 9:30GMT. US equity futures and commodity prices are well offered on the day thus far.

For the full story please visit www.dailyfx.com

 

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]]> http://www.imsfx.co.uk/daily_report/november-2010/Buying-Euros-23-11-2010.htm Pounds to Australian Dollars 35611A7E-D2DD-483E-BA15-084E7DE75009 Tue, 23 Nov 2010 10:26:38 +0000 President Obama can’t be happy with the results which have the Republicans gaining more control and likely to stifle any additional White House initiatives. While the Democrats have retained control in the Senate, Republicans have regained control of the House, and it will be interesting to see how the President responds to this latest disappointment which actualize the increasing public disapproval of the Presidency.

Meanwhile, all has been very quiet in Asia and Europe, with most major currencies locked in some tight directionless trade. One of the weaker currencies on the day has been the Australian Dollar exchange rate, which has taken a minor hit back below parity following a much weaker than expected and disturbing building approvals number. We can’t say that we haven’t been pleased with the latest pullback after establishing a fresh short trade by 1.0005 in Australian Dollars to US Dollars on Tuesday. In our opinion, the RBA has moved too aggressively in raising rates and should be much less worries about inflationary pressures, and more focused on the risks for a cooling off in the economy.

Moving on, Pounds Sterling has been the best performer, with some stronger than expected services PMI data helping to generate fresh bids. Although the Franc hasn’t reacted much to its local data, it is worth noting that Swiss Franc retail sales were significantly improved from the previous showing. Clearly the key even risk for the day comes later in the North American session when the FOMC finally comes out with its decision on QE2. At this point the markets have all but priced in some form of additional stimulus, and the question is more of just how much the Fed will inject.

We have argued that the Fed should do as little as possible, while continuing to convey a message that the economy is stabilizing and starting to show signs of growth. Should the Fed pump in less than the market is looking for, then we can expect to see the US Dollar rate mount a serious short-term recovery. However, should the Fed match or exceed market expectations, then we can expect to see the buck remain under pressure.

With all of the volatility in the markets expected later today, we would recommend keeping a close eye on Japanese Yen exchange rates which is so close to testing its record lows by 79.75 from 1995. We retain a highly constructive outlook for the pair once this level is taken out, and will be looking to issue a buy recommendation in Usd/Jpy somewhere at or below 79.75. Given how we expect markets to move later today, Wednesday could be the day where a new record low is set.

Looking ahead, US Challenger job cuts are due at 11:30GMT, followed by ADP employment (20k expected) at 12:15GMT. ISM non-manufacturing (53.5 expected) and factory orders (1.6% expected) are then out at 14:00GMT, with some oil and gas inventory data shortly after at 14:30GMT. At 18:15GMT, the market will finally get the Fed decision, while domestic vehicle sales (8.90M expected) and total vehicle sales (11.80M expected) are due for release late in the day at 21:00GMT. US equity futures are flat, while commodities are mixed with oil slightly higher and gold unchanged.

For the full story please visit www.dailyfx.com

 

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Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
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]]> http://www.imsfx.co.uk/daily_report/november-2010/Buying-Euros-22-11-2010.htm Pounds to Australian Dollars 4F421AA2-FD2D-4658-A7B8-3F38E1404B8E Mon, 22 Nov 2010 10:47:03 +0000 Sterling has dropped against the euro following reports that the UK will be stumping up £7bn in loans to the Irish Republic. This was the first weekly decline against the Euro in four weeks. <br /> The British Pound did fall against the dollar on Friday but with news from Ireland over the weekend this has boosted risk appetite, therefore taking sterling back through $1.60 this morning. <br /> Second estimates of Q3 GDP will be released on Wednesday. A strong report will help boost the pound. http://imsfx-fx-broker.blogspot.com/ Pounds to Australian Dollars BF54B5C9-3E66-4E21-8204-22A220205CF5 Mon, 22 Nov 2010 10:49:50 +0000 POUNDS TO US DOLLARS 1.5962 POUNDS TO EUROS 1.1703 POUNDS TO AUSTRALIAN DOLLARS 1.6141 EUROS TO US DOLLARS 1.3639 EUROS TO POUNDS 0.8544 EUROS TO AUSTRALIAN DOLLARS 1.3792 http://imsfx-fx-broker.blogspot.com/ Pounds to Australian Dollars EB8159EF-14F3-444F-A43C-0B5FEA6EE234 Thu, 18 Nov 2010 10:28:53 +0000 IMS FX AFTERNOON REPORT for Wednesday 17th November 2010 Today's Inter-bank rates - POUNDS TO US DOLLARS 1.5916 POUNDS TO EUROS 1.1776 POUNDS TO AUSTRALIAN DOLLARS 1.6291 EUROS TO US DOLLARS 1.3515 EUROS TO POUNDS 0.8491 EUROS TO AUSTRALIAN DOLLARS 1.334 http://imsfx-fx-broker.blogspot.com/ Pounds to Australian Dollars 0E16638C-91A7-4998-B213-8DE50F376929 Wed, 17 Nov 2010 10:27:45 +0000 IMS FX AFTERNOON REPORT for Tuesday 16th November 2010 Today's Interbank rates - POUNDS TO US DOLLARS 1.6064 POUNDS TO EUROS 1.1798 POUNDS TO AUSTRALIAN DOLLARS 1.6374 EUROS TO US DOLLARS 1.3613 EUROS TO POUNDS 0.8475 EUROS TO AUSTRALIAN DOLLARS 1.3878 http://imsfx-fx-broker.blogspot.com/ Pounds to Australian Dollars F959F905-4726-4370-B368-B67E97245493 Tue, 16 Nov 2010 11:38:03 +0000 Overseas money transfers are a specialist dealer in currency providing the leading alternative to banks and other brokers for clients seeking the best exchange rates.<br /> We will provide you with a fast, efficient and hassle free online process with no commissions, no problems and great rates. http://www.overseasmoneytransfers.co.uk/ Pounds to Australian Dollars E168C7F8-68D2-4726-AFB8-476650C1FD0A Tue, 16 Nov 2010 11:37:40 +0000 Thursday, 29 July 2010Buy Euros Hi All, Today’s Interbank rates as of 10 am: Pounds to US dollars 1.5649 Pounds to Euros 1.1972 Pounds to Australian Dollars 1.7345 Euros to US Dollars 1.3071 Euros to Pounds 0.8352 Euros to Australian Dollars 1.4487 Pound Headlines British pound looks for direction as comments by governor Mervyn King raises concerns of stagflation UK mortgage approvals (Jun) come in at 47.6k missing expectations of 48.8k and falling from the previous reading of 49.5k It didn’t take sterling bulls long to shake off the recent round of weak UK data as Cable turns higher again Euro Headlines Euro tumbles against most major currencies as bank lending remains tight, Euribor pushes higher EURUSD – Breaks above the this weeks high to reach 1.3060 as the dollar collapses US Dollar Headlines http://www.imsfx.co.uk Pounds to Australian Dollars 299AD2B9-8D97-4E74-9ECA-240A4CF2B265 Tue, 16 Nov 2010 11:37:32 +0000 President Obama can’t be happy with the results which have the Republicans gaining more control and likely to stifle any additional White House initiatives. While the Democrats have retained control in the Senate, Republicans have regained control of the House, and it will be interesting to see how the President responds to this latest disappointment which actualize the increasing public disapproval of the Presidency.

Meanwhile, all has been very quiet in Asia and Europe, with most major currencies locked in some tight directionless trade. One of the weaker currencies on the day has been the Australian Dollar exchange rate, which has taken a minor hit back below parity following a much weaker than expected and disturbing building approvals number. We can’t say that we haven’t been pleased with the latest pullback after establishing a fresh short trade by 1.0005 in Australian Dollars to US Dollars on Tuesday. In our opinion, the RBA has moved too aggressively in raising rates and should be much less worries about inflationary pressures, and more focused on the risks for a cooling off in the economy.

Moving on, Pounds Sterling has been the best performer, with some stronger than expected services PMI data helping to generate fresh bids. Although the Franc hasn’t reacted much to its local data, it is worth noting that Swiss Franc retail sales were significantly improved from the previous showing. Clearly the key even risk for the day comes later in the North American session when the FOMC finally comes out with its decision on QE2. At this point the markets have all but priced in some form of additional stimulus, and the question is more of just how much the Fed will inject.

We have argued that the Fed should do as little as possible, while continuing to convey a message that the economy is stabilizing and starting to show signs of growth. Should the Fed pump in less than the market is looking for, then we can expect to see the US Dollar rate mount a serious short-term recovery. However, should the Fed match or exceed market expectations, then we can expect to see the buck remain under pressure.

With all of the volatility in the markets expected later today, we would recommend keeping a close eye on Japanese Yen exchange rates which is so close to testing its record lows by 79.75 from 1995. We retain a highly constructive outlook for the pair once this level is taken out, and will be looking to issue a buy recommendation in Usd/Jpy somewhere at or below 79.75. Given how we expect markets to move later today, Wednesday could be the day where a new record low is set.

Looking ahead, US Challenger job cuts are due at 11:30GMT, followed by ADP employment (20k expected) at 12:15GMT. ISM non-manufacturing (53.5 expected) and factory orders (1.6% expected) are then out at 14:00GMT, with some oil and gas inventory data shortly after at 14:30GMT. At 18:15GMT, the market will finally get the Fed decision, while domestic vehicle sales (8.90M expected) and total vehicle sales (11.80M expected) are due for release late in the day at 21:00GMT. US equity futures are flat, while commodities are mixed with oil slightly higher and gold unchanged.

For the full story please visit www.dailyfx.com

 

Bye for Now

 

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Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

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]]> http://www.imsfx.co.uk/daily_report/november-2010/Buying-Euros-03-11-2010.htm Pounds to Australian Dollars 366BABE4-A00F-4A9C-A799-072B15B7B5D9 Thu, 4 Nov 2010 13:19:00 +0000 Hi All, Today the Bank of England have left interest rates on hold and this has seen relief rally in the pound to us dollar exchange rates. Currently trading 1.6275, next target is 1.6500 which should hopefully make some of you very happy. http://www.propertycommunity.com/forum/north-america-real-estate/19449-bank-england-leave-rates-qe2-hold.html#post135426 Pounds to Australian Dollars 98E38AFB-F36C-4760-9573-A11D495CCE05 Thu, 4 Nov 2010 13:05:35 +0000

THE Australian dollar has reached another post-float 28-year high against the US dollar.

The dollar exchange rate reached its record high of 100.57 US cents in early trade today, another post-float 28-year high.

Australia's push above parity with the US dollar rate will have a mixed impact on the economy, Prime Minister Julia Gillard said.

"This is a mixed thing. It's good for some industries and bad for others,'' Ms Gillard said on the Nine Network.

"If you rely on imported components to do what you do, then it makes a good difference. But if you're competing for things like tourism, international education, it makes it really tough."

Buy US dollar slid overnight, briefly touching a nine-month low against the best euro exchange rate, after the Federal Reserve said it would spend US$601 billion to buy US government bonds in an effort to boost the economy.

Investors had expected the Fed's action for months, since Ben Bernanke, the central bank's head, hinted at the move in a speech in late August.

To Read more please visit www.news.com.au

Pounds to Australian Dollars = 1.6000 Euros To Australian Dollars = 1.4085 Australian Dollars to US Dollars = 1.0095 Australian Dollars to New Zealand Dollars = 1.2751 Bye For Now IMS Foreign Exchange Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Buy Travel Money Australian Dollars? Contact IMS Foreign Exchange + 44 207 183 2790]]> http://australian-dollar-exchange-rate.blogspot.com/ Pounds to Australian Dollars 3815C088-CE05-40BF-97FD-806CDF50DB2A Thu, 4 Nov 2010 12:15:21 +0000 Today's Interbank rates - POUNDS TO US DOLLARS 1.6133 POUNDS TO EUROS 1.1483 POUNDS TO AUSTRALIAN DOLLARS 1.6138 EUROS TO US DOLLARS 1.4049 EUROS TO POUNDS 0.8708 EUROS TO AUSTRALIAN DOLLARS 1.4053 http://imsfx-fx-broker.blogspot.com Pounds to Australian Dollars AC3805FF-9F22-419C-8B60-946454E977EC Wed, 3 Nov 2010 16:26:44 +0000 President Obama can’t be happy with the results which have the Republicans gaining more control and likely to stifle any additional White House initiatives. While the Democrats have retained control in the Senate, Republicans have regained control of the House, and it will be interesting to see how the President responds to this latest disappointment which actualize the increasing public disapproval of the Presidency.

Meanwhile, all has been very quiet in Asia and Europe, with most major currencies locked in some tight directionless trade. One of the weaker currencies on the day has been the Australian Dollar exchange rate, which has taken a minor hit back below parity following a much weaker than expected and disturbing building approvals number. We can’t say that we haven’t been pleased with the latest pullback after establishing a fresh short trade by 1.0005 in Australian Dollars to US Dollars on Tuesday. In our opinion, the RBA has moved too aggressively in raising rates and should be much less worries about inflationary pressures, and more focused on the risks for a cooling off in the economy.

Moving on, Pounds Sterling has been the best performer, with some stronger than expected services PMI data helping to generate fresh bids. Although the Franc hasn’t reacted much to its local data, it is worth noting that Swiss Franc retail sales were significantly improved from the previous showing. Clearly the key even risk for the day comes later in the North American session when the FOMC finally comes out with its decision on QE2. At this point the markets have all but priced in some form of additional stimulus, and the question is more of just how much the Fed will inject.

We have argued that the Fed should do as little as possible, while continuing to convey a message that the economy is stabilizing and starting to show signs of growth. Should the Fed pump in less than the market is looking for, then we can expect to see the US Dollar rate mount a serious short-term recovery. However, should the Fed match or exceed market expectations, then we can expect to see the buck remain under pressure.

With all of the volatility in the markets expected later today, we would recommend keeping a close eye on Japanese Yen exchange rates which is so close to testing its record lows by 79.75 from 1995. We retain a highly constructive outlook for the pair once this level is taken out, and will be looking to issue a buy recommendation in Usd/Jpy somewhere at or below 79.75. Given how we expect markets to move later today, Wednesday could be the day where a new record low is set.

Looking ahead, US Challenger job cuts are due at 11:30GMT, followed by ADP employment (20k expected) at 12:15GMT. ISM non-manufacturing (53.5 expected) and factory orders (1.6% expected) are then out at 14:00GMT, with some oil and gas inventory data shortly after at 14:30GMT. At 18:15GMT, the market will finally get the Fed decision, while domestic vehicle sales (8.90M expected) and total vehicle sales (11.80M expected) are due for release late in the day at 21:00GMT. US equity futures are flat, while commodities are mixed with oil slightly higher and gold unchanged.

For the full story please visit www.dailyfx.com

 

Bye for Now

 

Travel-FX

Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

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]]> http://www.imsfx.co.uk/daily_report/november-2010/Buying-Euros-03-11-2010.htm Pounds to Australian Dollars C0E8058A-2F4E-47E8-AA9A-AF4B365C004C Wed, 3 Nov 2010 16:25:42 +0000 The <a href="http://www.imf.org/external/index.htm">IMF</a> may well be running Ireland by February, ifthe Irish budget "fails to convince the financial markets," warns economist Colm McCarthy in an <a href="http://www.independent.ie/">Irish Independent</a> story on Sunday. Thebudget is due to be released on December 7 and McCarthy believes that ifit does "too little" to convince the markets then the Government will beunable to finance itself, "which means an IMF/European bail-out andeconomic policy dictated from outside the country for the first timesince the State was founded". McCarthy also warns that Ireland's cashreserves will diminish by spring next year unless they re-enter the bondmarket with an issue of up to <a href="http://www.imsfx.co.uk/">buy Euros</a> 5bln. However, the NTMA's Brian Lenihansaid: "The NTMA as the Exchequer is fully funded until late June 2011."He then added, "the Agency has decided not to proceed with the bondauctions scheduled for October and November. http://imsfx.blogspot.com Pounds to Australian Dollars 4338DE12-2B09-4896-9C1A-C50850FF4BC8 Wed, 3 Nov 2010 16:25:35 +0000 IMF may well be running Ireland by February, ifthe Irish budget "fails to convince the financial markets," warns economist Colm McCarthy in an Irish Independent story on Sunday. Thebudget is due to be released on December 7 and McCarthy believes that ifit does "too little" to convince the markets then the Government will beunable to finance itself, "which means an IMF/European bail-out andeconomic policy dictated from outside the country for the first timesince the State was founded". McCarthy also warns that Ireland's cashreserves will diminish by spring next year unless they re-enter the bondmarket with an issue of up to buy Euros 5bln. However, the NTMA's Brian Lenihansaid: "The NTMA as the Exchequer is fully funded until late June 2011."He then added, "the Agency has decided not to proceed with the bondauctions scheduled for October and November. The NTMA will return to thebond markets in the normal way in early 2011." The country's priority,as extolled by McCarthy, is to limit new borrowing in 2011, and to hope for a positive re-entry by Ireland into the bond market. Visit http://www.independent.ie/national-news/mccarthy-warning-imf-is-at-our-door-2401372.html to read more Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now! Buying Dollars?Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now! Need to Buy Holiday Money? Buy Travel money at the best exchange rates visit http://www.travelfx.co.uk/ and save on your travel and holiday money needs Contact IMS Foreign Exchange + 44 207 183 2790]]> http://imsfx.blogspot.com Pounds to Australian Dollars 7AE5CF0D-6F9F-4962-8D08-43655259C4A7 Mon, 1 Nov 2010 12:23:24 +0000 POUNDS TO US DOLLARS 1.6058 POUNDS TO EUROS 1.1503 POUNDS TO AUSTRALIAN DOLLARS 1.6245 EUROS TO US DOLLARS 1.3958 EUROS TO POUNDS 0.8692 EUROS TO AUSTRALIAN DOLLARS 1.4122 http://imsfx-fx-broker.blogspot.com/ Pounds to Australian Dollars FA20CB38-A254-458C-8B79-53309A182333 Mon, 1 Nov 2010 11:27:36 +0000 US Dollar rate starts off the new week and new month under pressure, after the market had been well offered in the final trading day of October. Our bias over the past couple of weeks has been net US Dollar buying bullish and the latest moves are certainly threatening this outlook. Still, despite the latest USD slide, we retain our bias into Wednesday and ahead of the highly anticipated Fed rate decision, with the very basis for our outlook stemming from the expectation that the Fed will be much less aggressive with its approach to a second round of quantitative easing than the markets have been anticipating.

Technically, despite the FX brokers selling US Dollars over the past few sessions, it is worth noting that the Euro still closed lower against the buck on the week and is only just in the process of consolidating ahead of the next major move.

While any gains above 1.4000 should be well offered on Monday, ultimately, only a clear break back above 1.4160 would negate our outlook and open the door for additional Euro gains towards some critical falling trend-line resistance in the 1.4500 area. As we highlighted in our analysis in the previous week, the theme in the FX market has been very much driven off of broad based sentiment towards the US Dollar. Although most of the major currencies have already taken out some critical levels over the course of the multi-week US Dollar slide, there is still one currency which has been holding out, that could be preventing the Greenback from really being able to mount a meaningful recovery.

The Japanese Yen is eyeing a retest and break of its 1995 record highs against the USD, and we suggest that once this level is finally taken out, it may offer a good excuse for the markets to finally say that there is effectively no good reason left to sell USDs over the short-term and thereby trigger a significant short-term USD rally. The level in US Dollars to Japanese Yen Travel money comes in by 79.75 and it looks as though we could see the barrier taken out over the coming sessions. Price action on Monday thus far has seen some more US Dollar selling, with the Yen the key standout currency from a price action standpoint.

Any time we see a sharp Yen sell-off that is not confirmed by any official action, we can expect to see the buying euro currency rally quite sharply back to initial levels and beyond, and this is precisely what we have seen in early Monday, with Usd/Jpy spiking before sharply reversing course to trade to fresh multi-year lows below 80.40. Risk sentiment has also been quite healthy in the early week, with some much better than expected China PMI data helping to fuel additional currency buying.

Also on the data front, the UK hometrack house survey deteriorated from the previous print, while the Aussie house price index was slightly better. Looking ahead, the European economic calendar is quite light, with Swiss SVME-PMI (59.3 expected) due at 8:30GMT, followed by UK PMI manufacturing (53.0 expected) at 9:30GMT. US equityfutures and commodities prices are well bid into the European open.

For the full story please visit www.dailyfx.com

 

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]]> http://www.imsfx.co.uk/daily_report/november-2010/Buying-Euros-01-11-2010.htm Pounds to Australian Dollars A7AC308B-CDE4-4980-8C3A-88FF422C3740 Mon, 1 Nov 2010 10:28:48 +0000 Bank of England figures this morning have shown that the appetite for borrowing among consumers has remained weak in September. The number of mortgages approved for house purchases was almost unchanged from the previous month <br /> UK retails sales growth slowed in October, says CBI. The CBI said that although sales rose for the fourth month running, the slower pace reflected a more subdued housing market <br /> Data from Nationwide showed UK house prices in October fell for the third month in four knocked the pound, but traders said persistent buying from Middle East accounts helped sterling rebound higher http://imsfx-fx-broker.blogspot.com/2010/10/buy-sell-currency-29-10-2010.html Pounds to Australian Dollars AE82AE31-E82D-49F9-AAE4-80F897B2C495 Fri, 29 Oct 2010 13:49:34 +0100
It is certainly hard to assign a logical and fundamental spin on the price action in the Yen, with the market seemingly responding to the much weaker Japanese economic data through the purchase of more Yen on what might be described as flight to safety buying. But this type of logic doesn’t hold well with us, as the Yen is hardly a safe-haven currency in our opinion, and has more recently broken away from this correlation, instead trading more in reaction to broad based US Dollar sentiment. But so far in Friday trade, the USD is hardly offered, and in fact has started to come back a bit against most major currencies. So what gives?

In our opinion, at this point, the price action in the Yen is now isolated from all other market influences and correlations, and is really only now driven by one overriding theme. While all other major currencies have managed to take out some key levels in recent weeks against the buck (Franc to record highs, Aussie to post-float record highs by parity, etc.), the Yen still has not taken out its key level which comes in by 79.75 in Usd/Jpy, the record level from 1995. To us, market participants are fixated on taking out this level, and until the barrier is broken, we expect to continue to see the Yen well bid. Overall, our bias is actually quite Yen bearish, but markets have a real knack for needing to test and take out critical levels once they are in sight, irrespective of any other fundamental forces or influences.

Over the past several weeks, currencies have been directly correlated to USD sentiment. If the USD Dollar goes down, than it goes down across the board, and if the US Dollar goes up, then it goes up across the board. However, the Yen has been ignoring this theme of late in what we can only classify as isolated flow related demand in an effort to finally take out the critical 79.75 level. The Yen is effectively the last man standing, the final holdout currency that has not been able to break its own critical levels of late. As such, we continue to expect to see more downside pressures in Usd/Jpy over the coming sessions until the 79.75 level is finally taken out. But once the level is broken, we will be aggressively looking for an opportunity to fade the move as there no longer will be as much need to drive Yen strength, and many Yen longs will surely be looking to book profits on an overdone currency at record highs with arguably no convincing fundamental lure and plenty of reasons to be fearful of a central bank that will be looking to pull the trigger and intervene.

We do not think the Bank of Japan is done by any means, and we also think that the central bank is very much in tune with market levels and knows that at this point, intervening ahead of 79.75 would most probably be an exercise in futility (efforts in recent weeks have already failed). However, once the level is finally taken out, timing for an intervention in our opinion would be more than perfect, and could spark a major reversal in the currency. This aligns well with our overall view for a stronger US Dollar, and we also see risks for additional broad based USD strength over the coming weeks. The buck is currently in the process of attempting to mount a comeback, and should the Greenback manage another push, it could very well open the floodgates and really help to fuel massive Yen liquidation and fresh Yen selling all at the same time.

Looking ahead, German retail sales(0.5% expected) are due at 6:00GMT, followed by UK M4 money supply, mortgage approvals (46k expected), net consumer credit (0.0B expected) and net lending sec. on dwellings (1.0B expected) at 8:30GMT. Eurozone CPI estimates (1.8% expected) and the unemployment rate (10.1% expected) are then out at 9:00GMT, with the KOF Swiss leading indicator (2.16 expected) capping things of for the European session at 9:30GMT. US equity futures and commodities prices are tracking moderately lower into the European open.

For the full story please visit www.telegraph.co.uk

 

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]]> http://www.imsfx.co.uk/daily_report/october-2010/Buying-Euros-29-10-2010.htm Pounds to Australian Dollars 05956265-C813-4AC7-99A1-837165B408BA Fri, 29 Oct 2010 13:47:43 +0100 Today's Interbank rates - <a href="http://imsfx-fx-broker.blogspot.com/">POUNDS TO US DOLLARS</a> 1.5790 POUNDS TO EUROS 1.1417 POUNDS TO AUSTRALIAN DOLLARS 1.6164 EUROS TO US DOLLARS 1.3827 EUROS TO POUNDS 0.8758 EUROS TO AUSTRALIAN DOLLARS 1.4214 POUND HEADLINES: House prices have dropped in October compared with the previous month as the property market saw an autumn fall, according to the Nationwide. The building society said that prices were down 0.7% compared with September. Later today UK consumer spending data is due. A slight drop is expected which could put the pound under further pressure Sterling closed the day above 1.14 against the euro yesterday finding support from Bank of England deputy governor Charles Bean who said growth in the previous two quarters had been surprisingly strong, suggesting that he is unlikely to join the vote to extend QE http://imsfx-fx-broker.blogspot.com Pounds to Australian Dollars BA4709D8-E569-434A-8C12-E09EAE7F3B21 Thu, 28 Oct 2010 16:40:44 +0100
he seven other Monetary Policy Committee members voted to leave rates and QE on hold, according to the minutes from the Monetary Policy Committee meeting on October 6 and 7 published on Wednesday.

Mr Posen and Mr Sentance are external members of the MPC. On balance, the minutes suggested the Bank is leaning toweards restarting QE. While most MPC members thought the balance of risks had not changed enough to warrant action, some felt the chances that more stimulus would be needed had increased in recent months.

“But for them, the evidence was not sufficiently compelling to imply that such a course of action was necessary at present,” the minutes said.

The last time there was a proper three-way split was in the months before the financial crisis, with the money markets seized and banks pulling in credit as they grappled with their toxic sub-prime mortgage assets. Oil prices had reached almost $150 a barrel and inflation was 3.8pc – far above the Bank’s 2pc target – and rising.

Then, David Blanchflower made the right call in voting for a rate cut while Tim Besley’s fears about the Bank’s credibility on inflation targetting were shortly to be subsumed by the collapse of Lehman Brothers. Both have since left the MPC.

Mr Posen last month argued that without extra stimulus policymakers could be condemning the UK to a “lost decade” of low growth and high unemployment. He said that the short-term collapse in demand could have a long-term affect on economic output – as businesses react by cutting jobs, cancelling investment and closing factories.

The result would be to lower the productive capacity of the nation beneath its potential, condemning the UK to potential social and political catastrophes caused by high unemployment.

He appeared to reiterate the argument in the Bank’s October rate setting meeting. The minutes said that in his view, “the current degree of spare capacity in the economy was sufficiently large that monetary policy could afford to encourage more rapid growth without risking an undesirable increase in underlying inflationary pressures”.

He added that more QE “would reduce the risk that a period of subdued growth would have a self-reinforcing effect diminishing the supply capacity of the economy”.

In his speech last month, Mr Posen said: “The damage to our economy, our companies, and our workforce can be made permanent through inaction by policymakers – this is not just about getting through a bad patch, being impatient about a return to growth and employment.

“The policy challenge is about getting out of a self-perpetuating negative outcome that would erode many of our childrens’ futures as well... Policymakers should not settle for weak growth out of misplaced fear of inflation.”

In what is likely to have been an animated exchange of views in the Bank’s meeting room, Mr Sentance stuck to his guns and argued that although there is some evidence that growth is slowing “this had to be seen alongside the strong momentum of growth in the first half of the year”.

GDP rose 1.2pc in the second quarter alone – it’s fastest pace in nine years. The consensus for growth this year is now 1.6pc, compared with forecasts of 1.3pc just four months ago, although forecasts for growth next year have fallen from 2.3pc to 1.9pc.

Mr Sentance also stressed that the MPC needed to react to the fact that inflation has been persistently above target, with latest figures – of 3.1pc CPI inflation – raising the spectre of the Governor having to write a ninth letter of explantion to the Chancellor since April 2007.

The minutes note that Mr Sentance said inflation could rise further above target “with upward pressure from a higher standard rate of VAT and rising oil and other commodity prices”. The minutes added: “In the view of this member, by failing to respond to persistent above-target inflation, which was forecast to continue for some time, the Committee risked a loss of credibility that would be damaging to business and consumer confidence over the medium term.”

Sterling hit the day's low against the euro and gilts cut gains on Wednesday after the minutes raised expectations of more quantitative easing and data showed UK public borrowing rose to a record high for the month of September.

Nida Ali, economic adviser to the Ernst & Young ITEM Club, said: “It seems that the Committee's concerns regarding a slowdown in the UK recovery are increasing steadily and the view that further monetary stimulus may be needed has solidified."

However, with the Comprehensive Spending Review out today and the inflation report due in November, economist expect the MPC will have a better framework to make monetary policy decisions next month. br />
FFor the full story please visit www.telegraph.co.uk

 

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]]> http://www.imsfx.co.uk/daily_report/october-2010/Buying-Euros-28-10-2010.htm Pounds to Australian Dollars 81D120F0-775B-4C7A-B9DB-74B51A7C3F44 Thu, 28 Oct 2010 16:37:53 +0100 Euros to US Dollars falling back to a low of 1.3770 during the overnight trade, and the reserve currency may continue to appreciate throughout the day as investors scale back their appetite for risk. As the EURUSD falls back below 1.3890-1.3900, the 61.8% Fibonacci retracement from the 2009 high to the 2010 low, the pair certainly looks as though it is carving out a top as the near-term rally tapers off, and we may see the euro to dollar work its way back towards the 50.0% Fib around 1.3500 to test for support. However, as the greenback is scheduled to face heavy event risk later this week, the economic developments from the U.S. could shake up the major currencies as investors weigh the outlook for future growth.

Meanwhile, European Central Bank board member Juergen Stark held a slightly hawkish tone for future policy and said that the emergency measures “will absolutely not be kept longer than necessary” as the economic recovery continues to gather pace. At the same time, Mr. Stark reiterated that the current interest rates remain “appropriate” during a speech in Wiesbaden, and expects to see a “moderate” recovery going forward as the governments operating under the fixed exchange rate system scale back fiscal support. The comments suggest that the ECB will normalize policy further going into the following year as financial conditions improve, and speculation for a rate hike in the beginning of 2011 could produce bullish sentiment towards the single-currency as European policy makers look to gradually withdraw monetary stimulus.

The British Pound exchange rate bounced back from a low of 1.5758 during the European trade along the 20-Day moving average at 1.5837, and the GBP/USD may continue to push higher over the near-term as investors scale back speculation for future easing. With the pound-dollar maintaining the upward trend from May, we are likely to see the pair make another run at 1.6000 in the days ahead, but comments from U.K. policy makers could hamper the underlying strength behind the sterling as the central bank stands ready to move in either direction. Bank of England board member Adam Posen talked down the risks for inflation and argued that price growth in the U.K. was “a far cry” from double-digit numbers, and the central bank may uphold a wait-and-see approach throughout the remainder of the year as the economic outlook remains clouded with uncertainties. However, as the new coalition in Britain tightens fiscal policy, there could be increased pressures on the BoE to expand quantitative easing further as the government aims to encourage a sustainable recovery, and speculation surrounding the outlook for future policy is likely to dictate future price action as the BoE is widely expected to maintain their current policy in November.

As currency brokers buy US Dollars the rally gathers pace, recent price developments suggest that this could be the start of the corrective retracement we were looking for, but the greenback is likely to react to the slew of heavy event risk scheduled for the remainder of the week as investors weigh the outlook for the world’s largest economy. Orders for U.S. durable goods are forecasted to increase 2.0% in September following the 1.3% contraction in the previous month, while new home sales are projected to widen 4.2% during the same period to an annualized pace of 300K. As risk trends continue to dictate price action in the currency market, the rebound in economic activity could stoke a shift in market sentiment, and a risk in risk appetite could weigh on the greenback as investors move into higher-yielding currencies.

For the full story please visit www.dailyfx.com

 

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]]> http://www.imsfx.co.uk/daily_report/october-2010/Buying-Euros-27-10-2010.htm Pounds to Australian Dollars C4CB2048-452C-4895-BB21-65FFF9501E46 Thu, 28 Oct 2010 16:37:52 +0100 POUND HEADLINES: Tuesdays economic growth figures for the three months from July to September were higher than expected even though they showed a slowing of growth to 0.8% from 1.2% in the previous quarter. Tuesdays figure is the strongest quarter figure in a decade. The construction sector proved to be the strongest showing an output which is 11% higher than it was a year ago <br /> Ratings agency Standard and Poor's revises its outlook on the UK to stable from negative and confirming the UKs AAA rating. Mr Osbourne welcomed what he called a "double dose of good news" for the economy <br /> Following yesterdays strong GDP figures and S&Ps revised outlook on the UK, the announcements had the effect of dampening speculation of an imminent policy change from the Bank of England to extend quantitative easing. <br /> Sterling outperformed both the Euro and Dollar along with most other majors yesterday achieving its best daily gain against the euro since June http://imsfx-fx-broker.blogspot.com Pounds to Australian Dollars 3FDECDB1-81EB-492A-81F1-929C22BEBB5B Thu, 28 Oct 2010 16:39:51 +0100 US Dollar rate positive, with the Greenback selling off across the board in reaction to the latest communiqué. In the end, despite some mild changes to language and some very vague agreements, the key takeaway only reinforces the status quo. The fact that no countries were singled out, and that there were no explicit calls for flexibility, were key developments in reinforcing this fact. Another point that we felt was very interesting with the language, was that the communiqué made reference to “competitive devaluation” rather than “competitive undervaluation.” The use of the term “competitive devaluation” suggests that the Group was not concerned with the possibility that certain countries may look to intervene in the near future on behalf of their currencies, and in fact, was arguably more of a disapproval message with current quantitative easing policy in the US. However, even this language was rather broad, and here too, the door was left wide open for the US to implement another round of quantitative easing and for Japan to come in and intervene in the future if necessary.

Technically, our view over the shorter-term has been US Dollar exchange rate bullish and this outlook is being threatened into the early week. The 1.4060 level in Euros to Dollars will be the key level to watch in our opinion, as it represents the 78.6% fib retracement off of the latest 1.4160-1.3695 move. Should the market be able to sustain a break above 1.4060, then we could very well see a full retracement back to 1.4160 and then beyond. Clearly the next key upside target in the Euro comes in by the major falling trend-line resistance off of the record highs, which currently comes in by the 1.4500 figure. However, should gains seen in early Asia stall out by or ahead of 1.4160, then we could see yet another topside failure, which will help to once again encourage our short-term US Dollar rate bullish bias. All other price action should be well correlated to moves in the Euro exchange rate, and therefore we would recommend that market participants look no further than price action in the major for hints at future directional bias.

Interestingly enough, despite a communiqué that at a minimum would not be interpreted as Japanese Yen bullish, Usd/Jpy has dropped considerably since the Asian open, with the market looking like it wants to break a bearish consolidation and head down towards the record lows just below 80.00 from 1995. However, we continue to stress that any setbacks below 80.00 should be very well supported, with the greater likelihood for a major upside reversal over the medium and longer-term. Perhaps right now, the fact that Toyota has announced that it will cut its second half Usd/Jpy rate assumptions to 80.00, along with some trade data that has come in better than expected, has helped to bolster Yen gains in early trade. Elsewhere, the Australian Dollar is the strongest currency on the day thus far, with USD bearish price action and some higher than expected producer prices helping to drive the relative strength.

Looking ahead, the economic calendar in European trade is quite light with UK BBA loans for house purchases (31000 expected) due at 8:30GMT, followed by Eurozone industrial new orders (2.2% expected) at 9:00GMT. US equity futures and commodities are very well bid ahead of the European open, but we would take the price action with a grain of salt and allow more time for the markets to digest the weekend event risk.

For the full story please visit www.dailyfx.com

 

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]]> http://www.imsfx.co.uk/daily_report/october-2010/Buying-Euros-25-10-2010.htm Pounds to Australian Dollars 40550B24-D6B2-44F6-A338-D1BA1766757E Mon, 25 Oct 2010 12:00:09 +0100 Thursday, 29 July 2010Buy Euros Hi All, Today’s Interbank rates as of 10 am: Pounds to US dollars 1.5649 Pounds to Euros 1.1972 Pounds to Australian Dollars 1.7345 Euros to US Dollars 1.3071 Euros to Pounds 0.8352 Euros to Australian Dollars 1.4487 Pound Headlines British pound looks for direction as comments by governor Mervyn King raises concerns of stagflation UK mortgage approvals (Jun) come in at 47.6k missing expectations of 48.8k and falling from the previous reading of 49.5k It didn’t take sterling bulls long to shake off the recent round of weak UK data as Cable turns higher again Euro Headlines Euro tumbles against most major currencies as bank lending remains tight, Euribor pushes higher EURUSD – Breaks above the this weeks high to reach 1.3060 as the dollar collapses US Dollar Headlines http://www.imsfx.co.uk Pounds to Australian Dollars 75BE8C0D-AACC-4B12-8B59-16AE210B3498 Tue, 19 Oct 2010 16:42:32 +0100 Thursday, 29 July 2010Buy Euros Hi All, Today’s Interbank rates as of 10 am: Pounds to US dollars 1.5649 Pounds to Euros 1.1972 Pounds to Australian Dollars 1.7345 Euros to US Dollars 1.3071 Euros to Pounds 0.8352 Euros to Australian Dollars 1.4487 Pound Headlines British pound looks for direction as comments by governor Mervyn King raises concerns of stagflation UK mortgage approvals (Jun) come in at 47.6k missing expectations of 48.8k and falling from the previous reading of 49.5k It didn’t take sterling bulls long to shake off the recent round of weak UK data as Cable turns higher again Euro Headlines Euro tumbles against most major currencies as bank lending remains tight, Euribor pushes higher EURUSD – Breaks above the this weeks high to reach 1.3060 as the dollar collapses US Dollar Headlines http://www.imsfx.co.uk Pounds to Australian Dollars 117A01DD-FE79-4B46-AB05-86CA8BA97B49 Tue, 19 Oct 2010 15:37:03 +0100 Thursday, 29 July 2010Buy Euros Hi All, Today’s Interbank rates as of 10 am: Pounds to US dollars 1.5649 Pounds to Euros 1.1972 Pounds to Australian Dollars 1.7345 Euros to US Dollars 1.3071 Euros to Pounds 0.8352 Euros to Australian Dollars 1.4487 Pound Headlines British pound looks for direction as comments by governor Mervyn King raises concerns of stagflation UK mortgage approvals (Jun) come in at 47.6k missing expectations of 48.8k and falling from the previous reading of 49.5k It didn’t take sterling bulls long to shake off the recent round of weak UK data as Cable turns higher again Euro Headlines Euro tumbles against most major currencies as bank lending remains tight, Euribor pushes higher EURUSD – Breaks above the this weeks high to reach 1.3060 as the dollar collapses US Dollar Headlines http://www.imsfx.co.uk Pounds to Australian Dollars F280474C-64D1-44E8-9FDA-E646A257FF6B Fri, 15 Oct 2010 11:21:06 +0100 Overseas money transfers are a specialist dealer in currency providing the leading alternative to banks and other brokers for clients seeking the best exchange rates.<br /> We will provide you with a fast, efficient and hassle free online process with no commissions, no problems and great rates. http://www.overseasmoneytransfers.co.uk/ Pounds to Australian Dollars D4519F5F-8FF5-4059-9BE9-3F44F329CD19 Fri, 15 Oct 2010 11:20:46 +0100 Travel FX Ltd is a specialist dealer in currency providing the leading alternative to banks and bureaus de change for clients seeking the best exchange rates. We will provide you with a fast, efficient and hassle free online process with no commissions, great rates and next-day delivery. http://www.travelfx.co.uk/ Pounds to Australian Dollars 5C784139-1C5B-43E9-BE9E-ECDB496B4D8D Fri, 15 Oct 2010 11:20:21 +0100 Travel FX Ltd is a specialist dealer in currency providing the leading alternative to banks and bureaus de change for clients seeking the best exchange rates. We will provide you with a fast, efficient and hassle free online process with no commissions, great rates and next-day delivery. http://www.travelfx.co.uk/ Pounds to Australian Dollars 59CA5043-83A9-4689-A421-6D5F2E652F71 Tue, 12 Oct 2010 12:56:44 +0100 Overseas money transfers are a specialist dealer in currency providing the leading alternative to banks and other brokers for clients seeking the best exchange rates.<br /> We will provide you with a fast, efficient and hassle free online process with no commissions, no problems and great rates. http://www.overseasmoneytransfers.co.uk/ Pounds to Australian Dollars 8290A0A0-542F-4515-B155-54BD7AAB3950 Tue, 12 Oct 2010 12:56:01 +0100 Normally opting for Travelex, I tried this company a few weeks ago (better exchange rate) , service was perfect, no problems what-so-ever I am going on hols in a few weeks and will be using them again for my dollars http://judgespot.com/review/travelfx.co.uk Pounds to Australian Dollars 9515CC7A-6CFF-4896-BB52-CF72ECA45C2A Tue, 12 Oct 2010 12:55:21 +0100 IMS FX MORNING REPORT - Thursday 30/09/2010 Interbank rates as follows - POUNDS TO US DOLLARS 1.5917 POUNDS TO EUROS 1.1654 POUNDS TO AUSTRALIAN DOLLARS 1.6413 EUROS TO US DOLLARS 1.3657 EUROS TO POUNDS 0.8582 EUROS TO AUSTRALIAN DOLLARS 1.4086 POUND HEADLINES: * Sterling fell below 1.16 for the first time since mid-May hitting a 4 month low following on from policy member comments of a renewed bout of asset purchases * UK Nationwide house prices (YoY) for September at 3.1% beating expectations of 2.6% (prior month at 3.9%) * Mortgage approvals held below 50k for the eighth month in a row, 60% below the peak levels that were reached in 2006. A report has also shown that UK mortgage lending has fallen for a fourth month in August adding signs the recovery is faltering EURO HEADLINES: * rish bank 'Anglo Irish bank' will cost up to 34bn euro's to bail out. Anglo Irish was most dependent on property values, the sector worst effected by the credit crunch. Irish finance minister 'Brian Lenihan' said, the bank was too big to fail. * Eurozone CPI estimate YoY (September)in line with expectations at 8.1% prior month at 1.6% * German unemployment rate for September fell to 7.5% beating expectations of 7.6% previously at 7.6% US DOLLAR HEADLINES: * With both the UK and the US central banks promoting the idea of further quantitative easing the pound dollar has been trading sideways for the past couple of sessions * Dollar hit a 5 month low against the euro yesterday on the back of growing prospects for further monetary easing * Today we have US GDP Q2 which is expected to show growth of 1.8%. Anything less is likely to weaken the value of the dollar further If you need to buy, sell or make an international payment today then please call me for a free quote. http://imsfx-fx-broker.blogspot.com/ Pounds to Australian Dollars 844BB66D-CAE8-4E96-B432-F11C08FC76C3 Tue, 12 Oct 2010 12:55:05 +0100 IMS FX MORNING REPORT - Thursday 30/09/2010 Interbank rates as follows - POUNDS TO US DOLLARS 1.5917 POUNDS TO EUROS 1.1654 POUNDS TO AUSTRALIAN DOLLARS 1.6413 EUROS TO US DOLLARS 1.3657 EUROS TO POUNDS 0.8582 EUROS TO AUSTRALIAN DOLLARS 1.4086 POUND HEADLINES: * Sterling fell below 1.16 for the first time since mid-May hitting a 4 month low following on from policy member comments of a renewed bout of asset purchases * UK Nationwide house prices (YoY) for September at 3.1% beating expectations of 2.6% (prior month at 3.9%) * Mortgage approvals held below 50k for the eighth month in a row, 60% below the peak levels that were reached in 2006. A report has also shown that UK mortgage lending has fallen for a fourth month in August adding signs the recovery is faltering EURO HEADLINES: * rish bank 'Anglo Irish bank' will cost up to 34bn euro's to bail out. Anglo Irish was most dependent on property values, the sector worst effected by the credit crunch. Irish finance minister 'Brian Lenihan' said, the bank was too big to fail. * Eurozone CPI estimate YoY (September)in line with expectations at 8.1% prior month at 1.6% * German unemployment rate for September fell to 7.5% beating expectations of 7.6% previously at 7.6% US DOLLAR HEADLINES: * With both the UK and the US central banks promoting the idea of further quantitative easing the pound dollar has been trading sideways for the past couple of sessions * Dollar hit a 5 month low against the euro yesterday on the back of growing prospects for further monetary easing * Today we have US GDP Q2 which is expected to show growth of 1.8%. Anything less is likely to weaken the value of the dollar further If you need to buy, sell or make an international payment today then please call me for a free quote. http://imsfx-fx-broker.blogspot.com/ Pounds to Australian Dollars 8367E13B-6CB8-4A24-B568-BDFA2A9AFEE9 Thu, 30 Sep 2010 16:49:03 +0100

THE nation's largest home lender has joined a growing number of banks in shifting expectations for an interest rate rise to October.

But the Commonwealth Bank's chief economist Michael Blythe does not expect the Reserve Bank will lift the cash rate in three consecutive monthly moves that characterised its first two stages in winding back monetary policy from the "emergency" rate of 3 per cent. "The timing of a subsequent move will depend on the reaction to the October rise and the subsequent flow of data," Mr Blythe said, announcing his bank's changed rate call.

But he does expect the cash rate will eventually peak at 6 per cent following further rate increase through 2011. Financial markets are pricing in about a 60 per cent chance of a 25-basis-points increase in the cash rate to 4.75 per cent when the Reserve board meets on October 5.

Home loans, savings accounts and more

The Reserve raised the cash rate three times between October and December in 2009 followed by a further three moves between March and May. Upbeat comments by central bank chief Glenn Stevens and the minutes of the Reserve's September 7 board meeting have raised speculation of an imminent rate rise, with the market pricing only a 19 per cent chance of a move at the start of the week.

The Commonwealth Bank previously had expected the Reserve to hold off until November and after the September quarter consumer price index (CPI) that is due for release on October 27. Mr Blythe said there was a "strategic case" for moving slightly early, even though his bank's preliminary inflation forecast suggested a relatively benign outcome.

"It could be difficult to sell a rate rise against that backdrop," he said.

"With all the benefit of 20:20 hindsight, for example, low CPI readings released in (first half of) 2007 probably delayed policy moves that should have been made at the time." Mr Blythe said concerns about a global double-dip recession, unsettled financial markets and a belief that consumer caution would take the edge off domestic activity had kept the Reserve sidelined since May. "But these concerns are waning," he said.

Current Reserve Bank projections have economic growth pushing towards an annual rate of 4 per cent and inflation running at the top end of its 2 to 3 per cent target zone. "The RBA may have to return to the drawing board and revise up growth and inflation projections," Mr Blythe said.

For the full story please visit www.news.com.au

 

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]]> http://www.imsfx.co.uk/daily_report/september_2010/buying-euros-23-09-2010.htm Pounds to Australian Dollars 16D853F8-E083-416A-BD85-936B5D87FBC2 Thu, 23 Sep 2010 16:56:25 +0100

Bank of England policy makers overruled Andrew Sentance’s call for an interest-rate increase for a fourth month in September as some officials said the probability the economy will need more stimulus has risen.

The Monetary Policy Committee, led by Governor Mervyn King, voted 8-1 to keep the benchmark interest rate at 0.5 percent and the bond-purchase plan at 200 billion pounds ($313 billion). Sentance pushed for an increase in the rate to 0.75 percent, reiterating that it should be raised “gradually.”

“Most members thought that the current level of bank rate and stock of asset purchases financed by the issuance of central bank reserves remained appropriate to balance the risks,” minutes of the Sept. 9 meeting released by the central bank today in London said. “For some of those members, the probability that further action would become necessary to stimulate the economy and keep inflation on track to hit the target in the medium term had increased.”

That aligns the Bank of England towards the stance of the Federal Reserve, which said yesterday it’s willing to ease monetary policy to spur growth and support prices while refraining from expanding its holdings of securities. The U.K. economy will grow slower than previously forecast next year during a public spending squeeze, the Confederation of British Industry said today.

Sentance’s View

The pounds to us dollars exchange rate stayed little changed after the release, trading at $1.5648 as of 9:33 a.m. in London. The yield on the benchmark two-year government bond fell 6 basis points today to 0.635 percent.

Sentance reiterated yesterday that the central bank should raise its benchmark interest rate “slowly” to combat inflation as the British and world economies avoid a double-dip recession. The bank needs to “gradually move interest rates up in a slow way which will not destabilize business confidence,” Sentance said in an interview on Sky News television. “We have to distinguish between unevenness of the rate of growth which we often get at this stage of the economic cycle and a genuine double-dip recession,” he said. “Certainly in the case of the U.K., I see that not as the main scenario, or globally as the main scenario.”

In the minutes, policy makers said that the risks to the inflation outlook were “substantial” in both directions. “Members stood ready to respond in either direction as the balance of risks evolved,” the minutes said. Inflation Risks “Most indicators of inflation expectations were broadly unchanged,” officials said. “Overall, the committee judged that the upside risks to inflation expectations, and so the inflation outlook, remained but had not changed materially over the month.” Data in the past month still signalled a “reduction in growth prospects” for the second half of the year, the minutes said.

Gross domestic product will rise 2 percent next year, down from a forecast in June of 2.5 percent, and the Bank of England won’t raise interest rates until the second quarter, the CBI, Britain’s biggest business lobby, said today.

For the full story please visit www.bloomberg.com

 

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]]> http://www.imsfx.co.uk/daily_report/september_2010/buying-euros-22-09-2010.htm Pounds to Australian Dollars 9A2F5183-AC47-43CC-9BFD-367E4F96F497 Wed, 22 Sep 2010 11:41:39 +0100

Australian dollar exchange rate, this quarter's best performing major currency, is now the most overvalued. Purchasing power parity, a measure of the cost of goods relative to other countries, shows the so-called Aussie is 27 percent too expensive, according to data compiled by Bloomberg. The median estimate of strategists and economists is for it to weaken 6 percent by year-end, the fourth-worst performance of 31 currencies tracked by Bloomberg. While Australia's dollar has soared 11.4 percent since June, benefitting from its ties to China's economy, traders speculate new Prime Minister Julia Gillard's planned tax on mining companies will damp demand for the nation's assets at the same time global economic growth decelerates. The nation's mining industry has enjoyed a record investment boom to feed Chinese demand for iron and coal. "If I were to pick a currency to have my money in for the next month, it would be Australia's, but after a month I'd pick something else, like the U.S.," said John Taylor, who oversees about $9 billion as chairman of FX Concepts LLC in New York. Momentum in the Aussie  Dollar may lead it to test its record high of 98.50 U.S. cents next month before depreciating to the low 80-cent level by early 2011, Taylor said. That's when a slowdown in global growth will prompt investors to seek safety in the U.S. dollar, he said. The currency closed at 93.63 cents on Sept. 17, strengthening for a fifth-straight week, the longest winning streak since the period ended Sept. 25, 2009.

'Greater Risk'

"At these levels, there's a lot of good news in the price for the Aussie," said Lee Hardman, a currency strategist at Bank of Tokyo Mitsubishi UFJ Ltd., in London. "There's greater risk of disappointment." The median estimate of strategists and economists surveyed by Bloomberg is for the currency to weaken to 88 U.S. cents by year-end. The forecast is the same as in early July, even though the AUD rate has risen from about 84 cents. The only survey respondent to forecast a rise is UniCredit SpA, which sees a rate of 94 cents, little changed from last week. Of the 31 major currencies tracked by Bloomberg, only three are forecast to do worse than Australian dollar rate: the Czech Koruna, Danish Krone and Swedish krona. Investors are awaiting final details of a planned tax which the government estimates will result in BHP Billiton Ltd., the world's largest mining company, Rio Tinto Group., the third biggest, and the rest of the nation's coal and iron ore companies paying an extra A$10.5 billion more in tax in the first two years.

'Jewel in the Crown'

Australian Treasurer Wayne Swan signaled on Sept. 8 that final terms of the government's planned mining tax may depend on talks with independent lawmakers. Gillard held on to power on Sept. 7 as the nation's first female prime minister after independent lawmakers and the Greens Party agreed to help her govern following a deadlocked Aug. 21 election. Greens leader Bob Brown said Sept. 15 his party wants to increase the proposed levy and expand it to include uranium. While the Aussie "has a lot of good things going for it," the mining tax "is something that every investor has been watching," said Neil Jones, head of European hedge fund sales at Mizuho Corporate Bank Ltd. in London. "Anything that hampers the jewel in the crown is going to catch a lot of attention." Australia's dollar has become a favorite for traders because of the nation's relatively high interest rates. The nation's central bank has raised its benchmark borrowing rate to 4.5 percent from 3 percent over the past 12 months, as the Federal Reserve and European Central Bank kept theirs unchanged.

'Surpassing Switzerland'

The Aussie has passed the Swiss franc to become the world's fifth most-traded currency according to the Bank for International Settlements' Triennial Central Bank Survey released Sept. 1. It accounts for 7.6 percent of daily trading though Australia is 1.6 percent of world gross domestic product. Twenty percent of Australia's economy depends on exports led by iron ore and coal to countries including China, the nation's largest trading partner. Links with fast-growing economies helped it skirt a global recession and expand 1.2 percent last quarter, the fastest pace in three years, driving the jobless rate down to almost half the level of the U.S. Australia currency may maintain its gains as long as the Fed and the ECB keep their benchmark rates at record lows to nurse their economies' recovery, according to Christoph Kind, head of asset allocation at Germany's Frankfurt-Trust, which manages about $20 billion. He has an "overweight" position on the currency, meaning he is expecting it to outperform.

'Breathtaking'

Performance "The past performance of the Aussie dollar has been breathtaking and every attempt to go short on the currency always failed," said Kind. "I don't see an immediate turnaround as long as U.S. growth remains weak." Futures traders have increased bets that Australia's dollar will gain against its U.S. counterpart, figures from the Washington-based Commodity Futures Trading Commission show. The difference in the number of wagers by hedge funds and other large speculators on an advance compared with those on a drop was 56,669 on Sept. 14, up from 7,246 on July 6. The Aussie reached a two-year high against the greenback on Sept. 17 amid speculation the Fed will increase the supply of dollars to buy Treasury securities to keep borrowing costs low and sustain growth, a practice known as quantitative easing. U.S. central bankers are scheduled to meet tomorrow to decide monetary policy. A survey by Jersey City, New Jersey- based Ried Thunberg ICAP of money managers overseeing $1.34 trillion found that 43 percent of respondents expect the Fed to announce renewed quantitative easing; the rest don't.

'Paring Bets '

Fed purchases of additional securities may ultimately be bad for Australian dollar exchange rate because it would signal that global growth is slowing, leading traders to decrease their bullish bets on the currency and seek havens, according to Joseph Capurso, a foreign exchange strategist at Commonwealth Bank of Australia. The Sydney-based bank is the nation's largest lender. "More U.S. quantitative easing means a weak U.S. economy," he said. "Ultimately, that's a softer world economy, which makes it hard for commodity prices and commodity currencies to go up. It's a difficult environment for Aussie." The International Monetary Fund's John Lipsky, the agency's second highest-ranking official, said last week in a speech the global economic recovery "has slowed somewhat." Australia's currency weakened 9.5 percent amid the worldwide recession in 2008, its worst performance since 1997, according to Bloomberg Correlation-Weighted Currency indexes. Growth in Europe may falter as nations including Greece, Spain and Portugal trim spending after a budget deficit crisis forced European officials to craft a 750 billion euro ($979 billion) aid package in May. The region's growth may slow to 1.4 percent next year from 1.5 percent in 2010, according to a Bloomberg poll of economists. The Australian dollar will peak in October and "by that time Europe is going to be rotting,'' said Taylor at FX concepts. "Australia will do very poorly between the second half of October and January-February."

For the full story please visit Bloomberg, By Lukanyo Mnyanda and Candice Zachariahs )

 

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]]> http://www.imsfx.co.uk/daily_report/september_2010/buying-euros-20-09-2010.htm Pounds to Australian Dollars 576B09C3-AF33-459B-BCD8-5B2EBD6374D3 Mon, 20 Sep 2010 09:35:53 +0100 The dollar is moving very little this morning after racking up a giant gain against the yen yesterday on official intervention. The other big winner is the euro, up against everything, including the Swiss franc. The so-called risky currencies (AUD, CAD, NZD) are a bit softer, but choppily so (AUD at 9326 from 9457 at noon on Tuesday). http://www.imsfx.co.uk Pounds to Australian Dollars 808B9B3F-3617-4FC9-8CD7-6E9B3E34F0BD Thu, 16 Sep 2010 17:48:41 +0100 The euro barely burped on the Japanese intervention story, and rose yesterday from 1.2987 at the US open to a high of 1.3040 during the day and a pullback to only 1.3011 at the close. Overnight it made a new high of 1.3110. It made similar robust upmoves against the yen, from 106.38 on Friday to a high yesterday during US hours at 111.60, and after a dip to 110.62, a bigger rise to 112.33 at 6-7 am today. Since the euro was already poised to make an upmove against both the dollar and yen when Japan decided to intervene in dollar/yen, we bet the MoF has some smart chart guys in a back room somewhere advising to intervene "with the wind." The argument against the timing would have been the Congressional hearings on currency manipulation yesterday and today, but the Japanese understand politics, and evidently judged that Congress can deal with only one Asian problem at a time. This is quite astute (and, we think, correct).<br /> <br /> visit www.rts-forex.com for full story http://www.imsfx.co.uk Pounds to Australian Dollars 5427CB7D-E14B-4AD0-9E49-9EE214BDB7A2 Thu, 16 Sep 2010 17:47:47 +0100 Thursday, 29 July 2010Buy Euros Hi All, Today’s Interbank rates as of 10 am: Pounds to US dollars 1.5649 Pounds to Euros 1.1972 Pounds to Australian Dollars 1.7345 Euros to US Dollars 1.3071 Euros to Pounds 0.8352 Euros to Australian Dollars 1.4487 Pound Headlines British pound looks for direction as comments by governor Mervyn King raises concerns of stagflation UK mortgage approvals (Jun) come in at 47.6k missing expectations of 48.8k and falling from the previous reading of 49.5k It didn’t take sterling bulls long to shake off the recent round of weak UK data as Cable turns higher again Euro Headlines Euro tumbles against most major currencies as bank lending remains tight, Euribor pushes higher EURUSD – Breaks above the this weeks high to reach 1.3060 as the dollar collapses US Dollar Headlines http://www.imsfx.org Pounds to Australian Dollars 16976571-2DDB-41E2-8182-ED82BEC6AE67 Wed, 15 Sep 2010 16:50:05 +0100 Currencies have come back under pressure in early Tuesday trade, with the Euro exchange rates initially leading the declines on the back of news that some of the European banks may have under-reported on their exposures to sovereign debt.

 

The Euro rates had rallied up just shy of some key short-term resistance by 1.2925 on Monday, but was unable to take out the level to keep the pressure on the downside. Broader price action does not look to be risk favourable, with the Swiss Franc and Yen also remaining well bid and just off some recent key highs. This suggests that we could be in store for yet another round of declines in both US Dollars to Japanese Yen and US Dollars to Swiss Franc and it will be worth keeping a close eye on these markets. Our in-house speculative sentiment index shows that retail traders are still overwhelmingly long USD to CHF and USD to JPY to further support the case for another wave lower in these pairs.

 

The big event risk for the day is now behind us, with both the Bank of Japan and Reserve Bank of Australia making decisions on rates. As was widely expected, there was no change on the rate end from either bank, with the main market reaction seen in the Australian dollar after the accompanying RBA statement was more on the dovish side. The key takeaway from the RBA statement was that the global outlook was “somewhat uncertain.” This immediately weighed on the higher yielding currency and also forced another selloff in risk related currencies intraday.

 

Looking ahead, the European economic calendar is rather light with Swiss unemployment (3.6% expected) due at 5:45GMT, followed by German factory orders (0.5% expected) at 10:00GMT. Surprisingly, US equity futures are only flat following the latest wave of risk negative news, while oil has reacted and is nearly 1.0% lower on the day thus far. Gold on the other hand, trades flat.

For the full story please visit www.dailyfx.com

 

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]]> http://www.imsfx.co.uk/daily_report/september_2010/buying-euros-07-09-2010.htm Pounds to Australian Dollars 2155850C-2878-4C7B-9577-83AC93A7AEE6 Tue, 7 Sep 2010 12:21:46 +0100 Thursday, 29 July 2010Buy Euros Hi All, Today’s Interbank rates as of 10 am: Pounds to US dollars 1.5649 Pounds to Euros 1.1972 Pounds to Australian Dollars 1.7345 Euros to US Dollars 1.3071 Euros to Pounds 0.8352 Euros to Australian Dollars 1.4487 Pound Headlines British pound looks for direction as comments by governor Mervyn King raises concerns of stagflation UK mortgage approvals (Jun) come in at 47.6k missing expectations of 48.8k and falling from the previous reading of 49.5k It didn’t take sterling bulls long to shake off the recent round of weak UK data as Cable turns higher again Euro Headlines Euro tumbles against most major currencies as bank lending remains tight, Euribor pushes higher EURUSD – Breaks above the this weeks high to reach 1.3060 as the dollar collapses US Dollar Headlines http://www.imsfx.org Pounds to Australian Dollars BB4138F5-2B8F-43FF-839E-452DC7FF3370 Mon, 6 Sep 2010 17:43:42 +0100
Currencies had been decently buying in Thursday trade, with the Euro exchange rate being well propped by some upbeat comments from ECB President Trichet who said that the recent economy had been better than expected, and that he did not expect to see a double dip scenario.

In a world where all of the major currencies trade relatively unchanged from their respective closes on Thursday, the Australian Dollar is the relative underperformer, with “relative” the key word as it only trades lower to this point by some 0.30% against the buck.

Meanwhile, traders should continue to keep a close eye on price action in the better bid Yen and Swiss Franc, with both currencies still trading near their recent highs against the US Dollars. Elsewhere, according to a report in the China Securities Journal, China’s foreign exchange reserves are roughly allocated to 66% USD, 26% EUR, 5% GBP, and 3% JPY.

This is always an important statistic, with China being the largest holder of foreign exchange reserves in the world. Looking ahead, the key risk for the day comes in the form of the US non-farm payrolls (-105k expected) release due at 12:30GMT.

As things have been correlating (more difficult to predict of late), an upside surprise in the data will likely result in USD, Yen and Swiss Franc selling in favor of broader currency gains as market price in risk and increased prospects for a sustainable global recovery.

However, a let-down in the number will most likely have the opposite impact, with currencies coming under pressure against the USD, Swissie and Japanese Yen on the demand for lower yielding and safe-haven securities. In this scenario, we see the Yen benefiting the least, and the Swissie potentially benefiting the most as traders start to move away from long Yen positions in favor of a sounder safe haven play in the Swiss Franc.

The Swiss economy has been looking significantly better than Japan’s and this makes the Franc a safer play. It is also worth noting that liquidity is expected to dry up rapidly following the release of US data as traders head for the exits to take in their final chance of sunshine for the long holiday weekend.

The European economic calendar needs to be looked at before we get to US NFPs, and things kick off with Swiss CPI (0.0% expected) due at 7:15GMT.

German services PMI (58.5 expected), Eurozone composite PMI (56.1 expected) and services PMI (55.6 expected) are then out at 7:55GMT and 8:00GMT respectively. Then at 8:30GMT, UK services PMI (52.9 expected) and official reserves are due. Eurozone retail sales (0.2% expected) cap things off at 9:00GMT.

For the full story please visit www.dailyfx.com

 

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]]> http://www.imsfx.co.uk/daily_report/september_2010/buying-euros-03-09-2010.htm Pounds to Australian Dollars 397CB039-B930-49E2-9788-D007CB90ACA4 Fri, 3 Sep 2010 11:52:34 +0100 Thursday, 29 July 2010Buy Euros Hi All, Today’s Interbank rates as of 10 am: Pounds to US dollars 1.5649 Pounds to Euros 1.1972 Pounds to Australian Dollars 1.7345 Euros to US Dollars 1.3071 Euros to Pounds 0.8352 Euros to Australian Dollars 1.4487 Pound Headlines British pound looks for direction as comments by governor Mervyn King raises concerns of stagflation UK mortgage approvals (Jun) come in at 47.6k missing expectations of 48.8k and falling from the previous reading of 49.5k It didn’t take sterling bulls long to shake off the recent round of weak UK data as Cable turns higher again Euro Headlines Euro tumbles against most major currencies as bank lending remains tight, Euribor pushes higher EURUSD – Breaks above the this weeks high to reach 1.3060 as the dollar collapses US Dollar Headlines http://www.imsfx.co.uk Pounds to Australian Dollars 4C91D433-E1CA-4021-9E69-812209E09E29 Thu, 2 Sep 2010 14:43:12 +0100 # Manufacturing PMI dropped to a nine month low reading 54.3% as house prices fall for a 2nd month in a row causing sterling to drop to a 3 week low against the euro # GBPUSD - Sterling stands out as main under performer on Thursday following some weaker housing data and concerning IMF (International Monetary Fund) debt comments # Nationwide House price index has confirmed 0.9% drop in August, its biggest drop since February 2009 http://imsfx-fx-broker.blogspot.com/2010/09/foreign-exchange-rates-report-02-09.html Pounds to Australian Dollars 0BD3021B-6685-40F2-99B1-4ED246726363 Thu, 2 Sep 2010 14:06:30 +0100
Indeed, Chinese PMIs were impressive, Australian GDP was very solid, and US ISM manufacturing was a pleasant upside surprise, but for the markets to react in such a strong and aggressive manner is suspicious, and we still remain quite cautious with any of these upside moves in risk.

A closer look at some of the major equity markets shows a strong bullish day on Wednesday, with the markets however still well confined to a more important bear channel and even possibly looking to carve out a fresh lower top ahead of the next downside extension.

Technically, the push higher in equities on Wednesday should not deter bears, and if anything, only give them an attractive level to sell back into. Instead, we attribute this latest surge in risk buying to early September flows, and some optimism that is more than likely to fade at any sign of softness within the economic data on Thursday.

In fact, we have already seen the first major bout of data on the day, with the Australian trade balance coming in significantly weaker than expected. Source: Bloomberg

Looking ahead, Swiss GDP (0.8% expected) is due at 5:45GMT, followed by UK Nationwide house prices (-0.3% expected) at 6:00GMT. Back to Switzerland at 7:15GMT for the release of retail sales, with UK construction PMI (53.2 expected) then out at 8:30GMT. Eurozone GDP (1.0% expected) is out at 9:00GMT, along with Eurozone PPI (0.3% expected), and then European event risk trickles over into the North American open with the European Central Bank rate decision (expected to remain on hold at 1.00%) at 11:45GMT.

US equity futures and oil prices have given back some of their gains, while gold trades mildly higher.

For the full story please visit www.dailyfx.com

 

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]]> http://www.imsfx.co.uk/daily_report/september_2010/buying-euros-02-09-2010.htm Pounds to Australian Dollars C74F91CB-C64E-41F7-9E4D-BEA897661E04 Thu, 2 Sep 2010 13:52:31 +0100
However, the Euro exchange rate was weighed down for the most part, with many citing the latest Moody’s report which warned that slower growth could lead to European ratings downgrades.

Meanwhile, US equities could not hold onto any gains, and this helped to weigh more heavily on the Japanese Yen crosses, with Eur/Jpy breaking back into the 1.0700’s and threatening a retest of the yearly lows down by 107.30. Finally, fears that a hung parliament in Australia would be disastrous for the Australian Dollar currency rate have been put to rest, with the higher yielding currency trading relatively unchanged on Monday following some whipsaw price action early on.

Overall, the technical outlook continues to favour additional US Dollar exchange rate strength against most of the major currencies, while we would also not rule out the possibility for a sizable USD correction against the Yen and Swiss Franc over the coming days. With respect to Usd/Jpy, we see risks for one more move to the downside before the onset of a major capitulation.

Looking ahead, German GDP (2.2% expected) is due at 6:00GMT, followed by UK BBA loans for house purchases at 8:30GMT. Eurozone industrial new orders (1.5% expected) cap things off for European trade at 9:00GMT

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]]> http://www.imsfx.co.uk/daily_report/August-2010/buying-euros-24-08-2010.htm Pounds to Australian Dollars F7AAA953-A17A-43E4-997A-9ADC06DBB8C8 Thu, 26 Aug 2010 10:25:04 +0100 US Dollar rate and safe-haven currency buying.

Foreign Exchange traders buy Euros, Sterling, Aussie, Kiwi and Cad all managed to post some marginal gains, while the Franc traded flat and the Yen sold off a bit. Technically, all seemed to be quite normal, but fundamentally, some traders were left scratching their heads after the latest round of US data produced results that would have normally forced a much greater deal of volatility and panic reaction than we had seen.

Given the way things had been going over the past several days since the latest escalation in risk aversion, it was quite surprising to see a North American close which resulted in higher equities and currencies following a disastrous round of durable goods and new home sales which were the worst on record. Technically, the picture has not changed, and despite the latest market moves back into risk, we believe this reaction will only be short-lived, with the greater risk for a resumption of US equity selling and US Dollar buying on fears of a double dip global recession.

Perhaps risk takers were looking for an opportunity to buy into dips with the equity markets pulling back to attractive intraday levels, but we would attribute the latest round of risk buying to the expectation that US officials will now look to implement yet another wave of accommodative policies to help alleviate any strains felt from the slowing economy. In our opinion this is a backwards and misguided way of looking at the overall picture, with bulls seeing opportunity because investor hands will be held even tighter during these trying times.

Instead, we are concerned that the severity of this latest economic crisis is not being taken as seriously as it should be, and today’s data is a clear reflection of this fact. As such, we believe that cooler heads will ultimately prevail, and the risks from here are for renewed equity selling and a resumption of broad based USD buying even against the Japanese Yen and Swissie.

Despite their recent appeal, both the Yen and Swissie are highly overbought and officials in Japan and Switzerland are growing increasingly concerned with the negative impact of the stronger currencies on their local economies. Looking ahead, the Swiss employment level (0.5% expected) is due at 7:15GMT, followed by Euro zone M3 (0.2% expected) at 8:00GMT and UK CBI reported sales at 10:00GMT. Data overall is quite light in European trade, so we expect the markets to trade off of broader global macro developments and themes.

For the full story please visit www.dailyfx.com

 

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]]> http://www.imsfx.co.uk/daily_report/August-2010/buying-euros-26-08-2010.htm Pounds to Australian Dollars 1FF5C72A-DAC5-4274-996B-9653A831721A Thu, 26 Aug 2010 10:21:48 +0100 Hi All Tuesday 25/08/2010. Interbank rates as follows - POUNDS TO US DOLLARS 1.5431 POUNDS TO EUROS 1.2157 POUNDS TO AUSTRALIAN DOLLARS 1.7391 EUROS TO US DOLLARS 1.2691 EUROS TO POUNDS 0.8224 EUROS TO AUSTRALIAN DOLLARS 1.4303 POUND HEADLINES: * The Pound spent the day on the back foot yesterday after the new BOE member Martin Weale warned that the UK risks falling back into recession. * GBPEUR - sterling below 1.22 but looking ahead the price is expected to turn higher as focus returns to the Eurozone * Sterling hit a one-month low yesterday against the dollar yesterday, dropping below $1.54 following comments from a Bank of England policy maker EURO HEADLINES: * A measure of business conditions in Germany is the only piece of data due from the Eurozone today and is expected to show a slight dip in confidence. * The single currency extended its six-week low against the dollar yesterday, falling further after housing data from the US spurred a risk sell-off * As the Financial markets continue to grapple with the idea that the global economic recovery is now running out of steam we expect that the Euro has further to fall in the near term. US DOLLAR HEADLINES: * New Home sales figures are due from the US this afternoon and another disappointing figure is likely to lead the price lower this afternoon * Data from US housing industry this afternoon is expected to show another dip in existing home sales, reinforcing the slowdown in the economic recovery * A key gauge of conditions in the US will come on Friday where data is expected to reveal a downward revision to second quarter economic growth, further evidence of the problems ahead If you need to buy, sell or make an international payment today then please call me for a free quote. Kris Charalambides FX Broker kris@imsfx.co.uk www.imsfx.co.uk http://imsfx-fx-broker.blogspot.com/2010/08/hi-all-tuesday-25082010.html Pounds to Australian Dollars 50E94D2A-26F7-41C3-B4B8-9F38A10C7F01 Tue, 24 Aug 2010 11:51:29 +0100 Thursday, 29 July 2010Buy Euros Hi All, Today’s Interbank rates as of 10 am: Pounds to US dollars 1.5649 Pounds to Euros 1.1972 Pounds to Australian Dollars 1.7345 Euros to US Dollars 1.3071 Euros to Pounds 0.8352 Euros to Australian Dollars 1.4487 Pound Headlines British pound looks for direction as comments by governor Mervyn King raises concerns of stagflation UK mortgage approvals (Jun) come in at 47.6k missing expectations of 48.8k and falling from the previous reading of 49.5k It didn’t take sterling bulls long to shake off the recent round of weak UK data as Cable turns higher again Euro Headlines Euro tumbles against most major currencies as bank lending remains tight, Euribor pushes higher EURUSD – Breaks above the this weeks high to reach 1.3060 as the dollar collapses US Dollar Headlines http://imsfx-fx-broker.blogspot.com/2010/07/buy-euros.html Pounds to Australian Dollars 52790DB2-6A33-47F4-AF11-BEDA152D4428 Mon, 23 Aug 2010 17:59:26 +0100 Australian Dollar has deviated from this pattern, with the commodity currency initially weighed down by political risk resulting from the latest national election in which the results are still unclear.

Certainly the risk of a hung parliament would not bode well for Aussie dollar and the longer it takes to clear things up, the more at risk the currency will be. However, most traders feel confident that clarity will be offered shortly which in the end could give the Aussie a boost into European trade.

Meanwhile, the overall picture remains on the bearish side for currencies and bullish for the US Dollar rate, with broader global macro concerns, and the technical outlook suggesting that the Greenback could be poised for more gains. Friday’s dovish comments from ECB Weber caught the markets off guard and helped to accelerate Euro declines to 5-week lows against the buck before finally finding some support in the mid-1.2600’s into the close.

Looking ahead, Swiss money supply is due at 7:00GMT followed by German PMI manufacturing (60.5 expected) and services (56.3 expected) at 7:30GMT. Eurozone PMI manufacturing (56.1 expected) and services (55.4 expected) are then out at 8:00GMT, with Eurozone consumer confidence (-14 expected) out later in the day at 14:00GMT.

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]]> http://www.imsfx.co.uk/daily_report/August-2010/buying-euros-23-08-2010.htm Pounds to Australian Dollars B19457AA-52D1-4BB5-AD10-37341654EB63 Mon, 23 Aug 2010 17:58:07 +0100 <a href="http://www.imsfx.co.uk">Buy Holiday Money</a> - <a href="http://www.imsfx.co.uk">Best Exchange Rates</a> http://www.imsfx.co.uk Pounds to Australian Dollars FEF65569-00CB-426F-B394-2184FA7D8B90 Thu, 19 Aug 2010 17:29:20 +0100 <a href="http://www.imsfx.co.uk">Buy Holiday Money</a> - <a href="http://www.imsfx.co.uk">Best Exchange Rates</a> http://www.travelfx.co.uk Pounds to Australian Dollars 1706FB35-AC14-4BEE-8140-7432002A26A9 Thu, 19 Aug 2010 17:29:11 +0100 Today’s Interbank rates as of 11am Pounds to US dollars 1.5665 Pounds to Euros 1.2146 Pounds to Australian Dollars 1.7381 Euros to US Dollars 1.2897 Euros to Pounds 0.8233 Euros to Australian Dollars 1.4307 Pound Headlines Inflation in July dipped to 3.1% from 3.2% which is in line with BOE’s outlook and warranted little attention from the markets MPC minutes will be released this morning. If downbeat could have an effect on sterling value Sterling took a turn lower against the USD yesterday, dropping nearly a cent as rumours circulated about further monetary easing in the UK Euro Headlines Encouraging news for the Euro as both Spain and Ireland enjoyed solid demand at their respective debt auctions The euro continued to rally against the USD yesterday but having failed to breach $1.29, the price is slipping in trading this morning US Dollar Headlines Dollar takes back losses after Asian stock markets close lower USD/JPY watched closely by investors for possible Japanese intervention If you need to buy, sell currency or make an International Payment today please contact me for a free quote! Kris Charalambides FX Broker kris@imsfx.co.uk www.imsfx.co.uk http://imsfx-fx-broker.blogspot.com/2010/08/corperate-foreign-exchange.html Pounds to Australian Dollars 4C68B63D-EE6D-45D1-AB8F-D8BC433B2852 Wed, 18 Aug 2010 17:34:23 +0100 Bank of England's rate-setting committee remained split in August over keeping borrowing costs at a record low with Andrew Sentance again voting for a rise.

Minutes from the meeting, when rates were left at 0.5%, showed the monetary policy committee (MPC) weighed arguments for tightening policy and for loosening it. Members considered recent surveys suggesting growth may slow in coming months and signs that there was plenty of spare capacity in the economy to help keep inflation in check as well as some pressure from George Osborne's June budget. But they also discussed "arguments in favour of a small increase in bank rate from its exceptionally low level". The minutes noted: "Activity had strengthened in recent quarters both domestically and internationally.

UK inflation had been above target in all bar nine of the past 50 months. And the increase in VAT would mean that inflation would stay above target for longer than previously expected." Sentance argued for the third month running that policy had been ultra-loose for long enough and rates should rise to 0.75%. The mention of a discussion over tightening policy and no move by the Bank to extend its programme of quantitative easing (QE), whereby it pumps money into the financial system, helped the pound strengthen against the dollar and euro today.

But on the whole, economists said the minutes did not change a widely held view that rates will remain at 0.5% – where they have been since the depths of the recession in March 2009 – for the rest of this year. "The committee is still in wait-and-see mode, with most members unconvinced by the case either to tighten or loosen policy," said Vicky Redwood at Capital Economics. "We still think that the MPC is too optimistic about the growth outlook.

In our view, further QE is likely – and at the very least, rates are unlikely to rise any time soon." The minutes follow the Bank's quarterly inflation report last week in which it published its latest forecasts for growth and inflation. It said inflation would be above its 2% target throughout next year following the planned January VAT rise but that it would then ease back. The Bank cut its growth forecasts but they were still stronger than those of most economists, think tanks and the government's own fiscal watchdog, the Office for Budget Responsibility.

For the full story please visit www.guardian.co.uk

 

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]]> http://www.imsfx.co.uk/daily_report/August-2010/buying-euros-18-08-2010.htm Pounds to Australian Dollars 0503C8EE-3966-4E04-B75A-898529DBD74F Wed, 18 Aug 2010 17:32:25 +0100 currency markets was certainly not to be unexpected on Monday following a bout of significant US Dollars buying in the previous week. We had warned of the strong possibility for some form of initial US Dollar selling, with the markets needing to consolidate the latest moves before considering the next up-leg in favour of the Greenback. Whether or not this USD selling persists through Tuesday trade is still very much in question, however, we would not expect the USD selling to last much longer, with weekly technical signals warning of a major US Dollar rate bottom and fundamentals also aligning on the back of an escalation in risk aversion and uncertainty over the outlook for the global economy.

Markets have once again been reacting less to any specific data and more to the pressing concerns over sound economic recovery and stability within the major global economies.

The resurfacing of sovereign risk concerns in Ireland has not helped matters and could place additional pressure on currencies in general should a full on Irish restructuring occur. Elsewhere, there has been a lot of talk of the shared safe haven status between the USD, Yen and Swissie throughout this latest wave of risk selling. Traditionally, the USD has been a prime beneficiary of safe haven flows, and while the Yen is also a major benefactor, to see the Swiss Franc equally benefitting does reflect a potential shift in the way the global economy views the US Dollar.

When the USD was selling off sharply in recent years, many cited a major diversification away from the buck and into other currencies in an effort to not be so heavily dependent on US Dollar exchange rate fluctuations. However, what is even more compelling and fascinating has been the same diversification away from the USD in times of elevated uncertainty and risk aversion. Presumably, not only is there a push to invest in higher yielding alternatives to the USD, but also a push to have attractive alternative safe haven investments outside of the buck. This is a scary development for the US Dollar and one that ultimately could eventually knock the Greenback off of its long time pedestal over the coming years. There were no surprises from the RBA Minutes and as a result was largely ignored by the market.

The minutes showed the central bank opted to leave rates on hold at 4.5% while waiting for more information after core inflation came in slightly lower than expected. On the global economy, the RBA said that was more uncertainty than earlier in the year but they still expected Australian GDP to be above average in 2011 and 2012. Looking ahead, the Eurozone current account is due out at 8:00GMT, followed by UK CPI (-0.2% expected) and the retail priceindex (0.0% expected) at 8:30GMT. German ZEW (20.0 expected) and Eurozone ZEW (9.3 expected) are the out at 9:00GMT and cap things off for data in the European session of trade.

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]]> http://www.imsfx.co.uk/daily_report/August-2010/buying-euros-17-08-2010.htm Pounds to Australian Dollars B5500C14-F8D5-4AF8-B14A-C7C31EC273AC Tue, 17 Aug 2010 15:56:47 +0100 US Dollar currency finally managed to mount a decent comeback in the previous week on the back of an escalation in risk aversion and renewed fears and uncertainty over the outlook of the global economy. This in turn weighed on the markets with a significant flow of funds moving back into US assets on the demand for safe haven assets. For now it appears as though this trend will persist into the coming week and we would recommend that local investors take to the sidelines so long as the global economic outlook remains unstable.

The Japanese Yen currency has been a hot topic of late with the single currency rallying in the previous week to fresh multi-year highs against the buck and showing no real sign of let up just yet. This has brought on some serious concern from government officials and central bankers in Japan who realize the negative impact and strain the appreciation in their currency is having on the local economy. While there has been no official government intervention to this point, any additional appreciation in the Yen could very well spark some form of action from the Bank of Japan. The latest GDP figures have come out on Monday and are extremely discouraging after the data was well below expectation. This could help to take some of the bid tone out of the Yen, but at this point it is too early to tell.

The economic calendar in the week ahead is mostly cantered on US data releases, with NAHB housing due on Monday along with empire manufacturing and TICs data. Housing starts and building permits are then out on Tuesday, along with PPI, industrial production, and capacity utilization. Thursday then sees the weekly initial jobless claims and initial jobless claims data, along with the Philly Fed index and leading indicators. In the Eurozone, inflation data is set for release on Monday, with the German ZEW following on Tuesday.

Meanwhile in the UK, inflation data is due out on Tuesday, while Bank of England minutes are set for release on Wednesday, with retail sales capping things off in Thursday trade. The only other key event risk worth noting are the RBA minutes due out early Tuesday.

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]]> http://www.imsfx.co.uk/daily_report/August-2010/buying-euros-16-08-2010.htm Pounds to Australian Dollars 1A609464-3B52-4090-AEC1-B2A09A60F2BF Mon, 16 Aug 2010 12:13:28 +0100
Data out of the US was once again on the soft side with initial jobless claims coming in higher and import prices on the lower end. US equities could not manage any form of recovery and ended up closing lower on the day with the DJIA down 0.57%. On the commodity front, price action was pretty much consistent with expectation, as oil prices continued to deteriorate, while gold managed to catch a bid, rallying sharply in reaction to the broad based safe haven flows. Interestingly, safe haven currencies all responded quite differently on Thursday, with the US Dollar exchange rates mostly sideways, the Yen depreciating, and Swiss Franc Buying causing it to rally quite sharply.

Meanwhile, Sterling was a gross underperformer, while Australian Dollars and New Zealand Dollars rates also remained well offered on rallies. Kiwi has however managed to outperform in Asian Trade on Friday following a stellar retail sales print which came in well above expectation to easily offset any disappointment from the softer REINZ house price index. Nevertheless, and rallies in Kiwi should be used as an opportunity to look to sell the antipodean in the current market environment, which is clearly more heavily influenced by broader global macro uncertainty. Finally, the Canadian Dollar was off doing its own thing, to erase some of the Wednesday’s US Dollar rates gains. In the end, price action was consolidative and it looks as though we will need to see how things play out on Friday to get some more colour.

Technically, weekly price action warns of a meaningful bottom for the US Dollar rates, and as things have played out to this point, this would suggest that the latest wave of risk aversion is here to stay for a while longer. As such, we would look for continued USD appreciation against all major currencies, with the exception of the Yen which retains a strong bid tone for the time being. Looking ahead, to European trade, German GDP (1.3% expected) is due at 6:00GMT, followed by Swiss producer and import prices (-0.2% expected) at 7:15GMT. Eurozone GDP (0.7% expected) and trade balance (1.0B expected) cap things off at 9:00GMT ahead of the North American open.

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]]> http://www.imsfx.co.uk/daily_report/August-2010/buying-euros-14-08-2010.htm Pounds to Australian Dollars 3E4AF340-E310-4C48-A614-2C633D3CBF0D Mon, 16 Aug 2010 12:13:27 +0100
Data out of the US was once again on the soft side with initial jobless claims coming in higher and import prices on the lower end. US equities could not manage any form of recovery and ended up closing lower on the day with the DJIA down 0.57%. On the commodity front, price action was pretty much consistent with expectation, as oil prices continued to deteriorate, while gold managed to catch a bid, rallying sharply in reaction to the broad based safe haven flows. Interestingly, safe haven currencies all responded quite differently on Thursday, with the US Dollar exchange rates mostly sideways, the Yen depreciating, and Swiss Franc Buying causing it to rally quite sharply.

Meanwhile, Sterling was a gross underperformer, while Australian Dollars and New Zealand Dollars rates also remained well offered on rallies. Kiwi has however managed to outperform in Asian Trade on Friday following a stellar retail sales print which came in well above expectation to easily offset any disappointment from the softer REINZ house price index. Nevertheless, and rallies in Kiwi should be used as an opportunity to look to sell the antipodean in the current market environment, which is clearly more heavily influenced by broader global macro uncertainty. Finally, the Canadian Dollar was off doing its own thing, to erase some of the Wednesday’s US Dollar rates gains. In the end, price action was consolidative and it looks as though we will need to see how things play out on Friday to get some more colour.

Technically, weekly price action warns of a meaningful bottom for the US Dollar rates, and as things have played out to this point, this would suggest that the latest wave of risk aversion is here to stay for a while longer. As such, we would look for continued USD appreciation against all major currencies, with the exception of the Yen which retains a strong bid tone for the time being. Looking ahead, to European trade, German GDP (1.3% expected) is due at 6:00GMT, followed by Swiss producer and import prices (-0.2% expected) at 7:15GMT. Eurozone GDP (0.7% expected) and trade balance (1.0B expected) cap things off at 9:00GMT ahead of the North American open.

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]]> http://www.imsfx.co.uk/daily_report/August-2010/buying-euros-13-08-2010.htm Pounds to Australian Dollars 8041F4CE-09A5-4E8E-B76C-984C2E247105 Fri, 13 Aug 2010 09:07:49 +0100
The initial market reaction proved to be the false one, with the US Dollar selling off sharply in the hours following the Fed into the New York close, on the back of the news that the Fed would reinvest maturing mortgage backed bond proceeds into long dated US Treasuries, and the statement that the pace of recovery was likely to be more modest in the near term than had been anticipated. Intuitively the rate decision was on the whole quite dovish and the initial reaction made sense, with the net effect to only make yield differentials even less attractive for the Greenback. However, since the Wednesday's Asia open, the exact opposite has been the case, with the US Dollar rate rallying sharply across the board (with the exception of the Yen).

In our opinion there are three main drivers of this latest market reaction in favour of the buck.

ONE - The expectation for some form of quantitative easing from the Fed on Tuesday was very much priced in to the markets, and as such, we have been seeing a buy the rumour sell the news market reaction.

TWO - The fact that the Fed still remains quite downbeat on their outlook for the US economy, after even downgrading their assessment on Tuesday, is quite concerning to the global economy as it potentially warns that yet another ripple effect could be felt from the weakness in the US economy. This has resurrected a wave of risk aversion that has ultimately resulted in the latest broad based liquidation of riskier investments (reflected through lower currencies, equities, oil prices etc). Certainly the latest data discouraging data out of China helps to reinforce this point.

THREE - Technical studies have been warning for some form of a material correction back in favour of the US Dollar after the currency has dropped off significantly over the past several weeks against all major currencies, including even the Swiss Franc and Japanese Yen. All three of these factors suggest that we could see a more sustained US Dollar exchange rate rally over the coming days and we would therefore look for opportunities to buy the buck on any intraday dips. The one other currency that stands out at present is the Yen, and we would also recommend that traders start to think about looking to establish a meaningful long position in Usd/Jpy.

At this point, we would not be surprised to see one more drop lower towards 84.00 to clear out any lingering stops, before a nasty upside reversal. While the Yen traditionally benefits in negative equity/flight to safety environments on the back of its low yielding status, in our opinion, the single currency could start to come under pressure even in the event of a widespread equity decline and renewed global uncertainty, with the Bank of Japan likely to resurrect its sleeping intervention policy. As such, we would be on the lookout for any big drops below 84.70 in order to consider establishing a fresh long position.

Looking ahead, there is certainly more room for this latest wave of price action to continue, and the risks from here are for a continued reduction of long currency, equity, and commodity positioning. On the data front, the Australian Dollar is in the spotlight, and could be at risk for some fresh downside with key Aussie employment data (20k change expected/5.1% unemployment) due up at 1:30GMT.

Japanese data will also get some attention with industrial production and capacity utilization due at 4:30GMT, followed by consumer confidence at 5:00GMT. Also out earlier in Asian trade is New Zealand PMI at 22:30GMT. The European calendar is quite light, with the only key release coming in the form of Eurozone industrial production (0.6% expected) at 9:00GMT.

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]]> http://www.imsfx.co.uk/daily_report/August-2010/buying-euros-12-08-2010.htm Pounds to Australian Dollars 32907E7E-6FA8-4B1F-9EEF-B828095484AA Thu, 12 Aug 2010 12:32:16 +0100 US Dollar rate enters the new week under continued pressure, following the discouraging employment report released on Friday. The fact that the employment data was on the whole quite weak but not disastrous ended up being the worst possible situation for the Greenback, which most probably would have benefited in a situation where the data was either really bad or really good.

A really bad report would have rehashed the views that weakness in the US is likely to ripple into the global economy, thereby perpetuating the flight to safety trade, while a really strong report would probably have benefited the buck as well, with investors being encouraged by the data and overall prospects for US recovery (translating into higher fed fund futures). In the end, this is not how things played out, and we could be in store for another round of selling US Dollars. Technically, currencies are certainly overextended and warn of the potential for a major corrective pullback in favor of the US Dollar, but at this point, we have received no confirmation of such a reversal.

The Euro now looks like it could extend towards the 1.3500 area, while Us dollars to Japanese Yen still needs to take out critical support by 84.80 below. Cable has finally reached 1.6000 but could now see an overshoot into the 1.6100-1.6300 area before finally stalling out. Meanwhile, US Dollar to Swiss Francs looks poised for a fresh drop towards the 1.0100 figure before considering the possibility of a meaningful base.

The antipodeans have also been quite strong with Australian and New Zealand Dollars residing by fresh multi-day highs. The only currency that has shown any weakness over the past few sessions has been the Canadian Dollar, with the single currency getting whacked in sympathy with the US Dollar exchange rate due to proximity, while also being hit hard on some horrid local data.

Looking ahead to European trade, the German trade balance (12.0B expected) is due at 6:00GMT, followed by Eurozone Sentix investor confidence (1.6 expected) at 8:30GMT. All is quiet on the economic calendar in North America, and markets will like trade off of broader global macro developments. US equity futures are tracking lower in early trade.

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]]> http://www.imsfx.co.uk/daily_report/August-2010/buying-euros-09-08-2010.htm Pounds to Australian Dollars F9589A40-3650-4B7C-B11A-D320F152481E Mon, 9 Aug 2010 11:43:51 +0100 US Dollar rate so stretched across the board, we are quite confident that we will finally begin to see sentiment shift back in the favour of the buck. Technically, the FX market is looking stretched and the US Dollar exchange rate is quite oversold, so a healthy corrective pullback should not be discounted.

The latest weakness in the Greenback has come from a pickup in talk of additional accommodative monetary policy measures from the Fed which would significantly undermine the value of the currency. Also seen weighing has been a raft of weak data out of the US highlighted by the most recent softness in personal income, personal consumption, pending home sales and factory orders. The resulting price action has seen the USD post new lows versus the best Euro rate, Sterling, Japanese Yen and other major currency today.

On the data front, UK BRC shop price index remained unchanged and the Australian AiG performance of service index came in a tad softer. Otherwise data was very upbeat out of Australia with the house price index and trade balance both soundly beating expectations. US equities failed to generate additional momentum from the strong Monday performance, and although the declines were only marginal, this could now lead to a bout of profit taking in a market that has been quite volatile, while also failing to manage any form of sustainable gains.

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]]> http://www.imsfx.co.uk/daily_report/August-2010/buying-euros-04-08-2010.htm Pounds to Australian Dollars 88300E76-668D-4170-9018-5EE9D3AF208C Mon, 9 Aug 2010 11:43:00 +0100
Today’s Interbank rates as of 10 am:

Pounds to US dollars 1.5649
Pounds to Euros 1.1972
Pounds to Australian Dollars 1.7345
Euros to US Dollars 1.3071
Euros to Pounds 0.8352
Euros to Australian Dollars 1.4487

Pound Headlines

• British pound looks for direction as comments by governor Mervyn King raises concerns of stagflation
• UK mortgage approvals (Jun) come in at 47.6k missing expectations of 48.8k and falling from the previous reading of 49.5k
• It didn’t take sterling bulls long to shake off the recent round of weak UK data as Cable turns higher again

Euro Headlines

• Euro tumbles against most major currencies as bank lending remains tight, Euribor pushes higher
• EURUSD Breaks above the this weeks high to reach 1.3060 as the dollar collapses

US Dollar Headlines

• Dollar continues lacklustre performance amid disappointing US data

If you need to buy or sell currency today please contact me for a free quote!

Kris Charalambides
FX Broker
kris@imsfx.co.uk
www.imsfx.co.uk
Buying Euros
Tel: +44 207 183 2790]]> http://www.imsfx.co.uk Pounds to Australian Dollars F931B674-F64D-441B-804B-F7EC9BD34429 Thu, 5 Aug 2010 15:39:21 +0100
Today’s Interbank rates as of 10 am:

Pounds to US dollars 1.5649
Pounds to Euros 1.1972
Pounds to Australian Dollars 1.7345
Euros to US Dollars 1.3071
Euros to Pounds 0.8352
Euros to Australian Dollars 1.4487

Pound Headlines

• British pound looks for direction as comments by governor Mervyn King raises concerns of stagflation
• UK mortgage approvals (Jun) come in at 47.6k missing expectations of 48.8k and falling from the previous reading of 49.5k
• It didn’t take sterling bulls long to shake off the recent round of weak UK data as Cable turns higher again

Euro Headlines

• Euro tumbles against most major currencies as bank lending remains tight, Euribor pushes higher
• EURUSD Breaks above the this weeks high to reach 1.3060 as the dollar collapses

US Dollar Headlines

• Dollar continues lacklustre performance amid disappointing US data

If you need to buy or sell currency today please contact me for a free quote!

Kris Charalambides
FX Broker
kris@imsfx.co.uk
www.imsfx.co.uk
Buying Euros
Tel: +44 207 183 2790]]> http://imsfx-fx-broker.blogspot.com/2010/07/buy-euros.html Pounds to Australian Dollars 57CBF015-4406-4BFE-A3BF-13FBF83582A0 Thu, 29 Jul 2010 10:57:32 +0100
Today’s Interbank rates as of 10 am:

Pounds to US dollars 1.5475
Pounds to Euros 1.1966
Pounds to Australian Dollars 1.7369
Euros to US Dollars 1.3014
Euros to Pounds 0.8356
Euros to Australian Dollars 1.4515

Pound Headlines

• British pound rallies after retail sales support positive growth trends into 3rd quarter
• Sterling moves higher against USD, sideways against Euro
• UK CBI report shows fastest growth in 3 years

Euro Headlines

• Euro rallies against the Swiss Franc and Japanese Yen as consumer lending conditions improve
• Euro run continues as bond auction passes with out incident

US Dollar Headlines

• Dollar climbs for the first time in 4 days but underlying sentiment trends are still flat
• Dollar remains offered as equities regain positive territory for 2010

If you need to buy or sell currency today please contact me for a free quote!

Kris Charalambides
FX Broker
kris@imsfx.co.uk
www.imsfx.co.uk
Buying Euros
Tel: +44 207 183 2790]]> http://imsfx-fx-broker.blogspot.com/2010/07/buying-euros.html Pounds to Australian Dollars 08FF4D64-B906-49B9-A831-C8D23F2D4203 Thu, 29 Jul 2010 10:51:27 +0100
Today’s Interbank rates as of 10 am:

Pounds to US dollars 1.5478
Pounds to Euros 1.1902
Pounds to Australian Dollars 1.7168
Euros to US Dollars 1.2982
Euros to Pounds 0.8387
Euros to Australian Dollars 1.4357

Pound Headlines

• British pound weathers a cooling in Housing prices, turns to retail activity
• Sterling benefits from risk appetite improvement
• GBPUSD The $1.55 level has been broken and a 5 month high of $1.5528 was posted this morning

Euro Headlines

• Euro seemingly unfazed by stress test results, though one slip could trigger fear
• Euro trades higher ECB’s Trichet found stress test execution impressive

US Dollar Headlines

• Dollar slips to a fresh 2-month low as speculators ignore Fridays questionable fundamentals
• Higher yielding currencies such as Aussie, Kiwi and CAD dollar rally

If you need to buy or sell currency today please contact me for a free quote!

Kris Charalambides
FX Broker
kris@imsfx.co.uk
www.imsfx.co.uk
Buying Euros
Tel: +44 207 183 2790]]> http://imsfx-fx-broker.blogspot.com/2010/07/pounds-to-australian-dollars.html Pounds to Australian Dollars 7B4ABC59-335D-417A-9FA3-3B70EF9D4F70 Thu, 29 Jul 2010 10:47:35 +0100
Pounds to US dollars 1.5485
Pounds to Euros 1.2006
Pounds to Australian Dollars 1.7268
Euros to US Dollars 1.2904
Euros to Pounds 0.8331
Euros to Australian Dollars 1.4385

Pound Headlines

• British pound surges (within risk defined bounds) on strong GDP results
• GBPUSD posts a new 3 month high as opening trades in Europe just touch 1.5500
• UK houses prices see first fall in 15 months according to Hometrack

Euro Headlines

• Euro seems to take the stress test results well but the details leave much to be desired
• Swiss Franc follows Euro but individual stress tests paint a better picture
• 91 banks assessed on how they would cope with another recession 7 banks fail test

US Dollar Headlines

• Economists expect a government report this week to show new home sales increased 13% in June
• Oil slightly higher on banks stress test and a US storm threat ease

If you need to buy or sell currency today please contact me for a free quote!

Kris Charalambides
FX Broker
kris@imsfx.co.uk
www.imsfx.co.uk
Buying Euros
Tel: +44 207 183 2790]]> http://imsfx-fx-broker.blogspot.com/2010/07/pounds-to-euros.html Pounds to Australian Dollars F58961BF-3220-4D44-A6F5-3F6743DE11EC Thu, 29 Jul 2010 10:41:57 +0100
Pounds to US dollars 1.5417
Pounds to Euros 1.1919
Pounds to Australian Dollars 1.7268
Euros to US Dollars 1.2935
Euros to Pounds 0.8389
Euros to Australian Dollars 1.4487

Pound Headlines

• GDP figures show economy grew 1.1% in 3 months
• UK retail sales unexpectedly advances
• GBPUSD explodes higher on the much better than expected UK GDP

Euro Headlines

• Euro in focus as EU stress test results take center stage (results published at 5pm)
• Euro moving higher as the dollar and yen weaken after very strong German IFO
• Euro, GBP rally as economic developments reinforce improved outlook for future growth

US Dollar Headlines

• Dollar gains unwound as volatility ahead of EU stress test keeps currency within congestion

If you need to buy or sell currency today please contact me for a free quote!

Kris Charalambides
FX Broker
kris@imsfx.co.uk
www.imsfx.co.uk
Buying Euros
Tel: +44 207 183 2790]]> http://imsfx-fx-broker.blogspot.com/2010/07/pounds-to-us-dollars.html Pounds to Australian Dollars A81C1D2A-D700-41A7-AE68-DF50858795B0 Thu, 29 Jul 2010 10:37:38 +0100
Pounds to US dollars 1.5269
Pounds to Euros 1.1906
Pounds to Australian Dollars 1.7284
Euros to US Dollars 1.2824
Euros to Pounds 0.8398
Euros to Australian Dollars 1.4517

Pound Headlines

• GBP tumbles after BOE minutes show members discuss expanding stimulus
• GDP data tomorrow should give a better outlook on which way rates will move

Euro Headlines

• Euro traders respond to unexpected German funding troubles
• Swiss franc unfazed by SNB’s losses in failed attempt at intervention
• Euro weakened in anticipation of the banks stress tests due tomorrow

US Dollar Headlines

• Dollar climbs for a third day as risk aversion leveraged by Bernanke’s concerns
• USD bounces despite standstill in other markets

If you need to buy or sell currency today please contact me for a free quote!

Kris Charalambides
FX Broker
kris@imsfx.co.uk
www.imsfx.co.uk
Tel: +44 207 183 2790]]> http://imsfx-fx-broker.blogspot.com/2010/07/best-exchange-rates.html Pounds to Australian Dollars 809180E1-3FCD-40B5-8590-C0A1F98CF0DA Thu, 22 Jul 2010 16:54:37 +0100
Pounds to US dollars 1.5283
Pounds to Euros 1.1879
Pounds to Australian Dollars 1.7262
Euros to US Dollars 1.2866
Euros to Pounds 0.8418
Euros to Australian Dollars 1.4531

Pound Headlines

• British pound recovers from tumble following Government borrowing numbers
• Bank of England minutes reveal members voted 7 to 1 to keep interest rates on hold

Euro Headlines

• Euro anchored by Fridays stress tests but volatility still wide open on Bond Auctions
• Ireland sustains a painful downgrade to its credit rating, whilst talks over an emergency bailout for Hungary unexpectedly collapsed

US Dollar Headlines

• Dollar climbs as Euro weakness steps in for an unstable bearing for risk appetite
• MBA mortgage applications is released by the mortgage bankers association

If you need to buy or sell currency today please contact me for a free quote!

Kris Charalambides
FX Broker
kris@imsfx.co.uk
www.imsfx.co.uk
Tel: +44 207 183 2790]]> http://imsfx-fx-broker.blogspot.com/2010/07/buying-pounds.html Pounds to Australian Dollars 5F8EE6E3-139E-46ED-8282-5ADD3F2223FB Thu, 22 Jul 2010 16:38:37 +0100
This has resulted in a rally in global equities prices and interestingly enough, some isolated weakness in the Euro rate ahead of Friday’s stress test results. Weaker demand at the Portugal auction on Wednesday has also not helped the Euro’s cause. Price action in the non-major commodity currencies certainly makes sense and falls in line with familiar correlations, as Australian, New Zealand and Canadian Dollars have all benefited greatly from the turnaround. 

The Australian Dollar has surged back to its recent range highs just below the 100-Day SMA, with the single currency also finding some relative strength on an RBA Minutes which left the door wide open for additional rate hikes. Meanwhile, the Loonie has managed to mount an impressive rally, and extend gains into Wednesday, with Us Dollar to Canadian Dollar dropping back towards 1.0300. The strength in the Canadian Dollar has intensified since the Bank of Canada went ahead and raised rates by 25bps on Tuesday.   

Also seen bolstering sentiment has been a solid round of earnings from the US with market participants downplaying any weakness from yesterday’s Goldman Sachs earnings as a one-off deal due to the recent legal woes at the firm that have now been fully resolved. The focus now shifts to Ben Bernanke who is slated to testify in front of the Senate Banking Committee later in the day. Any signs of a willingness to adopt more accommodative policy will most probably have a negative impact on the US Dollar rate and positive impact on global equities as investors welcome the additional breathing room from the Fed. However, we do not think the Fed will take any new measures and instead will leave things as is, with an already very accommodative policy in place.   

While many have shied away from the buck over the past several weeks, we continue to advocate buying the Greenback as we see the US economy much better positioned than any other major economy going forward. With this in mind, the US Dollar rate arguably stands to benefit on an improvement in domestic fundamentals as the Fed begins to consider raising rates, while the buck also stands to benefit on a risk averse market, with the buck finding flight to safety bids.   

Looking ahead, the economic calendar is light in North American trade, with the only key release coming out of Canada a 12:30GMT in the form of wholesale sales (0.4% expected). All eyes then turn to the highly anticipated testimony from Ben Bernanke at 14:00GMT.  US equity futures point to a firmer open, while oil is also bid and gold trades flat.br />
For the full story please visit www.dailyfx.com

 

Bye for Now

 

Travel-FX

Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

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]]> http://www.imsfx.co.uk/daily_report/july-2010/buying-euros-21-07-2010.htm Pounds to Australian Dollars 36975FA7-9C07-4118-893B-C4AEE1F212C8 Thu, 22 Jul 2010 14:09:59 +0100
Meanwhile, the US Dollars, Japanese Yen and Swiss Francs were big winners on the day due to their safe-haven status. Also seen weighing on the Euro exchange rate in Wednesday trade was more profit taking on longs ahead of the European stress test results, and rumours that the SNB was in the market selling heavy amounts of Euros to US Dollar and Euros to Swiss Francs to rebalance their reserves after aggressively selling their currency on intervention action in previous months. Looking ahead, RBA foreign exchange transaction data is due at 1:30GMT, along with NAB business confidence.

New Zealand ANZ consumer confidence then follows at 3:00GMT, with Japan’s all industry activity index (-0.4% expected) shortly after at 4:30GMT. Key releases in European trade include German PMI at 7:30GMT, and Eurozone PMI at 8:00GMT. In the UK, retail sales (0.6% expected) are the key data to watch at 8:30GMT, while Eurozone industrial new orders (-0.1% expected) cap things off at 9:00GMT.

It will be interesting to see if the US Dollar exchange rates can retain its bid tone into Thursday trade, or if market participants begin to once again sell the buck on a decoupling mentality following the latest downbeat Bernanke testimony.

For the full story please visit www.dailyfx.com

 

Bye for Now/font>

 

Travel-FX

Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now!

Need to Buy Holiday Money? Buy Travel money at the best exchange rates visit www.travelfx.co.uk and save on your travel and holiday money/span> needs

Contact IMS Foreign Exchange + 44 207 183 2790

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Buying Euros

Overseas Money Transfers

]]> http://www.imsfx.co.uk/daily_report/july-2010/buying-euros-22-07-2010.htm Pounds to Australian Dollars 775E504E-C2C3-4599-B571-720A622F1F00 Thu, 22 Jul 2010 14:08:35 +0100
Today’s Interbank rates as of 10 am:

Pounds to US dollars 1.5233
Pounds to Euros 1.1740
Pounds to Australian Dollars 1.7325
Euros to US Dollars 1.2975
Euros to Pounds 0.8517
Euros to Australian Dollars 1.4756

Pound Headlines

• BOE minutes released 21/7 could provide boost to sterling - pound positive
• British pound traders await a fundamental wave the Begins the UK’s fiscal health - pound neutral
• Sterling fell to its lowest level in nearly 2 months yesterday as the Euro gained against most major currencies - pound negative

Euro Headlines

• Euro gains momentum against most currencies - Euro positive
• Euro little moved in the face of a positive EU stress test failure, Ireland downgrade - Should be euro negative

US Dollar Headlines

• Dollar holds steady despite clear threats to financial stability and the Euro - dollar neutral
• USD and JPY declined as against their major counterparts as stocks advanced in Asian Trade - dollar negative

If you need to buy or sell currency today please contact me for a free quote!

Kris Charalambides
FX Broker
kris@imsfx.co.uk
www.imsfx.co.uk
Tel: +44 207 183 2790]]> http://imsfx-fx-broker.blogspot.com/2010/07/euro-gains-momentum-against-most.html Pounds to Australian Dollars 71495CCE-49EC-4459-B9A1-3E44ADE47FB6 Tue, 20 Jul 2010 11:26:08 +0100 Euro rate to hold onto recent gains even with all of the potentially currency negative developments over the past few sessions has been more than impressive, and it seems as though the demand from various Middle Eastern and sovereign names will not be denied.

First it was the Hungary Forint / IMF news that should have marked a serious dent in demand for the Euro currency, and then a Moody’s downgrade to Ireland, followed by reports that German lender Hypo Real Estate had failed the stress tests. After all was done, the Euro managed to close slightly higher on the day on Monday, and it now appears that there is very little to deter the currency from continuing on its intense recovery path. Other currencies were relatively unchanged, although we did manage to see relative weakness in both Sterling and Swissie on cross related demand for Euros to pounds and Euro to Swiss Franc.  

The key release in Tuesday trade thus far has undoubtedly been the RBA Minutes. However, the release has failed to materially impact price action after there were no surprises. The central bank seemed to try to play down the importance of the upcoming inflation data due next week saying the central bank will take all information into account. RBA Stevens expressed uncertainty over next year’s global prospects but remained optimistic over Australia’s economic conditions and the, his generally upbeat economic views imply the tightening bias is still intact.  

Looking ahead, German producer prices (0.2% expected) are due at 6:00GMT followed by the Swiss trade balance at 6:15GMT. Attention then turns to the UK at 8:30GMT with the releases of bank mortgage approvals (52k expected), public finances (16.0B expected), public net borrowing (13.0B expected), and M4 money supply (-0.1% expected). More UK data follows at 10:00GMT in the form of CBI trends total orders (-24 expected) and CBI business optimism (22 expected). It is still quite early in Tuesday trade but US equity futures are pointing lower while commodities are flat. 

For the full story please visit www.dailyfx.com

 

Bye for Now

 

Travel-FX

Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
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]]> http://www.imsfx.co.uk/daily_report/july-2010/buying-euros-20-07-2010.htm Pounds to Australian Dollars 7C80E981-8A88-428D-BA16-26FFBC460089 Tue, 20 Jul 2010 11:07:05 +0100 THE Australian dollar's impact on company profits should be a mixed bag this reporting season.

On one hand, a more than US Dollar 8c decline against the greenback after the dollar punched above US94c in November would have come as a welcome relief to businesses with big US exposures, The Australian reported.

"If anything, that is going to provide a modest boost to earnings," said UBS chief strategist David Cassidy.

But its stellar march forward against the euro is likely to have dented the profitability of companies with operations in Europe. "For companies with big euro rate exposure, that is going to be a pretty clear headwind," Mr Cassidy said.

Last financial year was a roller-coaster 12 months for the Aussie Dollar. After breaking through US94c in November, it was sold down heavily in May to a low of US80.65c, as concerns over Europe's debt crisis intensified.

Fat Prophets analyst Colin Whitehead said the dip would have benefited exporters such as Foster's, which would have been able to compete more effectively on price. "Then you have the broader macro effect of tourism - during periods of Australian dollar weakness the tourism industry will benefit from more overseas visitors."

By the end of the financial year, the Australian dollar Rate had recovered more than 6 per cent to end the year at US85.53c, limiting its effect on local groups with US operations.

RBS equities strategist Greg Goodsell said he would be surprised if the dollar, against the greenback, was a big factor this reporting season.

"In the last 12 months it has averaged between US78c and US92c, so it has been in a reasonable range, whereas during the GFC it went down to the low 60s," he said.

He said Australian stocks generally did not take naked currency risk any more. "Most of them manage their exposures pretty well - they either put financial hedges in place if they have a significant degree of risk or do natural hedging, so if they have US dollar assets they will typically fund themselves in US dollars," Mr Goodsell said.

"Because of that, the currency has to move a long way to have a big impact on earnings results."

But Mr Cassidy said there could be some euro-related downgrades to watch for due to the dollar's strength against the euro exchange rate.

Last financial year, the dollar surged about 20 per cent against the euro, reflecting the differing outlooks for the Australian and euro-zone economies. "Obviously there are lots of moving parts as to how the business is actually going operationally, but companies like Amcor and Brambles do have big European operations," Mr Cassidy said.

To Read more please visit www.news.com.au
Pounds to Australian Dollars = 1.7575 Euros To Australian Dollars = 1.4903 Australian Dollars to US Dollars = 0.8697 Australian Dollars to New Zealand Dollars = 1.1599 Bye For Now IMS Foreign Exchange Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Buy Travel Money Australian Dollars? Contact IMS Foreign Exchange + 44 207 183 2790]]> http://australian-dollar-exchange-rate.blogspot.com/2010/07/australian-dollars-impact-on-company.html Pounds to Australian Dollars F3A236AD-FAF0-4671-9511-73B5EB07B755 Mon, 19 Jul 2010 12:29:41 +0100
Today’s Interbank rates as of 10 am:

Pounds to US dollars 1.5320
Pounds to Euros 1.1813
Pounds to Australian Dollars 1.7585
Euros to US Dollars 1.2968
Euros to Pounds 0.8464
Euros to Australian Dollars 1.4888

Pound Headlines

• British pound tumbles ahead of week loaded with growth, Interest rate and financial health updates - Pound neutral
• GBP/USD pulls back from 1.5470, consolidating around 1.5300 - Pound supportive

Euro Headlines

• Euro Eases off its Risk Course but the EU Stress Test Results Next Week Will Determine its Bearing - Euro positive
• EUR/USD returns to 1.3000 risk area, risk appetite is back - Euro positive
• EU current account widens deficit - Euro negative

US Dollar Headlines

Dollar Finally Gains Traction as sentiment plunges but fundamental catalysts undermine advance - Dollar positive

If you need to buy or sell currency today please contact me for a free quote!

Kris Charalambides
FX Broker
kris@imsfx.co.uk
www.imsfx.co.uk
Tel: +44 207 183 2790]]> http://imsfx-fx-broker.blogspot.com/2010/07/british-pound-tumbles.html Pounds to Australian Dollars 77348AB5-244C-4174-A8D9-064B490C170F Mon, 19 Jul 2010 10:46:45 +0100
While the commodity bloc had come under some pressure on the back of some renewed risk aversion, the major currencies were less influenced, with the Euro coming in as the top performer following a serious reduction in concerns over the state of the Eurozone debt crisis. This in conjunction with a much less hawkish than expected Federal Reserve, as reflected through the previous week’s minutes, has shaken confidence in the US Dollar exchange rate and also resulted in some major flows back into the Euro exchange rates.  

US corporate earnings have indeed been impressive on the whole, but weakness within the economic data and fears of a double dip recession have trumped the silver lining from the corporate earnings. Fed Chair Bernanke will testify this week on Wednesday in front of the Senate Banking Committee, and all will be watching closely for more insight into the direction of monetary policy. Interestingly enough, the latest IMM data shows speculative positioning net short the USD for the first time since March, which could suggest that any additional US Dollar selling will be hard to come by in the days ahead.  Key data out of the US this week will come in the form of housing data, with NAHB later today, housing starts and building permits on Tuesday, and existing home sales on Thursday.

Moving away from the US, the central focus will undoubtedly be on the European bank stress tests. Initial comments from various EU officials are encouraging, and we believe this has factored into the Euro buying. However, there is also a decent risk that the markets will perceive the tests to be too lax if the banks pass with flying colours and in turn look to re-establish short positions in the Euro.  

Data this week out of the Eurozone is highlighted by German IFO, while in the UK, the focus will be on retail sales and GDP. On the commodity currency front, the Bank of Canada will meet on Tuesday and if the central bank decides to hold, this could really start to weigh on the commodity bloc. RBA Governor Stevens is also slated to speak on Tuesday just after the release of the RBA minutes and his comments should also have some form of an impact on price action in the Australian Dollar and commodity currencies.

For the full story please visit www.dailyfx.com


Bye for Now


Travel-FX

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Overseas Money Transfer]]> http://www.imsfx.co.uk/daily_report/july-2010/buying-euros-19-07-2010.htm Pounds to Australian Dollars 2D6F842A-C567-438F-B274-F5951E159996 Mon, 19 Jul 2010 10:36:46 +0100
Today’s Interbank rates as of 10 am:

Pounds to US dollars 1.5321
Pounds to Euros 1.1982
Pounds to Australian Dollars 1.7391
Euros to US Dollars 1.2784
Euros to Pounds 0.8342
Euros to Australian Dollars 1.4507

Pound Headlines

Pound trades above 1.5450 and now targets 1.5500 - pound positive
BP seals hole in the US - Pound positive Pounds to Euros stabilises at 1.1900 but will remain very shaky if Euro strength continues - Pound negative

Euro Headlines

Euro again well supported today and looks to trade above 1.3000 after closing above the 100 day moving average - Euro Positive Talk of hedge and pension funds opening "new long Euro" positions - euro positive
Goldman Sachs raise target for the EURUSD to 1.2200 in the short term - euro Positive

US Dollar Headlines

China data not as strong as first thought, signs of a slowdown - dollar negative
USDJPY looks below 87.00 and would be a signal for further USD selling - dollar negative

If you need to buy or sell currency today please contact me for a free quote!
Kris Charalambides
FX Broker
kris@imsfx.co.uk
www.imsfx.co.uk
Tel: +44 207 183 2790]]> http://imsfx-fx-broker.blogspot.com/2010/07/goldman-sachs-raise-target-for-eurusd.html Pounds to Australian Dollars DF0CAF74-012D-4070-97BE-B4F3340A6899 Fri, 16 Jul 2010 11:28:17 +0100
Today’s Interbank rates as of 10 am:

Pounds to US dollars 1.5321
Pounds to Euros 1.1982
Pounds to Australian Dollars 1.7391
Euros to US Dollars 1.2784
Euros to Pounds 0.8342
Euros to Australian Dollars 1.4507

Pound Headlines

Unemployment numbers surprise but large rise in part-time workers - pound positive
Bank of England Sentence suggest that QE needs to be withdrawn and interest rates to rise as economy stabilises - Pound positive

Euro Headlines Euro again well supported and carves out fresh highs today after well received Spanish Bond Auction
Euro positive View that sovereign risk is over done - euro positive
Traders targeting 1.2920 today US Dollar Headlines China data inline with expectation and supporting "risk on" - dollar negative
FOMC continue to see lower rates for the foreseeable future - dollar negative

If you need to buy or sell currency today please contact me for a free quote!

Kris Charalambides
FX Broker
kris@imsfx.co.uk
http://www.imsfx.co.uk
Tel: +44 207 183 2790]]> http://imsfx-fx-broker.blogspot.com/2010/07/best-fx-broker.html Pounds to Australian Dollars 880F0CFC-3918-4DB5-B415-5923EFD8A466 Fri, 16 Jul 2010 11:20:07 +0100 Euro exchange rate once again leading the way to close back above the 100-Day SMA for the first time since December of 2009

The Greenback has fallen way out of favour of late and we have been hearing that the latest price action has been attributed to longer-term accounts booking profit on long US Dollar rates positions, and model funds establishing fresh Euro longs.  

Fundamentally, the cooling off of sovereign debt concerns in Europe has also played a large role in the Euro’s rebound, while a downbeat Fed, weaker empire state manufacturing, disappointing Philly Fed, and softer headline PPI have all take away from any appeal the US Dollar exchange rate might have. It appears that so long as there is little hope for interest rates to move higher in the US, and so long as data continues to show weakness, there is very little reason for market participants to want to be buying the buck, even despite very stretched technical studies.   

Looking ahead, all is quiet on the data front in Europe, with the only key release coming in the form of Eurozone trade balance (-0.5B expected) due at 9:00GMT. It is still quite early in Friday trade, but US equity futures and commodities are tracking moderately higher.

For the full story please visit www.dailyfx.com

 

Bye for Now

 

Travel-FX

Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now!
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]]> http://www.imsfx.co.uk/daily_report/july-2010/buying-euros-16-07-2010.htm Pounds to Australian Dollars 719CD2FB-BD61-49E3-A8AD-A77DD6BD4FCE Fri, 16 Jul 2010 10:26:33 +0100 Euros to US Dollar exchange rate 100-Day SMA by 1.2920 now beckons and despite any form of stretched technical studies, we would not at all be surprised to see these unrelenting gains persist with a test of this level over the coming sessions.   

Interestingly enough, the demand for the Euro exchange rate has not translated into a strongly correlated demand for some of the higher yielding currencies, with Australian Dollar and New Zealand Dollar grossly lagging on the day. The Euro has been a prime beneficiary of the rebound in global equities, but is also now finding relative strength in the face of risk aversion and renewed concerns over the outlook for the US economy.

The Fed has come out with anything but a reassuring outlook for the economy this week, evoking a higher degree of uncertainty than market participants would have liked to have expected. This uncertainty has resulted in a Greenback that has fallen even further out of favour, with no catalyst in sight to reverse the current trend. To add further fuel to the fire, Goldman Sachs has come out today to reverse its US Dollar outlook, with the renowned investment shop taking on a more bearish view on the USD. JP Morgan earnings have now been released and the much stronger than expected result has helped to bolster financials in pre-market trade.  

In our opinion, the Euro gains are unsustainable and we strongly contend that the current global instability should put more pressure on the Eurozone economy than on the US economy. We believe that any concerns over the outlook for recovery in the US pale in comparison to those in the Eurozone, and as such see the US Dollar rate in a better position to benefit going forward. The current rebound is therefore no more than an obvious corrective bounce within an underlying downtrend that could be poised for resumption very soon. As such, we would strongly recommend looking to sell into any additional rallies towards the 100-Day SMA over the coming sessions.  

Looking ahead, US PPI, initial jobless claims, and empire manufacturing are all due at 12:30GMT, along with Canada new motor vehicle sales and manufacturing shipments. US industrial production and capacity utilization are then out at 13:15GMT, followed by the Philadelphia Fed which caps things off at 14:00GMT. US equity futures point to a flat open, while commodities are bid, with both oil and gold tracking higher by some 0.50% and 0.70% respectively. 
  
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]]> http://www.imsfx.co.uk/daily_report/july-2010/buying-euros-15-07-2010.htm Pounds to Australian Dollars 9B5FD980-DAF1-48B9-B004-5A910C3683AD Thu, 15 Jul 2010 12:58:34 +0100 Euro exchange rate fully negating recent bearish price action to put in a bullish outside day and expose fresh upside towards 1.2800 further up.

The price action has been somewhat suspicious, particularly in the case of the Euro rate, with investors seemingly pouring into the beleaguered currency on the back of a very well received Greek bond auction, while neglecting any of the negative fallout from a downgrade to Portugal, weaker economic data, and a request from Spain for the EU to extend the bank’s restructuring fund.  

Nevertheless broader price action is also reflective of a Greenback that continues to fall out of favor on weaker growth prospects, and a demand for higher yielding assets as the much stronger earnings from Intel after the bell on Tuesday could help to propel additional US Dollar rates declines as the net positive result is interpreted more as net positive for risk and thereby a net negative for the buck.

On the data front, the key release in Asian trade has come out of New Zealand dollars, with retail sales coming in weaker than expected. This has immediately put some pressure on Kiwi, although a break back below 0.7075 will be required at a minimum to negate the recent bullish price action. Also out in Asia has been a slightly better than expected UK nationwide consumer confidence print and a surging Australian Dollar and consumer confidence reading that have failed to materially factor into price action. Finally, the Bank of Japan kicks off its monetary policy meeting.  

Looking ahead to European trade, the UK claimant count (4.5% expected) and jobless claims change (-20.0k expected), and unemployment rate (7.9% expected) are due at 8:30GMT, followed by Eurozone CPI (0.0% expected) and industrial production (1.2% expected) at 9:00GMT. US equity futures have extended gains in Asian trade, while commodities trade relatively flat.

Written by Joel Kruger
  
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]]> http://www.imsfx.co.uk/daily_report/july-2010/buying-euros-14-07-2010.htm Pounds to Australian Dollars 02BA058A-0166-49C5-8E28-2670E59E5506 Wed, 14 Jul 2010 17:30:26 +0100 Euros to US Dollar Exchange Rate bearish outside day formation from Friday showing decent downside follow through below 1.2600.

Most of the more exciting price action transpired in Asian and European trade, with the US markets deferring to some consolidation. A fifth consecutive higher close in US equities seemed to keep the Euro rate and other major currencies somewhat supported, and it now remains to be seen whether we will continue to see currencies lose momentum in favour of a resumption of broader US Dollar buying.  

Overall, the general tone is quite cautious, with many now looking ahead to key data releases this week out of the US, China and New Zealand dollars, while also being focused on earnings season and fiscal developments in the Eurozone and UK. All of these are factors that could sway investor sentiment in either direction, and we would expect volatility to pick up substantially over the next 48 hours.  

Technically, price action suggests that whatever the results this week, the market will look to interpret the developments as net USD bullish. The Euro has stalled out by some major trend-line resistance, while currencies like the Yen and Swiss Franc seem to have found some strong resistance against the buck as well. Meanwhile, the USD Index confirms, with this market also bouncing off of critical medium-term support. While signs of USD strength against the regional currencies are not as obvious, we favour USD buying against currencies today as well, with prices at attractive levels for USD bulls on a cyclical basis.  

Looking ahead to the European session, German wholesale prices (0.2% expected) are due at 6:00GMT, followed by Swiss producer and import prices at 7:15GMT. All eyes then turn to the batch of UK data due at 8:30GMT, in the form of CPI (0.0% expected), retail prices (0.1% expected), and DCLG house prices (10.2% expected). The focus then shifts back to the Eurozone at 9:00GMT, with the release of German and Eurozone ZEW surveys. US equity futures and commodities are tracking moderately higher in early Tuesday trade.  

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]]> http://www.imsfx.co.uk/daily_report/july-2010/buying-euros-13-07-2010.htm Pounds to Australian Dollars E803C5C6-FA1C-4AE5-8EEA-54E0275B3B38 Tue, 13 Jul 2010 12:14:15 +0100 US Dollar exchange rate was so strongly bid, many investors were waiting for some form of a reversal to kick in to allow for a necessary and much needed correction within the market.  

We have now seen this correction take place, and the question becomes just how long it will last. Most of the major currencies have benefited greatly from the USD slide, with signs of stability within the equities markets, a renewed sense of confidence towards global recovery prospects, and fading worries over the Eurozone debt crisis, all helping to contribute to the price action. However, we contend that we have now reached some form of an inflection point where USD bulls might look to reassert their long USD positions.  

Technically, a bearish outside day formation in buying euros to us dollars on Friday could be the very catalyst to trigger the resurgence in selling euros and US Dollar buying. It is worth noting that we have also been seeing some form of a divergence between equity price action and USD price action, where a strong USD performance doesn’t necessarily translate into negative US equities. We could now be entering a period where we in fact see US equities perform well in a strong USD environment. After all, the US economy was the first to enter the global crisis, and theoretically could be the first major economy to emerge from the crisis. While this is somewhat debatable, we are in this camp and see the USD being in a position to benefit in any market environment. Should investor sentiment falter, the USD will find bids on its safe-haven appeal. But should investor sentiment pick-up, we see the USD also benefitting as the Fed responds to the stronger outlook and looks to react through the raising of interest rates, which in turn will narrow yield differentials back in favor of the buck.  

For now, we recommend watching Eur/Usd closely on Monday for hints of short-term directional bias. A break back above 1.2725 will negate the bearish outside day formation and open the door for additional USD weakness, while back below 1.2600, will suggest that the Euro has posted some form of a medium-term lower top and could be poised for bearish resumption. As things correlate, a higher Euro will likely result in a higher Swiss Franc, Sterling, Australian Dollar, New Zealand Dollars and Canadian Dollar against the buck, while a lower Euro, will likely place some significant downside pressure on these currencies. As far as the Yen is concerned, things are a little trickier and wee see the single currency at risk for substantial weakness over the medium-term irrespective of Euro price action. In fact, where with the USD we see a situation where the currency can potentially benefit in either market environment, with the Yen we see he potential for the exact opposite, with the currency at risk no matter what.  

Some early developments in the early week include a story out from the UK Sunday Guardian which reports that the country’s biggest banks will warn Chancellor Osborne that up to 1TLN GBP could be drained from the financial system due to the proposed regulatory changes, which will hamper the economic recovery. Meanwhile, in Japan, the loss of the DPJ’s upper house majority has been generating some attention and could weigh on the Yen. Finally, the news that China’s reserves increased at the slowest pace in 11 years has been turning some heads, although many analysts believe that headline is somewhat misleading and should not force any shift in China’s current reserve accumulation policy, and thereby have no real impact in the FX markets.  

Looking ahead, the European calendar is extremely light with the only key releases coming out of the UK at 8:30GMT in the form of GDP (0.3% expected), the current account (-4.5B expected) and index of services (0.4% expected). US equity futures are tracking mildly lower, while oil is bid and gold trades flat. 

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]]> http://www.imsfx.co.uk/daily_report/july-2010/buying-euros-12-07-2010.htm Pounds to Australian Dollars D6DCEB2E-5A8A-45E7-B199-8CC5A9F75A66 Mon, 12 Jul 2010 10:49:51 +0100 US Dollars to Japanese Yen.  

The Euro managed to ascend to fresh multi-day highs on Thursday beyond 1.2700, and many are now buying into the inverse head and shoulders base that was triggered in the previous week, which projects additional gains beyond 1.3000. A combination of stronger labour data out of Australia, upbeat comments from ECB Trichet, solid German industrial production, and better than expected US initial jobless claims, have all contributed to the most recent rally in currencies. Nevertheless, we remain skeptical of the rally and would continue to recommend that traders proceed with caution, as the state of the global economy still remains quite volatile and uncertain which would favour an eventual resumption of US Dollar buying.  

Our recommendation for trade on Friday is to watch price action in Euro to US Dollars closely for a clearer directional bias. While we would not rule out the potential for additional upside, any rallies over the coming hours should be very well capped ahead of 1.2850, with heavy selling from longer-term accounts to be expected into this area. The key level to watch below now comes in by 1.2620, and a break and close back below this level could also mark an end to the latest recovery rally and warn of a resumption of the broader underlying downtrend in Eur/Usd.  

Another major currency pair to watch is US Dollars to Swiss Francs which trades at violently oversold levels as the daily RSI flashes a 20 print. The Swiss Franc has been heavily bought since early June, and we believe the single currency could now be at risk for some major corrective downside. This in turn might offer some attractive long opportunities in Usd/Chf and Eur/Chf over the coming hours.  Looking ahead to European trade, German CPI (0.1% expected) is due at 6:00GMT, followed by the UK trade balance (-7000 expected) and UK producer prices (0.1% expected) at 8:30GMT. US equity futures have given back some of the latest gains, while on the commodity front, gold and oil trade relatively unchanged in early Friday trade. 

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]]> http://www.imsfx.co.uk/daily_report/july-2010/buying-euros-09-07-2010.htm Pounds to Australian Dollars 040DC00C-C6EF-48FF-BB2C-E086B9EDA49F Fri, 9 Jul 2010 09:39:25 +0100
Martin Ellis, housing economist at Halifax, said prices were driven higher last year as a result of a shortage of properties for sale. This encouraged more people to put their home on the market, pushing up prices in recent months.  

The increase in properties for sale was also helped by the recent relaxation of rules on home sales by Britain's new Coalition government. Nationwide said last month that the scrapping of HIPS - home information packs - had helped the slowdown in house prices. it predicted further falls as it reported as slight monthly rise of 0.1pc in house prices in June, following a 0.5pc rise in May.  

The average price of a home is now £166,203, the Halifax said. Housing market activity has softened in recent months, with Bank of England figures showing the number of mortgages approved for home purchases fell in the three month to May, compared with the previous three months.  

However, Mr Ellis said: "The low level of interest rates continues to support housing demand."  

Halifax expects house prices to be broadly unchanged over the year.  

Howard Archer, economist at IHS Global Insight, also predicted house prices would be flat this year and he is not optimistic about the outlook for next year. "It is hard at this stage to be optimistic about house prices in 2011 as the fiscal squeeze will increasingly kick in, which will hit people's pockets and lead to serious job losses in the public sector," he said.

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]]> http://www.imsfx.co.uk/daily_report/july-2010/buying-euros-08-07-2010.htm Pounds to Australian Dollars 69AA2808-780E-410B-A674-735619DDFFD1 Fri, 9 Jul 2010 09:38:29 +0100 Sterling market show little reaction to decision by BoE to leave policy unchanged http://www.imsfx.co.uk Pounds to Australian Dollars 4EDC4BDC-69F2-4205-8B10-56B88EB777D2 Thu, 8 Jul 2010 12:06:40 +0100
Martin Ellis, housing economist at Halifax, said prices were driven higher last year as a result of a shortage of properties for sale. This encouraged more people to put their home on the market, pushing up prices in recent months.  

The increase in properties for sale was also helped by the recent relaxation of rules on home sales by Britain's new Coalition government. Nationwide said last month that the scrapping of HIPS - home information packs - had helped the slowdown in house prices. it predicted further falls as it reported as slight monthly rise of 0.1pc in house prices in June, following a 0.5pc rise in May.  

The average price of a home is now £166,203, the Halifax said. Housing market activity has softened in recent months, with Bank of England figures showing the number of mortgages approved for home purchases fell in the three month to May, compared with the previous three months.  

However, Mr Ellis said: "The low level of interest rates continues to support housing demand."  

Halifax expects house prices to be broadly unchanged over the year.  

Howard Archer, economist at IHS Global Insight, also predicted house prices would be flat this year and he is not optimistic about the outlook for next year. "It is hard at this stage to be optimistic about house prices in 2011 as the fiscal squeeze will increasingly kick in, which will hit people's pockets and lead to serious job losses in the public sector," he said.

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]]> http://www.imsfx.co.uk/daily_report/july-2010/buying-euros-08-07-2010.htm Pounds to Australian Dollars 9354CB09-FB3F-40CE-8E23-C9A7CEDF4B5F Thu, 8 Jul 2010 12:07:46 +0100 euro exchange rate?

 It wouldn’t be the first time if it were to happen; and it certainly wouldn’t be the last. This past week, the euro sparked an aggressive rally through the beginning of Thursday’s session that ran in direct contrast to the risk aversion that the capital markets (equities, commodities, bonds) were reflecting. The breakdown is in the euro’s position as a risky currency over the first half of this year. While some currencies are considered risky currencies because of the excessive levels of capital built behind them in an effort to earning high yields; other currencies maintain a direct, positive correlation to investor sentiment because they are fundamentally and speculatively risky.

This is the case with the euro. A future of weak economic growth (with a few EU members facing a second recession), interest rate potential set to the distant future and the constant threat of a financial crisis plagues the shared currency. So, how long can the euro advance – especially when sentiment itself is tumbling? The primary concern for buying euros (and global sentiment) this past week was the success of a key bond auction and the expiration of the ECB’s 12-month Long-Term Refinancing Operation.

Both of these events would occur without a crisis; but that does not mean that they were positive developments. On the contrary, Spain’s 3.5 billion euro auction drew weak demand (1.7 times the offer) and a higher yield (cost for the government). Sovereign efforts to raise capital will be an ongoing concern for the Euro-area. As of now, there are only two auctions planned by Germany and Austria; but neither is considered to be in exceptional financial distress. What traders are really concerned about is the ability of PIIGS and periphery European countries’ ability to access to the markets. A short-notice auction (Spain has to buy euros this month) or an event that will make such an operation inevitably more expensive (a downgrade) will once again put the single currency back under bearish control. Another sustained concern is the health of banks and lending institutions in the region.

Relief that the region survived the expiration of the 442 billion 12-month lending facility this past week will quickly wear off. Traders will have to reconcile the fact that firms still asked for 243 billion euros in three-month and six-day loans.

That is not a sign of a healthy market. On that note, we will monitor the ECB’s follow up call on its weekly refinancing operation and for any unexpected developments involving the health of particular economies’ banking systems (trouble is inevitable given enough time). For a scheduled take on the system, we will also watch the ECB rate decision.

There will be no change to the benchmark lending rate; but changes to facilities, comments on the health of the region and plans for further purchases of sovereign government debt are all possible. Risk appetite and financial uncertainty are the keys to the euro’s dominant trend; but short-term volatility could very well be a factor of scheduled event risk. That being said, the docket is relatively light over the coming week. Potential top releases in Euro Zone GDP and German CPI are diminished by the fact that they are revision numbers. Instead, we will have to garner an assessment of the regions underlying health.

German factory orders and production activity, along with Eurozone investor sentiment and retail sales will give a broad coverage of all the major players in the economy. 

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]]> http://www.imsfx.co.uk/daily_report/july-2010/buying-euros-07-07-2010.htm Pounds to Australian Dollars 298D9B0B-B87F-4B3F-9EFD-48B0E2A20E17 Wed, 7 Jul 2010 11:40:36 +0100 pound is back above 1.5200 after further weaker numbers in the US Dollar market http://www.imsfx.co.uk Pounds to Australian Dollars 807C3AB2-1986-4B19-9151-CF9541549797 Wed, 7 Jul 2010 11:40:27 +0100 pound is back above 1.5200 after further weaker numbers in the US Dollar market http://www.imsfx.co.uk Pounds to Australian Dollars 68243697-5B98-4B67-AC64-ABBE7AF869A2 Tue, 6 Jul 2010 15:16:21 +0100 Gets dragged back above stg0.8300 as rate tracks euro-dollar's recovery, the latter rate breaking above Friday's highs while cable struggles to break a way from the $1.5180/85 area. http://www.imsfx.co.uk Pounds to Australian Dollars 422C71A1-BD32-4157-90EC-062ED34B2C39 Tue, 6 Jul 2010 15:10:14 +0100
The central bank left the cash rate at 4.5 per cent for a second straight month today, as expected. "The current setting of monetary policy is resulting in interest rates to borrowers around their average levels of the past decade," Reserve Bank governor Glenn Stevens said in a statement accompanying the decision. "Pending further information about international and local conditions for demand and prices, the Reserve Bank board views this setting of monetary policy as appropriate."  

Treasurer Wayne Swan said the Reserve Bank's decision was good news for families and businesses. He added that family budgets had already been stretched thin by earlier interest rate hikes. Citigroup managing director of investment and research analysis, Paul Brennan, said the Reserve Bank board noted the risks from offshore but also acknowledged the strength in the local economy.  

"They continue to highlight the high commodity prices with the terms of trade," Mr Brennan said. "They have not changed their forecast for growth, they have slightly nudged up their inflation forecast but they don't see that as a trigger to raise interest rates." Mr Brennan said the next move by the Reserve Bank was unlikely to be a cut, as priced by debt futures markets, particularly given the it was a "positive statement".  

"Those looking for a downgrading in the Reserve Bank's rhetoric would be disappointed with the statement," he said. "The talk of cutting interest rates is off the mark and this statement certainly would not give comfort to that view (that) the next move is down." Foreign exchange traders reacted positively to the Reserve Bank's statement, with the Australian dollar rate appreciating from $US0.8372 just before the decision at 2.30pm AEST to $US0.8411 half an hour later.  

JP Morgan economist Helen Kevans said the statement showed the Reserve Bank was worried about inflation in the near term. Ms Kevans said she now expected the Reserve Bank to lift the cash rate as early as August and again in the fourth quarter of 2010, taking the cash rate to 5 per cent.  

"The RBA is definitely flagging that inflation will increase significantly in the near term," she said.  

"Conditions in the labour market are pretty tight and the RBA is seeing pressures there. "So that's definitely something the RBA is watching very closely."  

The jobless rate dropped to 5.2 per cent in May, close to the level economists call full employment. In his statement, Mr Stevens noted that wages were starting to increase, while underlying inflation looks likely to be in the upper end of the Reserve Bank's 2 to 3 per cent target band over the next year. "The rate of (the consumer price index) increase is likely to be a little above three per cent in the near term, due to the effects of increases in tobacco taxes announced earlier in the year and significant increases in prices for utilities," he said.  

Ms Kevans said the central bank was also exhibiting more caution on the global economic front, with Mr Stevens' statement noting emerging tightness in finding markets. "The statement was exhibiting the RBA's caution on the global side," Ms Kevans said. "But on the domestic front the RBA was more positive and the terms of trade, growth being around trend, business investment increasing.  

"They're all things that weren't raised in the last statement."

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]]> http://www.imsfx.co.uk/daily_report/july-2010/buying-euros-06-07-2010.htm Pounds to Australian Dollars 7A75CE24-DADD-4EF7-A5FD-D57A10827317 Tue, 6 Jul 2010 14:34:14 +0100 Nevertheless, the economic docket is expected to show industrial output expanding 0.4% in May after unexpectedly contracting 0.4% in the previous month, with manufacturing advancing 0.3%, and the rise in production could spur a bullish reaction in the British Pound as the outlook for future growth improves. In addition, producer prices are projected to grow at an annualized pace of 5.7% for the second consecutive month in June, while input prices are anticipated to fall back to 10.2% from 11.2% in the previous month, and the stickiness in prices could stoke a shift in the interest rate outlook as inflation remains well above the central bank’s 2% target. For the full story please visit www.dailyfx.com   Bye for Now   Travel-FX Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now! Buying Dollars? Buy US Dollars at the Best Dollar Rates! Get a quote for Buying Dollars Now! Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Get a quote for Buying Australian Dollars Now! Need to Buy Holiday Money? Buy Travel money at the best exchange rates visit www.travelfx.co.uk and save on your travel and holiday money needs Contact IMS Foreign Exchange + 44 207 183 2790 Travel Money Best Rates today Buying Euros http://www.imsfx.co.uk/daily_report/june-2010/buying-euros-29-06-2010.htm Pounds to Australian Dollars 837EEF0A-2D09-4156-9AA2-F6473B289E6E Mon, 5 Jul 2010 11:38:42 +0100 currencies drifted along without any real directional movement. There is an inkling feeling that this could be the calm before the storm, with downside risks from the ECB’s expiry on Thursday and US NFPs on Friday followed by European bank stress tests in July.  

Some light risk-off trade has seen Asian equities reverse their morning gains to trade lower and the yen rally across the board taking out the psychological 89.00 level. Also, most notably, US Treasury yields have continued to crumble with the two-year yield hitting an all time low as negative risks overwhelm foreign exchange brokers. The Pound once again has been a ray of light as the storm clouds gather buoyed by yesterday’s comments from BoE Sentance who said that the UK budget does not change his views that an interest rate hike is needed. Sterling got another boost from PM Cameron who reinforced the new governments pledge to rein in the deficit.  

On the data front, New Zealand Dollar building permits fell for the second time in three months. Japan’s unemployment rate unexpectedly nudged up for a third month in a row and household spending came in weaker than expected. Japanese industrial production also showed signs of slowing, however, none of this weaker than expected data slowed the yen’s over-night gains.  

Looking ahead, data for the European session is kicked off by the Swiss consumption indicator at 06:00GMT followed by French consumer confidence indicator (-39 expected) at 06:45GMT. Then UK net consumer credit (0.1B expected), mortgage approvals (51.0K expected) and M4 money supply are at 08:30GMT. Finally, Euro-zone economic confidence (98.1 expected) at 09:00GMT caps data for the session. US equity futures are pointing 0.5% lower while commodities are diverging with gold holding steady and crude slipping. 
 
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]]> http://www.imsfx.co.uk/daily_report/july-2010/buying-euros-05-07-2010.htm Pounds to Australian Dollars 6D235CE0-9A7F-4568-99B0-3B227ADDBAF4 Tue, 29 Jun 2010 14:58:43 +0100 British pound exchange rate has rallied against the US dollar rate this week, finishing as the third-best performing G10 currencies through Friday’s close. For this upcoming week, traders are sure to keep a close eye on further technical developments as the markets digest the recent fundamentals in Great Britain.

During this past week, we have seen the new Chancellor of the Exchequer, George Osborne release his budget statement which is aimed to restore the fiscal surplus by 2015. Highlights from the emergency budget include the value added tax rising to 20 percent from 17.5 percent at the start of next year. Although this measure aims to to the nations deficit, the plan will likely weigh on consumer spending going forward. In addition, the budget statement showed that there will be a removal of tax credits with incomes over 40, 000 pounds. With regards to the capital gains tax on nonbusiness assets, Osborne said “low and middle income savers who pay income tax at the basic rate make up over half of all capital gains taxpayers. They will continue to pay on their gains at 18 percent. From midnight, taxpayers on higher rates will pay 28 percent on their capital gains.” Away from the budget statement, GBP traders were faced with the Bank f England minutes this past week. Surprisingly, the decision to keep rates unchanged was 7-1 as policy maker Andrew Sentence said it is appropriate to “gradually” withdraw” BOE stimulus measures. This was the first time in seven months that the decision was not unanimous. However, it is noteworthy that policymakers said that uncertainty about risks have elevated in May, and recognized that it will take a while for inflation to return to its 2 percent target.

Though there was a desperate need for the recent emergency budget, the extreme measures however places the U.K. at risk for a double-dip recession for the second half of the year. One reason being, the increase in capital gains is likely to make residential properties less attractive. At the same time, consumers will be prone to scale back spending amid the jump in the value added tax. As for this upcoming week, the economic docket is expected to show an increase in house prices and consumer credit. If released as expected, house prices would have rose for the 14th time in the last 15th months, driven mostly by factors such as a shortage of properties. However, it is noteworthy that the recent advance in capital gains (illustrated earlier) may have caused an increase in home sales before this previous week’s budget announcement. Also on tap is the first quarter final reading for the gross domestic product which is expected to remain unchanged at 0.3 percent. Nonetheless, PMI manufacturing is expected to slightly push lower in June, while PMI construction is forecasted to remain unchanged.

With regards to price action this upcoming week, there is a lot to grasp before entering in a trade; however, the opportunity for a entry position amid a breakout in the Pounds to US Dollars Rate may be on the horizon. In my analyst pick, I noted that the pair stalled at the 61.8 percent Fibonacci retracement on the downswing from April 26th to May 20th. However, towards the end of the day on Friday, the pair broke above this level. Also worth noting is the recent breakout above the falling trend line (1/20, 1/28, 4/26, 6/23). On a shorter term basis, we are seeing the pair trading in a rising channel on the daily chart. To confirm bullish British pound price action going forward, we will need to see a break above the 100 day SMA which has held since the beginning of this year.
 
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]]> http://www.imsfx.co.uk/daily_report/june-2010/buying-euros-27-06-2010.htm Pounds to Australian Dollars B0DDE1AA-1BB4-4463-9757-CB932A3004CF Mon, 28 Jun 2010 14:47:06 +0100 Euro exchange rate maintained the narrow range from earlier this week, with price action continuing to hold above the 20-Day SMA at 1.2203, but the single-currency may face increased volatility going into the U.S. trade as the economic docket is expected to reinforce a mixed outlook for future growth.

Meanwhile, European Central Bank President Jean-Claude richet said that the austerity measures carried out by the governments operating under the fixed-exchange rate system does not “strangle” the economic recovery in Europe, and went onto say that inflation expectations remain “remarkable well anchored” during an interview with an Italian newspaper.

At the same time, Governing Council board member Erkki Liikanen argued that credit rating agencies “need to be registered and supervised” in a paper for the Finnish Institute for International Affairs as the debt crisis weighs on the stability of the euro, and stated that economic activity “will not return to pre-crisis levels for many years” as policy makers plan to tighten fiscal policy going forward. As a result, the ECB is widely anticipated to maintain a loose policy stance in the second-half of the year as it aims to encourage a sustainable recovery, and the central bank may look to support the economy going into 2011 as the region faces an “uneven” recovery paired with subdued price growth. Meanwhile, industrial new orders in the Euro-Zone increased 0.9% in April, which fell short of expectations for a 1.6% expansion, but marked the third consecutive rise as global trade conditions improve.

The British Pound extended the two-day advance and rose to a high of 1.5011 during the European trade, but the short-term rally appears to be tapering off ahead of the 100-Day SMA at 1.5048 as the daily RSI approaches overbought territory. However, the shift in the central bank’s rhetoric paired with the stickiness in consumer prices may continue to drive the exchange rate higher as inflation becomes an increasing concern, and speculation for a rate hike later this year could lead the sterling to retrace the decline from April as investors weigh the prospects for future policy. Meanwhile, former Chancellor of the Exchequer Alistair Darling said that the Bank of England must stay away from the political area and should “be seen to be” above politics while speaking in London, and stated that the U.K. budget “would be leaked in minutes” if the Treasury decided to send the documents to the European Union before handing it over the Parliament.

The greenback strengthened against most of its major counterparts, while the US Dollars to Japanese Yen exchange rate extended the previous day’s decline to reach a fresh weekly low of 89.24 as the low-yielding currency continued to benefit from the rise in risk aversion, but the fundamental developments scheduled for the North American session could spark a shift in market sentiment as investors weigh the prospects for a sustainable recovery in the world’s largest economy. Demands for U.S. durable goods are expected to contract 1.4% in May following a 2.9% expansion in the previous month, while orders excluding transports are forecasted to increase 1.0% after unexpectedly falling 1.0% in April, and the mixed data could produce choppy price action in the major currencies as the outlook for future growth remains clouded with uncertainties.
 
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]]> http://www.imsfx.co.uk/daily_report/june-2010/buying-euros-24-06-2010.htm Pounds to Australian Dollars F6D16A62-6457-435C-93F8-C7DAD4BF0188 Thu, 24 Jun 2010 16:32:42 +0100 <a href="http://www.imsfx.co.uk">Buy Holiday Money</a> - <a href="http://www.imsfx.co.uk">Best Exchange Rates</a> http://www.travelfx.co.uk Pounds to Australian Dollars 71BABB2D-2D69-4DD3-B3AB-538089424CDB Thu, 24 Jun 2010 16:34:07 +0100 <a href="http://www.imsfx.co.uk">Buy Holiday Money</a> - <a href="http://www.imsfx.co.uk">Best Exchange Rates</a> http://www.travelfx.co.uk/ Pounds to Australian Dollars F1245D4E-E3E5-4CE5-8E64-A0A594829502 Thu, 24 Jun 2010 16:33:50 +0100 <a href="http://www.imsfx.co.uk">Buy Holiday Money</a> - <a href="http://www.imsfx.co.uk">Best Exchange Rates</a> http://www.overseasmoneytransfers.co.uk/ Pounds to Australian Dollars E382396C-5FA1-42D3-8F99-DCEC2C9C79A2 Thu, 24 Jun 2010 16:33:38 +0100 BULLET: ECB: Rumours of a 50bps by the ECB still doing the... ECB: Rumours of a 50bps by the ECB still doing the rounds, with latest CitiFX technicals report adding to the speculation. http://affiliate.travelfx.co.uk/TheMoneyConverter/8/index.php Pounds to Australian Dollars DFD98788-B5A8-4AB2-8D55-0E5829CA7A26 Thu, 24 Jun 2010 16:33:30 +0100
The US Dollar rate and Yen are back in favor on the flight to safety bid, while currencies are broadly offered. Meanwhile, oil prices have also pulled back on similar correlations, with gold holding its own and trading flat. 

 

Renewed global economic concerns and fears over the outlook of the European banking sector have been rehashed following a BNP downgrade, Credit Agricole’s write offs, S&P’s raised estimate on Spanish banking losses, and much weaker US existing home sales data. This has resulted in Wall Street’s biggest loss in 3 weeks. 

 

On the data front, the New Zealand current account balance came in narrower than expected, but the better than expected result failed to inspire any fresh bids in light of the broader environment and bearish FinMin English comments in which the official said that he still expects the current account to get significantly worse over the coming years and that he also would prefer to see a weaker New Zealand Dollar exchange rate. 

 

Looking ahead, German GfK consumer confidence (3.3 expected) is set for release at 6:00GMT, followed by German PMI (54.7 expected) at 7:30GMT and Eurozone PMI (55.3 expected) at 8:00GMT. The UK Bank of England Minutes are then scheduled for release at 8:30GMT, along with BBA loans for house purchases. UK CBI distributive trades then caps things off at 10:00GMT for European trade. US equity futures have rebounded a bit, but it is still way too early for any renewed optimism.

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]]> http://www.imsfx.co.uk/daily_report/june-2010/buying-euros-23-06-2010.htm Pounds to Australian Dollars B444C2DB-DB53-4A54-8516-2F2DA213D172 Wed, 23 Jun 2010 09:34:30 +0100 Daily news story:

Exchange Rate Outlook - Australian and New Zealand Dollar currency Outlook improves today

Investors have taken it as a very good sign that China is quite comfortable with the prospects for a global recovery and rebound in the Eurozone, as the move clearly will result in a more significant strain on China's major export market, given the anticipated appreciation in the local currency. However, despite the broad based rally in currencies since the Asia open, the markets have been held back somewhat when China set the mid-point of the USD/CNY rate at the same level as Friday. Nevertheless, the news is grossly positive for now, and has helped a great deal to deflect attention away from the Eurozone debt crisis. 

 

The commodity bloc currencies have been the major outperformers on the back of the China news, with Australian Dollar, New Zealand Dollar, and Canadian Dollar all benefiting from the expected pickup in demand for commodities on the back of the increased purchasing power of the Chinese due to the currency appreciation. Australian and New Zealand Dollar exchange rate have also managed to find some additional relative bids on attractive yield differentials and geographic proximity to China that enables these economies to more directly trade with each other.  

 

On the data front, New Zealand visitor arrivals improved from the previous print but was still in the negative, while Australian new motor vehicle sales dropped off significantly. Meanwhile, in the UK, some early data was released in the form of Rightmove house prices which were mixed, with the YoY improving, while the MoM pulled back. In Japan, the all activity index came in slightly softer than expected, but was offset by an upward revision to the previous number. 

 

Looking ahead, the calendar is eerily quiet for the remainder of the day, and the markets will be left to trade off of the broader global macro developments. This is probably a good thing, as much of the focus needs to be on digesting the latest China move and the potential impact this will have longer-term on the global economy. US equity futures point to a very solid open of more than 1% at this point, while oil is also impressively bid up by close to 2% on similar correlations. Gold has managed to hold up quite well in the face of the resurgence in risk appetite and trades flat on the day. 

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]]> http://www.imsfx.co.uk/daily_report/june-2010/buying-euros-21-06-2010.htm Pounds to Australian Dollars CDFC6B72-6A59-468C-A67F-23DEE43952E4 Mon, 21 Jun 2010 11:44:46 +0100 BULLET: ECB: Rumours of a 50bps by the ECB still doing the... ECB: Rumours of a 50bps by the ECB still doing the rounds, with latest CitiFX technicals report adding to the speculation. http://affiliate.travelfx.co.uk/TheMoneyConverter/8/index.php Pounds to Australian Dollars 950547E2-3744-4040-9E2C-DA22C30CAB7B Thu, 17 Jun 2010 17:27:07 +0100 BULLET: ECB: Rumours of a 50bps by the ECB still doing the... ECB: Rumours of a 50bps by the ECB still doing the rounds, with latest CitiFX technicals report adding to the speculation. http://affiliate.travelfx.co.uk/TheMoneyConverter/8/index.php Pounds to Australian Dollars 13C9B7F3-1BD5-42E4-9CBF-624F857F4678 Thu, 17 Jun 2010 17:26:07 +0100 It looks as though summer doldrums could be setting in with all of the major markets deferring to a period of consolidation over the past few sessions.

While the recovery rally looks to have stalled out, it is also premature to call for a resumption of flight to safety buying. Many traders have been distracted by the World Cup and we would expect to see markets continue to consolidate into the end of the week as desks start to lighten up. 

 

Fundamentally, there seems to be some good cause for the latest pullback in the Euro below 1.2300, with talk of a Eur250B credit line to Spain from the IMF, EU, and US Treasury, making the rounds. A UK Telegraph article entitled “The Euro Mutiny Begins” has also not helped the Euro’s cause. Meanwhile in the UK, Chancellor Osborne has been out with some strong comments, after saying that he would look to abolish the FSA and transfer more authority to the Bank of England. 

 

Elsewhere, the topic of the Yuan has come up again ahead of the G20, with a Canadian official calling for a more flexible currency. The head of China’s national pension fund has come out and said that the country is indeed taking steps to accelerate the internationalization of the Yuan. Dai Xianglong also says that while the USD may weaken over the longer-term, it will remain the dominant currency for the time being. Finally, the pension fund head offers some supportive comments for the Euro after saying that he expects the beleaguered currency to gradually stabilize. 

 

On the data front, New Zealand consumer confidence came in on the softer side, while the Reuters Tankan showed Japanese manufacturers growing increasingly optimistic over the outlook about economic conditions. However, the data releases have failed to materially factor into broader market price action. 

 

Looking ahead, Swiss industrial production (-7.0% expected) is due at 7:15GMT, followed by the all important SNB interest rate decision (unchanged at 0.25% expected) at 7:30GMT. Market participants will be paying very close attention to any official comments relating to the policy on the appreciation of the local currency. This could ultimately heavily influence Eur/Chf price action today. The ECB monthly report is then due out at 8:00GMT, followed by UK retail sales (0.1% expected) at 8:30GMT. Eurozone construction output is then out at 9:00GMT, with UK CBI industrial trends (-15 expected) capping things off at 10:00GMT. US equity futures and oil prices are tracking lower in early Thursday trade, while gold is moderately higher.

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]]> http://www.imsfx.co.uk/daily_report/june-2010/buying-euros-17-06-2010.htm Pounds to Australian Dollars AC636280-AC18-4775-8D6C-94EDE8E1A862 Thu, 17 Jun 2010 17:25:12 +0100 BULLET: ECB: Rumours of a 50bps by the ECB still doing the... ECB: Rumours of a 50bps by the ECB still doing the rounds, with latest CitiFX technicals report adding to the speculation. http://www.travelfx.co.uk/ Pounds to Australian Dollars 8B9568B5-7BE5-4478-B30F-C897D3EA62F6 Fri, 11 Jun 2010 16:42:30 +0100 Economic data (UK): BOE Asset Purchase Target out at 200B vs. 200B expected and 200B prior. BOE Interest Rate out at 0.50% vs. 0.50% expected and 0.50% prior. http://www.imsfx.co.uk Pounds to Australian Dollars B5733312-47C1-44B0-A037-B85D634A00DB Thu, 10 Jun 2010 12:01:03 +0100 BULLET: ECB: Rumours of a 50bps by the ECB still doing the... ECB: Rumours of a 50bps by the ECB still doing the rounds, with latest CitiFX technicals report adding to the speculation. CitiFX notes that in the easing cycle that began in 2001 the ECB kept rates on hold at 3.25% for 13 months until Dec 2002, before it restarted the easing cycle and cut rates by 50bps. Then, during the tightening cycle that began in 2005 the ECB kept rates on hold for 13 months before they restarted the tightening cycle and raised rates 25bps. In this current cycle that began in October 2008 the ECB has now been on hold for 13 months. Interest rate decision is due at 1145GMT. http://www.travelfx.co.uk/ Pounds to Australian Dollars DAF2B271-3B4F-4CA3-984A-E39425F39797 Thu, 10 Jun 2010 11:53:08 +0100 Monetary Policy Statement June 2010 – Policy Assessment

The Reserve Bank of New Zealand today increased the Official Cash Rate (OCR) by 25 basis points to 2.75 percent.

The economy has entered its second year of recovery with growth becoming more broad-based.
The recovery in trading partner activity is continuing, with growth in Asia particularly strong. Along with ongoing growth in Australia and recovery in the United States, this has so far offset weak growth in some other export markets. Against this backdrop, New Zealand’s export commodity prices have increased sharply over the past few months, boosting export incomes.

In contrast to signs of global economic recovery there has been renewed turmoil in financial markets. Currently, we expect the main impact on New Zealand dollar to come through continuing upward pressure on the cost of funds to the banking system.

In New Zealand, growth of around 3½ percent is expected this year and next. The main drivers of this outlook are higher export prices and volume growth, an improving labour market and a pick-up in residential and business investment. However, we expect households to remain relatively cautious, with the housing market and credit growth staying subdued. This moderate household spending contributes to some rebalancing in the economy.

Underlying CPI inflation is expected to track within the target range even as the economy expands further. That said, headline CPI inflation will be boosted temporarily by the announced increase in GST and other government-related price changes. Provided households and firms do not reflect this price spike in their wage and price-setting behaviours we do not expect a lasting impact on inflation.

Given this outlook and as previously signalled, we have decided to begin removing some of the monetary policy stimulus that is currently in place. The further removal of stimulus will be reviewed in light of economic and financial market developments.

The fact that bank funding costs are higher, long-term interest rates are higher than short-term interest rates, and a greater proportion of borrowers use floating rate mortgages should all reduce the extent to which the OCR will need to be increased relative to previous cycles.

Alan Bollard
Governor

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]]> http://www.imsfx.co.uk/daily_report/june-2010/buying-euros-10-06-2010.htm Pounds to Australian Dollars FA91E5B4-8B86-4BFE-ADAC-149AC6AD1C9C Thu, 10 Jun 2010 11:44:54 +0100 Markets have generally held up quite well over the past 24 hours, with currencies, global equities, and commodity prices all stabilizing and deferring to some form of consolidation. The much stronger than expected German factory orders on Monday, and some assurances over Hungary’s fiscal situation have definitely helped the situation, while lack of any fresh bad news can also not be discounted as a reason for the broader stabilization.

The latest interview of Ben Bernanke has been getting some attention, with the Fed Chair openly discussing all of the relevant subjects impacting the domestic and global economy. Bernanke says the recovery in the US probably began last summer, but also concedes that the pace of recovery will be slow, while remaining highly concerned over the state of the labour market. On the topic of Europe, the Fed Chair says that the Fed is doing everything it can to help, but says more money may be needed to stabilize the region. Finally, on the topic of monetary policy, Bernanke says that the process of rate tightening will begin before the economy is back to full employment.

Other officials on the wires overnight include the RBA’s Broadbent who remains strongly optimistic on the outlook for the Australian Dollar exchange rate, and Portugal’s economic minister Da Silva who says that currency stability is important but it is also difficult to say whether the Euro rate has fallen enough to help the local economy.

It seems as though the Bernanke comments for more money to the Eurozone, and hints at near-term rate tightening, along with bearish Euro comments from the Portuguese econmin could ultimately continue to weigh on the Euro as trade picks up on Tuesday. It is also worth noting that despite the latest consolidation, US equities did still close lower on Monday, which is an added reason to be less bullish on currencies and more bullish on the USD.

On the data front, Japanese economic releases were highlighted by a widening out of the current account surplus, and a shrinking of loan growth, while in Australia, NAB business conditions and business confidence readings showed deterioration from previous prints.

Looking ahead, Swiss franc unemployment (3.8% expected) is due at 5:45GMT, followed by German trade balance (Eur15B expected) at 6:00GMT. Swiss CPI (0.0% expected) is then due out at 7:15GMT, with German industrial production (0.7% expected) capping things off for the European calendar at 10:00GMT. US equity futures have rebounded and point to a higher open, while oil is also marginally higher. Gold is slightly lower.

To Read more please visit www.dailyfx.com

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]]> http://www.imsfx.co.uk/daily_report/june-2010/buying-euros-08-06-2010.htm Pounds to Australian Dollars 284CD362-53E7-4AC6-9525-398E8FF9BFB7 Tue, 8 Jun 2010 11:29:15 +0100 EURO-STERLING: Challenging Nov 2008 lows at stg0.8233, but seen meeting demand interest placed around this level. A break below stg0.8230 to allow for a deeper move toward stg0.8200. Stops noted on a break below the figure, which if triggered said to expose stg0.8150. Provided by: Market News International http://www.imsfx.co.uk Pounds to Australian Dollars 5721C6E5-5C76-49A1-942D-AF2ED3F157DC Mon, 7 Jun 2010 14:36:48 +0100 Exchange Rate Outlook -  UK House prices edge closer to 2007 peak

House prices are now less than 10% below their 2007 peak following a further 0.5% rise last month, figures from the UK's biggest building society showed today.

Nationwide's latest monthly report on the housing market shows the average price crept up to £169,162 in May, from £167,802 in April. Last month's increase has put annual inflation at 9.8%, down from the 10.5% the building society had reported in April.

However, the continuing price crawl upwards means that since reaching a trough in February 2009 – following a drop of 19.3% from their October 2007 peak – house prices have risen by 12.2% and are now just 9.5% below the October 2007 peak.

The society said the three-monthly rate of growth, which gives a better guide to the underlying market trends than a single month's figures, showed a 1.7% rise in prices, up from a 1.1% rise in April.

Nationwide's chief economist, Martin Gahbauer, said that the house price rises were being driven upwards by a continuing scarcity of properties for sale. "The current supply-demand balance on the market is still consistent with relatively stable to modestly upward trending prices," he said.

He said that the plans to increase capital gains tax (CGT) on the sale of assets, which currently include buy-to-let properties, could have an impact on the market in the current months depending on how they are timed.

"If there is a significant time lag between the announcement of the increase and its actual implementation, then some second home owners and buy-to-let landlords may decide to sell in advance of the higher rate being introduced," he said.

"Such a development could lead the supply-demand balance to shift more in favour of buyers and relieve the current upward pressure on house prices."

He added that if the changes were to be implemented with immediate effect from the budget, on 22 June, then sellers would not have time to react and the impact would barely be noticeable.

However, there is already evidence that some sellers are trying to shift properties ahead of a CGT announcement. A number of estate agents, predominantly in the south-east of the country, claim they have been contacted by buy-to-let landlords pressing for a quick sale in the last few weeks.

Nationwide's house price report reflects similar findings from the Land Registry, which were released earlier this week. It reported that overall, house prices rose slightly by an average of 0.2% in England and Wales during April and 8.5% over the past 12 months, although there have been big regional disparities. Houses in Brighton and Hove produced the highest annual price change during April, it said, rising by 16.8% year-on-year.

Figures from the Bank of England yesterday showed that mortgage lending increased month on month by £0.5bn in April, stronger than the March rise of £0.2bn but below the six-month average of £1.3bn.

To Read more please visit www.guardian.co.uk

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]]> http://www.imsfx.co.uk/daily_report/june-2010/buying-euros-03-06-2010.htm Pounds to Australian Dollars 6B6D2B93-E4D9-463A-9B75-79957FFBDCEB Fri, 4 Jun 2010 16:20:58 +0100 Despite some uplifting and risk positive news over the past few sessions, the Euro remains under pressure and trades just over its recent 2010 lows against the best US Dollar exchange rate.

In fact, the Greenback remains relatively well bid against all major currencies and we believe we could be entering a period where the USD stands to benefit not only in risk averse settings, but also stands to gain in risk taking environments. Comments from various Fed officials overnight have reaffirmed this fact, with the Fed’s Fisher, Hoenig, and Lockhart all talking fairly bullish on the US economy and hawkish on rates.

While Fisher says we may be getting closer to the point for tightening, Hoenig has gone so far as to say that the Fed should raise rates towards 1% by the end of the summer should market conditions and the economic outlook continue to improve. Treasury Secretary Geithner has also been on the wires ahead of the G20 meeting, saying that the global economy is better positioned to deal with the current Eurozone debt crisis in light of the crisis that began 2 years ago, while also conteding that the world economy seemed to be moving in the right direction.

Japan politics continue to receive a good deal of attention with FinMin Kan now officially selected as the next PM of the country. The former FinMin was an overwhelming favorite and the news has been well received by the financial markets. Us dollars to Japanese yen on the other hand, has been relatively unaffected. Elsewhere, comments from the IMF, in which the organization has expressed concern over the Greek crisis, have not helped the Euro exchange rate, while BOE Bean has been talking down the UK economy, after saying that it is “severely misguided” to hope that Britain can inflate its way out of its public debt mountain.

The Euro to Swiss Francs cross rate is once again getting a lot of attention from the currency markets, with the market dropping sharply on Thursday to put the focus back on the key historical lows by 1.4000, where the SNB last aggressively intervened. At this point, we would be quite surprised to see the 1.4000 level not tested and broken over the coming sessions. Efforts from the SNB have only managed to delay the inevitable, and the market continues to see fundamental value in selling this cross rates.

Looking ahead, UK Halifax house prices (0.3% expected) are due at 8:00GMT, followed by the more closely watched Eurozone GDP (0.2% expected) at 9:00GMT. It is worth noting that today is NFP day in the US, and although this data series has not been as market moving of late due to some broader global macro events, the economic release could be enough to keep markets relatively stable leading up to the release at 12:30GMT. US equity futures and commodities are tracking moderately lower on the day thus far.

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]]> http://www.imsfx.co.uk/daily_report/june-2010/buying-euros-04-06-2010.htm Pounds to Australian Dollars 103EA661-E0A1-4391-A973-A46496A11EEA Fri, 4 Jun 2010 16:19:40 +0100 The first trading day of June was a wild one, with risk on, then off, the back on and then closing off. The up-and-down risk appetite managed to produce a fresh multi-year low for Euro to US Dollar Exchange rate, which fell just shy of 1.2100 before eventually bouncing and settling in the 1.2200’s. However, at this point, it does not look like any of these gains will be sustained; with the market already back under pressure in early trade. The negative close in US equities, despite efforts to rally throughout the day, has been weighing heavily on investors and we would expect to continue to see a relative underperformance in the Euro rate given its direct association with the current global deterioration.   

The Eurozone debt crisis continues to worsen with the ECB most recently warning of additional bank losses. Also weighing on investor minds has been a flurry of geopolitical risk, softer China data and a newly launched criminal probe into BP’s massive oil spill in the Gulf of Mexico.

Elsewhere, Japan is all over the headlines today, following the news of the resignation of PM Hatoyama and Secretary-General Ozawa. The political turmoil has easily overshadowed the upwardly revised growth data, and despite the broader safe-haven price action in the markets, the Yen is still tracking lower on the day thus far because of this unsettling news. Finally, Australian GDP has come out broadly in-line with estimates, and the result has hardly factored into price action.

Looking ahead, Swiss retail sales are due at 7:15GMT, followed by UK consumer credit (0.3B expected), net lending on dwellings (0.6B expected), mortgage approvals (49.5k expected), money supply, and construction PMI (58.0 expected), at 8:30GMT. Eurozone PPI (0.7% expected) caps things off for the European calendar at 9:00GMT. US equity futures are trading flat, while oil is lower and gold unchanged.

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]]> http://www.imsfx.co.uk/daily_report/june-2010/buying-euros-02-06-2010.htm Pounds to Australian Dollars 779918B2-ABF8-4BEC-9530-B416319A4468 Wed, 2 Jun 2010 17:46:46 +0100 The month of May has come and gone, and many are relieved, following a month which saw some heavy flows back into safe haven assets and significant downside pressures in global equities. The USD has been a prime beneficiary of the current market environment, and stands to continue to benefit should levels of market uncertainty remain elevated.

The Eurozone debt crisis is undoubtedly at the top of the list of problems, with the latest negative news out from the region centering on an ECB report that warns of more bank losses. A weak Chinese PMI result has also added to the elevated risk aversion on Tuesday, and rising geopolitical risk has not helped matters, with Korea, Israel, Russia, and the oil spill in the Gulf of Mexico, all making headlines.   

Price action over the past few lightened holiday sessions has been relatively quiet, although we have been seeing some mild bids for the USD.

The Canadian Dollar exchange rate has however been outperforming, with the single currency benefiting from a better than expected round of GDP data on Monday, which has helped to increase the chances for a rate hike at today’s Bank of Canada meeting.

The Australian Dollar exchange rate on the other hand, has been showing some weakness in Tuesday trade, with the latest round of data helping to solidify today’s RBA rate hold at 4.50%. The single currency has been hit hard on a very discouraging and much weaker than expected round of building approvals data, with a slightly better retail sales showing failing to positively influence trade. To make matters worse for the antipodeans, PM Rudd’s controversial 40% mining tax proposal has been getting a lot of negative attention and acts as an additional strain on the currency.   

Looking ahead, Swiss GDP (0.7% expected) is due at 5:45GMT, with German retail sales (1.0% expected) shortly after at 6:00GMT. Swiss SVME-PMI (64.7 expected) is then out at 7:30GMT, followed by German unemployment (7.8% expected) and German PMI (58.3 expected) at 7:55GMT. Eurozone PMI (55.9 expected) is then out at 8:00GMT, followed by UK PMI (57.5 expected) at 8:30GMT. Eurozone unemployment (10.1% expected) caps things off for the European session at 9:00GMT. US equity futures point to a lower open, while oil is slightly lower and gold moderately higher.

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]]> http://www.imsfx.co.uk/daily_report/june-2010/buying-euros-01-06-2010.htm Pounds to Australian Dollars 65CE04CF-BC59-4139-A8A3-9FE929AE4283 Tue, 1 Jun 2010 16:58:43 +0100 Initially, it looked as though a positive close in the US equity markets on Tuesday, would result in some more buying into risk in Wednesday trade. However, ultimately, this was not to be the case, with currencies once again rolling over in the North American session, led by weakness in the Euro exchange rate. The Euro rate was by far the biggest loser, with the market trading back below 1.2200, and stalling just shy of the recent 2010 lows by 1.2145 thus far. Talk of more troubles in the Spanish banking sector, warnings from OECD that Germany and France might not be able to manage additional losses from Spain and Portugal, and an FT article that China was reviewing its Euro-zone government bond holdings, were all seen weighing heavily on the Euro.   

As a result, the US Dollars remains very well bid on its safe haven appeal, and is actually finding some added bids on the recovery prospects for the US economy, which now seems to be much better positioned than it had been several months back. Fed Lacker has even gone as far as downplaying any impact the current Eurozone debt crisis may have on the US economy, after saying that the crisis would only shave a “a tenth or two” off of his growth forecasts for this year.   

The commodity currencies have been relatively better bid over the past few hours, particularly against the Euro, with Aussie dollar rate finding some renewed bids after a report in a local paper said that the government was moving towards a major back-down on its proposed 40% super resources tax. But it is also worth noting that a much weaker than expected Australian private capital expenditure reading has slowed the Australian Dollar rebound somewhat on Thursday. Meanwhile in New Zealand, trade data came out much better than expected, with the economy showing its first trade surplus for the first time since July, 2002. Finally, Japan also managed to post a better than expected trade number

Looking ahead, another light calendar in European trade, with the only key releases coming in the form of Swiss employment at 7:00GMT, and UK CBI distributive trades at 10:00GMT. US equity futures and commodities have managed to recover from Wednesday’s lows and track higher on the day thus far.

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]]> http://www.imsfx.co.uk/daily_report/may-2010/buying-euros-27-05-2010.htm Pounds to Australian Dollars E5DC3C29-FFAB-4556-B082-675A8876B35A Thu, 27 May 2010 12:02:36 +0100 The impressive rebound in the currency market on Tuesday saw most of the major currencies recouping all of their early losses and closing back by opening levels. The buying currency back into risk was also seen in the equity markets, with US stocks staging a strong rebound into the close. However, the general feel at this point is that the latest rally will be unsustainable and the demand to sell currencies into rallies, in favour of safer haven USD and Yen investments, is still very much alive.

Fed Chair Bernanke has been on the wires and has not helped risk appetite after saying that the Fed should not be providing US Dollar swaps as a permanent service for financial markets. Additionally, market participants remain focused on the EU and UK debt crisis, with the added strain of having to deal with a Chinese central bank that will most likely move to tighten in the near future.

On the data front, the BOJ Minutes were released and showed a balanced view with regard to the downside and upside risks to the Japanese economy. Meanwhile, in Australia, Westpac-MI’s leading index of economic activity showed much better times ahead for the Australian dollar exchange rate. The data was better than expected, but was somewhat offset by a softer than anticipated value of construction release.

Looking ahead, all is quiet on the European calendar for Wednesday, with the only key economic releases coming in the form of German GfK consumer confidence (3.6 expected) at 6:00GMT, and UK BBA loans for house purchases (37000 expected) at 8:30GMT. US equity futures remain bid ahead of European trade, while oil is also bid and gold trades flat.

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]]> http://www.imsfx.co.uk/daily_report/may-2010/buying-euros-26-05-2010.htm Pounds to Australian Dollars CFC62269-C37A-4D7A-890F-FA9BCB89952A Wed, 26 May 2010 12:04:11 +0100 The British economy grew slightly more than previously thought in the first three months of 2010. Gross Domestic Product (GDP) expanded by 0.3% from January to March, according to a new estimate by the Office of National Statistics (ONS), more than the initial estimate of 0.2%. Growth was still slightly lower than the 0.4% rate seen in the fourth quarter of 2009 and GDP was 0.2% lower than in the first quarter of 2009. The ONS said output in the service industries climbed by 0.2% in the first quarter of 2010, down from growth of 0.5% in the fourth quarter of 2009. Growth was weaker in transport, storage and communication services. While the figures confirm the UK’s slow emergence from economic downturn of 2008/2009, big challenges remain, particularly as the new government seeks to deal with the difficult debt situation.

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]]> http://www.imsfx.co.uk/daily_report/may-2010/buying-euros-25-05-2010.htm Pounds to Australian Dollars 3DC67155-27BF-4559-BB1E-56FD2A73594C Tue, 25 May 2010 16:45:54 +0100 The crisis in the Eurozone is still very much with us right now, and comments from doom and gloomer Nouriel Roubini over the weekend have not helped. The famed NYU professor has said that Greece’s crisis is “just the tip of the iceberg” and that the prospects of a breakdown of the EMU still exists. Meanwhile, the news that the Spanish central bank was forced to takeover a small regional bank over the weekend, has not helped matters.   

Nevertheless, there have been some areas of silver lining, with Australian Dollar exchange rate improved on new motor vehicle sales rising impressively for the first time in four months, while Asian and European equities have been holding relatively steady on the back of a positive close in US equities on Friday. Elsewhere, Treasury Secretary Geithner is in China and is on the wires welcoming China’s stance on Yuan reform. Geithner reiterates that a market driven Yuan is important for China’s recovery.   

Most of the attention in the data empty European session has been given to UK Chancellor of the Exchequer Osborne’s unveiling of the GBP6B in spending cuts. On the topic of currencies, Osborne has gone on to say that a stable Euro is in Britain’s interest. Meanwhile BOE Miles has said that the Eurozone problems pose a risk to the UK economy.   

Looking ahead, the Chicago Fed national activity index is due at 12:30GMT, followed by existing home sales (5.6% expected) at 14:00GMT. US futures are pointing to a lower open, while commodities are decently mixed with oil slightly lower while gold is finding a bid tone.  

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]]> http://www.imsfx.co.uk/daily_report/may-2010/buying-euros-24-05-2010.htm Pounds to Australian Dollars 7882FE7B-B6B8-47CA-B372-CAF007A4AC1A Mon, 24 May 2010 12:36:09 +0100 THE Reserve Bank has warned lenders and borrowers to be prudent while giving an assurance that Australia does not have a speculative housing bubble on its hands.

Fears of a property bubble emerged after the Australian Bureau of Statistics house price index rose 20 per cent in the year to March.

But RBA head of financial stability Luci Ellis said Australian house prices have recovered their small decline from 2008 to post increases of between about 12 to 15 per cent over the past year in capital cities, depending on the measure.

Ms Ellis said recent data suggested Australia does "not have a credit-fuelled speculative boom on our hands".

"It would not be desirable for the current situation to turn into one," she said in a speech.

"It will therefore be important for lenders to remain prudent in their standards.

"It will be equally important for prospective borrowers to have realistic expectations, and not to rely on a hoped-for capital gain in order to service their debts."

She told a residential property conference housing prices have been under upward pressure in Australia, with most short-term drivers coming from the demand side following the increased first home-buyers grant, low interest rates and lower than expected unemployment.

"The nature of the demand shock Australia faces means that it would be helpful if more of that demand could be accommodated with extra homes for occupation, instead of by higher prices," she said.

"Some of that pick-up in construction does seem to be happening."

She said the supply of housing was always going to be quite "sluggish".

"But whatever the causes, the ability to add to supply is falling short of this higher rate of population growth, despite some pick-up recently," she said.

"Naturally that is putting upward pressure on housing prices."

Ms Ellis said it would be "desirable" for the supply of new dwellings to become more flexible than it had been to date because extra people need somewhere to live, and both house prices and rents could rise.

The more that housing prices rise, the more some people might feel they must stretch their finances to buy a home, she said.

Another concern was that if too much of the response to faster population growth comes as faster growth in housing prices, this could be "built into people's expectations".

"If price expectations become over-optimistic and encourage too much investor demand, the result could be disappointment, or worse," she said.

She also said fewer households had bought their homes without debt.

Across the mortgage market, lending standards were now a little tighter than they were a few years ago and the fraction of low documentation loans was now lower than it was two years ago for both owner occupiers and investors, she said.

As well, only a minority of recent home loan borrowers started with a loan to value ratio above 90 per cent, she said.

Ms Ellis also revealed the RBA has been carefully watching lending standards in the important first-home buyer market segment.

"First-home buyers have long faced greater risk than more established home owners who have more equity in their home," she said.

"But as far as the data allow us to tell, recent new loans to first-home buyers look quite like those made to previous cohorts of first-home buyers."

To Read more please visit www.news.com.au

Pounds to Australian Dollars = 1.6530 Euros To Australian Dollars = 1.4181 Australian Dollars to US Dollars = 0.8727 Australian Dollars to New Zealand Dollars = 1.2750 Bye For Now IMS Foreign Exchange Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Buy Travel Money Australian Dollars? Contact IMS Foreign Exchange + 44 207 183 2790]]> http://australian-dollar-exchange-rate.blogspot.com/2010/05/australia-does-not-have-speculative.html Pounds to Australian Dollars DBED2A75-E624-434B-BB92-1BE2D7CDC90F Tue, 18 May 2010 10:51:32 +0100 Although the Euro exchange rate did extend declines to fresh multi-year lows by 1.2235 on Monday, the market has since been relatively stable if not mildly bid.

While we are not calling for any major correction just yet, the fact that the lows from Monday trade were posted in early Asia and never challenged again in Europe and North American trade, could suggest that we have finally reached some form of a short-term inflection point. Forex Technical studies are highly oversold and the latest IMM data shows net Euro short contracts increasing to record highs. Usually these kind of developments lead to a reversal in the prevailing trend to allow for some profit taking and healthy market adjustments.   

Many have attributed traders buying Euros from the lows to some reassuring comments from a number of European officials on Monday, along with a stable performance in US equities. EU FinMin Lagarde has said that the Euro is a solid currency, while EU Juncker has said that the Euro currency is a credible currency and he is only concerned with the pace of declines rather than where the actual rate is at any given time.   

In Japan, the tertiary index came out worse than expected, while the Tankan was more upbeat and showed manufacturers turning positive for the first time in 2 years. In Australia dollars, the RBA Minutes were released, and it was not all that surprising to see a central bank that now appears to be comfortable with current policy. The central bank referred specifically to the Eurozone crisis in their report and said that Australia dollar would not be able to stay immune from the crisis. With the Euro declines accelerating over the past few days, we have finally started to see some catch up in the antipodeans which had been strongly outperforming the Euro.   

Monday’s price action showed some impressive bullish reversal days for the Euro against both the Aussie and New Zealand Dollar off of their respective 2010 lows. However, the higher yielding Australian Dollar is still very attractive to many investors and we have seen some upbeat comments on the local economy in the past several hours which are supportive. While Australian Treasury Secretary Henry concedes that downside risks remain, he also expects strong world demand for Australian resources to continue.

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]]> http://www.imsfx.co.uk/daily_report/may-2010/buying-euros-18-05-2010.htm Pounds to Australian Dollars 872133BC-6CBC-4582-8166-F40C048C62E6 Tue, 18 May 2010 10:34:55 +0100 The general consensus is that the crisis in the private sector has now only shifted to a government debt crisis, with government bond purchases and fiscal spending reductions only seen exacerbating the situation. The UK Times has come out calling the Euro exchange rate to parity, and this has also not helped to generate any bids for the beleaguered currency. ECB President Trichet adds that the markets are in the worst predicament since WWI, and has appealed for a “quantum leap” of fiscal governance.   

While the Euro weakness has most likely been the catalyst for the major broad based currency sell-off, it is Pounds to Dollars has also been hit quite hard and approaches next key downside barriers at 1.4000, which guard against the critical multi-year lows by 1.3500. The UK Times outlines concerns over an export led economic recovery in the UK, and also reports that the new government has come out accusing the Labour of having manipulated forecasts to help the previous government present the budget that it wanted to. Also adding to the relative Sterling weakness has been a Rightmove index which shows sellers of properties starting to lower their prices on the back of an ever weakening housing market.   

Other data released in Monday trade has come out of Japan, but the solid core machinery orders and higher wholesale inflation have hardly factored into price action, with the Yen tracking higher mostly due to a negative carry environment. A disappointing Eurozone new car registrations has also been released but it too has had a negligible impact.   

Elsewhere, clashes in Thailand and the news of more volcanic ash disruptions out from Iceland, have not been doing anything to help the extremely downtrodden investor sentiment on Monday. The Euro rate is now testing levels not seen since 2006, with the next major support coming in by 1.2000, below which exposes a drop into the 1.1600’s further down.   

Looking ahead, UK CBI industrial trends are due at 10:00GMT, followed by US empire manufacturing (3.00 expected) at 12:30GMT, and TICs ($50B expected) at 13:00GMT.  NAHB house prices (20 expected) cap things off at 17:00GMT. US equity futures have recovered nicely and now point to a slightly firmer open, while oil has also recovered close to opening levels and gold trades flat.

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]]> http://www.imsfx.co.uk/daily_report/may-2010/buying-euros-17-05-2010.htm Pounds to Australian Dollars FA1AF78B-7157-4466-BE8B-E73F50923AAE Tue, 18 May 2010 09:33:54 +0100 The general consensus is that the crisis in the private sector has now only shifted to a government debt crisis, with government bond purchases and fiscal spending reductions only seen exacerbating the situation. The UK Times has come out calling the Euro exchange rate to parity, and this has also not helped to generate any bids for the beleaguered currency. ECB President Trichet adds that the markets are in the worst predicament since WWI, and has appealed for a “quantum leap” of fiscal governance.   

While the Euro weakness has most likely been the catalyst for the major broad based currency sell-off, it is Pounds to Dollars has also been hit quite hard and approaches next key downside barriers at 1.4000, which guard against the critical multi-year lows by 1.3500. The UK Times outlines concerns over an export led economic recovery in the UK, and also reports that the new government has come out accusing the Labour of having manipulated forecasts to help the previous government present the budget that it wanted to. Also adding to the relative Sterling weakness has been a Rightmove index which shows sellers of properties starting to lower their prices on the back of an ever weakening housing market.   

Other data released in Monday trade has come out of Japan, but the solid core machinery orders and higher wholesale inflation have hardly factored into price action, with the Yen tracking higher mostly due to a negative carry environment. A disappointing Eurozone new car registrations has also been released but it too has had a negligible impact.   

Elsewhere, clashes in Thailand and the news of more volcanic ash disruptions out from Iceland, have not been doing anything to help the extremely downtrodden investor sentiment on Monday. The Euro rate is now testing levels not seen since 2006, with the next major support coming in by 1.2000, below which exposes a drop into the 1.1600’s further down.   

Looking ahead, UK CBI industrial trends are due at 10:00GMT, followed by US empire manufacturing (3.00 expected) at 12:30GMT, and TICs ($50B expected) at 13:00GMT.  NAHB house prices (20 expected) cap things off at 17:00GMT. US equity futures have recovered nicely and now point to a slightly firmer open, while oil has also recovered close to opening levels and gold trades flat.

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]]> http://www.imsfx.co.uk/daily_report/may-2010/buying-euros-17-05-2010.htm Pounds to Australian Dollars A871A418-4A58-4514-B5B6-10613D8B92DC Mon, 17 May 2010 15:22:54 +0100 New Zealand retail sales rose at the slowest pace in a year and house prices fell, weakening the case for central bank Governor Alan Bollard to raise interest rates next month. http://www.travelfx.co.uk/ Pounds to Australian Dollars 26008D02-667B-44B5-9302-E32953F4CFD7 Fri, 14 May 2010 16:21:40 +0100 <a href="http://www.imsfx.co.uk">Buy Holiday Money</a> - <a href="http://www.imsfx.co.uk">Best Exchange Rates</a> http://www.travelfx.co.uk/ Pounds to Australian Dollars 377A095D-D68C-4D23-BC81-DD1192228FE2 Thu, 13 May 2010 12:15:33 +0100 Another favourable US equity close, some impressive US data, and the absence of any new Eurozone debt crisis problems, have all helped to generate some renewed risk appetite into Thursday trade.
 
As such, all major currencies have been tracking higher on the day, with the Australian Dollar exchange rate leading the way on the back of its higher yield appeal and some encouraging data results on the domestic front.
 
Australia’s April employment report has come in impressively strong, and the resilience of the local economy, even in the face of a broader global macro crisis, continues to make the antipodean a very attractive investment. While RBA Lowe was out expressing some concern over the potential contagion from the Eurozone, the central banker remained highly optimistic on his outlook for the Chinese economy.
 
A WSJ survey of economists has been getting some attention over the past several hours after revealing that 42% polled now feel that the Fed will hold off on raising rates until 2011 or beyond. This compares with only 28% a month earlier, which clearly suggests that the Eurozone debt crisis is factoring in to interest rate expectations. Meanwhile, Brazil FinMin Mantega has been on the wires expressing a different opinion, urging the Fed to raise rates so that the USD will rally. Mantega blames the US for global imbalances and is critical of a notable trend in advanced economies that intentionally weaken their currency to drive exports.
 
On the data front, Japanese loan growth continued to shrink, while the current account surplus widened and was well better than expected. Elsewhere, UK nationwide consumer confidence was released and although the data came in a point better than expected, it failed to show a recovery from March’s concerning 9 point drop, leaving room for some relative Sterling weakness.

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]]> http://www.imsfx.co.uk/daily_report/may-2010/buying-euros-13-05-2010.htm Pounds to Australian Dollars 6F8C0828-0B1D-45C6-9178-0BD0B571839C Thu, 13 May 2010 11:26:08 +0100 With the exception of the Canadian Dollar, which basically trades flat on the day, all other major currencies continue to track lower against the buck, as market participants become increasingly fearful of yet another financial market crisis.

The latest efforts by the Eurozone to bolster sentiment and prop the euro currency are failing, and it seems as though investors are become increasingly bearish on buying Euros, the more the single currency fails to show any signs of life, following what appeared to be a substantial aid package. Pound Outlook has been hit the hardest today, with many attributing the relative weakness to an article in the Telegraph that talks about Eurozone officials warning the UK that it should not ask for help if it runs into financial crisis. Weakness in the Australian Dollar is also notable, with the higher yielder weighed down by some disappointing home loan approvals data.  

Technically, it now looks as though there is a lower top in Eur/Usd by 1.3100, which will be confirmed on the break below the current 1.2530, 2010 lows. Talk of hyperinflation, a round of currency devaluations, and another depression have all helped to fuel the elevated risk aversion. Market participants seem to lack the necessary trust and reassurances needed to comfortably exit their long USD positions, and we could continue to see currencies under pressure, much like we had seen in previous elevated risk aversion environments, until proven otherwise.  

Interestingly, we have been seeing a breakdown in correlations between currencies and equities, with the currency markets continuing to warn of ongoing stresses and fears over the state of the global economy, as evidenced through the broad based USD bid tone. Meanwhile, global equities have been trading more optimistically over the past few sessions and seem to be interpreting things differently. In our experience, the currency markets are usually more on the ball and forward looking. Look for equities to come back under pressure on Wednesday, should we continue to see USD demand. It seems as though the marginally lower close in the DJIA, solid corporate earnings and surging metals prices, have all helped to prop equities, but we are not convinced this will last.  

Looking ahead, German GDP (0.0% expected), is due at 6:00GMT, followed by Swiss producer and import prices (0.4% expected) at 7:15GMT.  UK jobless claims (-20.0k expected), claimant count (4.8% expected), and ILO unemployment rate (8.0% expected) are due at 8:30GMT, with Eurozone GDP (0.1% expected) shortly after at 9:00GMT. The UK quarterly inflation report caps things off for European trade at 9:30GMT. US equity futures are tracking quite a bit lower, while oil prices are also weighed down. Gold however, continues to outperform and trades just under Tuesday’s record highs.

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]]> http://www.imsfx.co.uk/daily_report/may-2010/buying-euros-12-05-2010.htm Pounds to Australian Dollars B85AFE0C-88EF-442B-B64E-4060578BC562 Wed, 12 May 2010 14:03:03 +0100

Sterling, which we keep expecting to rise on a new government, any new government, slipped backwards off yesterday’s early high at 1.5053 as part of the overall dollar resurgence but then took on a life of its own as PM Brown shot the country in the foot by resigning (or promising to) and asking for the LibDems to form a coalition government with his replacement at Labour. The LibDems showed their true colors by accepting talks, evidently on the promise that Labour would flip-flop to supporting the LibDem policy change to proportional representation.

Where does that leave the Tories? A bride without a groom, standing at the altar. It looks like Labour and the LibDems are craven politicos for whom winning is the only thing that matters. We know all about that in the US, and it’s too bad. The WSJ says the market is discouraged that the UK still doesn’t have a new government, talks could drag on for a long time, and that strengthens the risk of a sovereign debt downgrade, already plentifully threatened ahead of the election. “Sterling did get a small but only temporary lift from data showing that industrial production rose by a surprisingly robust 2.3% in March instead of just by the 0.5% that had been expected. In February, production rose by 0.9%.”

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]]> http://www.imsfx.co.uk/daily_report/may-2010/buying-euros-11-05-2010.htm Pounds to Australian Dollars CF1711C0-5530-42F3-8387-E51F1C7C937A Tue, 11 May 2010 14:50:23 +0100 Gordon Brown has said he is stepping down as Labour Party leader. Mr Brown, prime minister since 2007, said he wanted a successor to be in place by the time of the party's conference in September. Mr Brown announced his intention to quit in a statement in Downing St in which he also said his party was to start formal talks with the Lib Dems. The Conservatives won the most seats and most votes in the election and have been in talks with the Lib Dems. Mr Brown said no party had won an overall majority in the UK general election and, as Labour leader, he had to accept his part in that. He said he had no desire to stay in his position longer than was needed to form a stable government, and that he would ask the Labour Party to set in form the process of a leadership contest. He said it could be in the interests of the country to form a "progressive" government - possibly in coalition with the Lib Dems - the UK's third largest party. It emerged earlier that the Lib Dem negotiating team, who have held days of talks with the Conservatives, had also met senior Labour figures in private. The BBC's political editor Nick Robinson said one of the stumbling blocks to any Lib Dem-Labour deal had been Mr Brown himself. http://www.imsfx.co.uk Pounds to Australian Dollars 7745A904-E7C3-47FD-AC29-4ED359EB9594 Mon, 10 May 2010 17:23:05 +0100 The Bank of England's Monetary Policy Committee held interest rates at 0.5% and left its total £200bn of quantitative easing purchases unchanged today, as widely expected.

None of the 63 economists polled by Reuters had expected any change in policy, with uncertainty about who will govern Britain after last week's inconclusive election seen as a further reason for policymakers to stay on the sidelines.

What do the experts say?

PHILIP SHAW, INVESTEC

'We consider that today's decision was entirely appropriate, especially from the perspective of when the MPC might begin to tighten.

'The current recovery does not appear to have enough "legs" to sustain itself without ultra low rates for the time being, while uncertainties over the path of UK fiscal policy, plus the recent round of market pressures related to the Greek crisis also reinforce a stance of wait and see.

'Wednesday's Inflation Report will be important in assessing how these factors stack up against what appears to be some disquiet on the committee surrounding the UK's disappointing inflation performance over the past year.'

AMIT KARA, UBS

'Policy rates are as low as they can go really, and there's a lot of uncertainty out there. Stimulus is still in place and gilt yields are still very low. If those start to climb because of risk premium they could do more, but there isn't really a need as there's a lot of liquidity in the system.'

'The big risk now is the euro area. It really makes UK politics a sideshow in that context. Everything we hear from the UK political parties is that they're fully signed up to a fiscal austerity plan that is very similar across the political parties.'

HETAL MEHTA, ERNST & YOUNG ITEM CLUB

'The healthy survey data released last week suggests that the recovery is gradually gaining traction, but its still early days and the road ahead is likely to be particularly bumpy.

'Even without the uncertainty of an inconclusive election hanging over us there was never any prospect of a change in monetary policy this month.

'Though upward inflationary risks remain in the short run, stemming from high energy and fuel prices, we expect the high degree of spare capacity to weigh down on inflation over the second half of the year, bringing inflation back to target.

'As such, we do not expect the MPC to react to this short term spike - they would only usually be concerned if it were transmitted into consumers' inflation expectations and pay settlements, but in the current situation this is highly unlikely.

'We do not expect any monetary policy tightening until early 2011, when the economy will be in better shape. The pace of tightening thereafter will be very much dependent upon who forms the next government and how aggressive a programme of fiscal consolidation they implement.'

JAMES KNIGHTLEY, ING

'The economy has returned to growth and inflation is above target, but the scale of fiscal policy tightening that the economy will experience over the next five years will be painful and should mean ultra loose monetary policy remaining in place for a long time, possibly years.

'While weaker sterling may help to support economic activity, its effect may be limited by the fact that much of the UK's exports go to the Eurozone, which is having its own problems at the moment.

'So, with household finances under pressure from flat disposable incomes this suggests that UK GDP growth may average between 1% and 2% over the lifetime of the next parliament, rather than 3% as we have seen over much of the past decade.

'Sub-trend economic activity therefore implies downward pressure on inflation in the medium term, especially when we consider the scale of spare capacity in the economy. Consequently we are likely to see interest rates remaining low for a very long period of time. We see little prospect of any policy tightening this year.'

HOWARD ARCHER, IHS GLOBAL INSIGHT

'The MPC unsurprisingly judged that now is not the time to be raising interest rates as the downside risks to still fragile UK economic recovery are magnified by current major political uncertainty and the recent heightened market turmoil resulting from the Greek crisis and contagion effects on other Eurozone countries.

'While the major EU/IMF/ECB package put together to combat the Eurozone sovereign debt crisis has had an immediate major beneficial impact, it remains to be seen what the effects will be over the longer term.

'Admittedly latest inflation data have come in higher than expected and the risk has risen that consumer price inflation may not fall back as far or as quickly as hoped for later on this year and during 2011.

'However, despite recent overall improved data and survey evidence, the economy is still hardly racing ahead and looks vulnerable to losses of momentum as was evident in GDP rising by just 0.2% quarter-on-quarter in the first quarter.

'Furthermore, the economy is facing extended, major fiscal tightening. For now at least, we are retaining our view that the Bank of England will keep interest rates down at 0.50 percent for many more months to come, and very possibly into 2011.'

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]]> http://www.imsfx.co.uk/daily_report/may-2010/buying-euros-10-05-2010.htm Pounds to Australian Dollars 87EAEC14-75BD-4877-B2F4-F7A7E3A13942 Mon, 10 May 2010 15:10:43 +0100 <a href="http://www.imsfx.co.uk">Buy Holiday Money</a> - <a href="http://www.imsfx.co.uk">Best Exchange Rates</a> http://www.travelfx.co.uk/ Pounds to Australian Dollars AF5832A4-4EEE-4AF7-A08B-456D580A4FA7 Mon, 10 May 2010 12:29:56 +0100 <a href="http://www.imsfx.co.uk">Buy Holiday Money</a> - <a href="http://www.imsfx.co.uk">Best Exchange Rates</a> http://www.travelfx.co.uk/ Pounds to Australian Dollars 02145D49-6372-4A95-A65D-347F37C0555E Mon, 10 May 2010 12:29:35 +0100 <a href="http://www.imsfx.co.uk">Buy Holiday Money</a> - <a href="http://www.imsfx.co.uk">Best Exchange Rates</a> http://www.travelfx.co.uk/ Pounds to Australian Dollars 5E43E86D-A92B-45F8-9B3B-64D36FB3B8EC Fri, 7 May 2010 16:46:25 +0100 http://international-mortgages.blogspot.com/ http://www.imsfx.co.uk Pounds to Australian Dollars BBAD7088-333D-4453-809C-E7983AF1D53B Fri, 7 May 2010 16:45:45 +0100 http://international-mortgages.blogspot.com/ http://www.imsfx.co.uk Pounds to Australian Dollars 8044D930-CBFF-471C-8E1A-364C5B163957 Fri, 7 May 2010 16:45:32 +0100 http://international-mortgages.blogspot.com/ http://www.imsfx.co.uk Pounds to Australian Dollars 6F7EA888-FA08-4CB5-AECF-072D87E7E6F5 Thu, 6 May 2010 16:11:42 +0100 http://international-mortgages.blogspot.com/ http://www.imsfx.co.uk Pounds to Australian Dollars 256ADA05-EB36-4CD0-A338-1F042A8587D4 Thu, 6 May 2010 16:11:07 +0100 http://international-mortgages.blogspot.com/ http://www.imsfx.co.uk Pounds to Australian Dollars B83370FC-C706-499D-B54F-2A77A4DDA713 Thu, 6 May 2010 16:10:38 +0100 http://international-mortgages.blogspot.com/ http://www.imsfx.co.uk Pounds to Australian Dollars EDB9768A-C26A-49A1-A094-DC15687B356E Fri, 30 Apr 2010 17:47:56 +0100 http://international-mortgages.blogspot.com/ http://www.imsfx.co.uk Pounds to Australian Dollars 2E218736-3AD6-47AD-9D25-32D7E440422F Tue, 27 Apr 2010 16:28:14 +0100 http://international-mortgages.blogspot.com/ http://www.imsfx.co.uk Pounds to Australian Dollars 78E38FAC-911A-4A40-8BF8-A9B1345C511B Tue, 27 Apr 2010 15:54:24 +0100 http://international-mortgages.blogspot.com/ http://international-mortgages.blogspot.com/ Pounds to Australian Dollars 2784B500-7301-456E-B814-981B0537BC38 Tue, 27 Apr 2010 15:28:16 +0100 <a href="http://www.imsfx.co.uk">Buy Holiday Money</a> - <a href="http://www.imsfx.co.uk">Best Exchange Rates</a> http://www.overseasmoneytransfers.co.uk/ Pounds to Australian Dollars 9CCF2364-1C0D-4150-9F9A-BBAFC00A1ACA Tue, 27 Apr 2010 15:27:05 +0100 <a href="http://www.imsfx.co.uk">Buy Holiday Money</a> - <a href="http://www.imsfx.co.uk">Best Exchange Rates</a> http://www.overseasmoneytransfers.co.uk/ Pounds to Australian Dollars 80B112FF-EE17-414A-A8A0-25F56E477949 Tue, 27 Apr 2010 15:26:57 +0100 <a href="http://www.imsfx.co.uk">Buy Holiday Money</a> - <a href="http://www.imsfx.co.uk">Best Exchange Rates</a> http://www.overseasmoneytransfers.co.uk/ Pounds to Australian Dollars 149C5FF0-C709-4C3F-A484-81805BA83901 Thu, 22 Apr 2010 11:30:14 +0100 Although most major currencies are trading relatively flat on the day, the Japanese Yen has ignored this pattern, with the single currency noticeably outperforming.

The relative strength has been tied to risk aversion and a renewed interest in the flight to safety trade, with ongoing concerns over the state of Greece, and Eurozone sovereign debt failing to go away. Also in Japan, Moodys has come out and downgraded Toyota to Aa2 with a negative outlook.

 

Interestingly enough, while the Australian Dollar is the weakest major currency, New Zealand Dollars has been holding up quite well, with comments from the country’s FinMin that the economy is recovering slightly more strongly than had been forecast, helping to prop. A slightly improved consumer confidence print has also not hurt the antipodean. The weaker new motor vehicle sales data out of Australia has not helped the Australian Dollar Exchange Rate cause, while an upbeat report from the IMF on Australia’s position as the furthest ahead of the pack in the global recovery, has also failed to generate any fresh bids. Elsewhere, the Swiss Franc has been getting some attention, particularly on the Euros to Swiss Francs cross, with talk of some decent Swiss central bank bids ahead of 1.4300. However this has failed to inspire and significant rallies, with the cross locked in some tight consolidation. 

 

Looking ahead, the Swiss trade balance is due at 6:15GMT, followed by German (55.2 and 60.1 expected) and Eurozone (54.4 and 56.7 expected) services and manufacturing PMIs at 7:30GMT and 8:00GMT respectively. A flurry of UK data is then out at 8:30GMT, in the form of public sector net borrowing (24.0B expected), public finances (31.3B expected), mortgage approvals (50k expected), money supply, and retail sales (0.5% expected). The Eurozone government to debt GDP ratio (78.5% expected) is out at 9:00GMT, along with the Swiss ZEW, while UK CBI industrial trends cap things off at 10:00GMT. US equity futures and commodities are both tracking lower on the day.

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]]> http://www.imsfx.co.uk/daily_report/april-2010/buying-euros-22-04-2010.htm Pounds to Australian Dollars E59D85EA-263E-44E6-8686-4DDF87ECB82F Thu, 22 Apr 2010 11:28:58 +0100 <a href="http://www.imsfx.co.uk">Buy Holiday Money</a> - <a href="http://www.imsfx.co.uk">Best Exchange Rates</a> http://www.travelfx.co.uk Pounds to Australian Dollars D66CC77C-6C37-4FA7-BA2A-DD62F45EA686 Wed, 21 Apr 2010 17:07:08 +0100 While elevated Greek bond spreads to record levels, and a lingering degree of uncertainty over investigations into Goldman Sachs have weighed on sentiment somewhat, it seems as though these concerns have been more than offset by some stronger data in the US and an impressive round of corporate earnings.

The big winners over the past few sessions have been the commodity currencies, with relative gains in both the Australian Dollars and Canadian Dollars standing out. Both currencies have been bolstered by rising global equity prices and healthy demand for commodities, but have found additional strength on the back of some hawkish central bank outlooks. 

 

The RBA Minutes from earlier in the week were quite hawkish with the central bank still focused on raising rates back to normal levels, even in the face of some softness in local data over the past month. Meanwhile, the Royal Bank of Canada left rates on hold as widely expected at 0.25%, but caught the markets off guard after removing some accommodative language from the monetary policy statement, to potentially warn of some near-term rate hikes. This has results in some intense buying Canadian Dollars across the board over the past several hours, with the Loonie managing to break above parity against the buck. 

 

Data released in Asia has been a non-factor, with the only noteworthy release coming from the Aussie Westpac leading index which showed a mild improvement from the previous print. 

 

Looking ahead, Swiss money supply is due at 7:00GMT, followed by UK jobless claims (-10.0k expected), claimant count (4.9% expected), and the Bank of England Minutes at 8:30GMT. US equity futures and commodities are both tracking higher on the day thus far.

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]]> http://www.imsfx.co.uk/daily_report/april-2010/buying-euros-21-04-2010.htm Pounds to Australian Dollars C40859EF-0256-47FB-9B80-A6F5F90E2B08 Tue, 20 Apr 2010 14:35:48 +0100 <a href="http://www.imsfx.co.uk">Buy Holiday Money</a> - <a href="http://www.imsfx.co.uk">Best Exchange Rates</a> http://www.imsfx.co.uk Pounds to Australian Dollars 39327E9B-41EB-4B25-B874-7F416FFF72C4 Tue, 20 Apr 2010 14:35:35 +0100 <a href="http://www.imsfx.co.uk">Buy Holiday Money</a> - <a href="http://www.imsfx.co.uk">Best Exchange Rates</a> http://www.imsfx.co.uk Pounds to Australian Dollars 0ECDF248-3879-4CE6-A1E2-E70F1A604B44 Mon, 19 Apr 2010 16:29:28 +0100 <a href="http://www.imsfx.co.uk">Buy Holiday Money</a> - <a href="http://www.imsfx.co.uk">Best Exchange Rates</a> http://affiliate.travelfx.co.uk/TheMoneyConverter/8/index.php Pounds to Australian Dollars D98BC2C8-B87B-43DA-BD3B-6C77D3922C86 Mon, 19 Apr 2010 16:28:42 +0100 Price action in Asia has been less than compelling with no real significant developments, aided by a very light economic calendar. 

Pounds to US Dollars has been the standout currency on Thursday, with the single currency finding some fresh bids following the break above 1.5500 in Cable. The move marks an end to the latest bout of consolidation and could now open some fresh upside back into the 1.5600-1.5800 over the coming sessions. The only other currency to track higher on the day against the buck is the Canadian Dollars, which continues to see impressive demand as Usd/Cad trades below parity and looks set for a test of next key support by 0.9900. The 78.6% fib retracement off of the major 2007-2009 low-highs comes in by 0.9900 and we see any moves towards 0.9900 as being short-lived, in favour of a significant bounce well back above parity over the medium-term. 

 

Meanwhile, the Australian Dollar has been struggling to establish any additional momentum, with Aud/Usd finding some very solid offers ahead of 0.9400. While the trend is clearly bullish at present, we continue to look for opportunities to sell, with fundamentals in the local economy starting to show signs of softening. The Japanese Yen is the weakest currency on the day, and some slightly improved industrial production data has failed to inspire any bids, with the currency more focused on broader global macro developments. 

 

Elsewhere, China has produced an impressive and encouraging round of data highlighted by double-digit economic growth, softer inflation data, improved industrial production and rising retail sales. The market reaction to the data has been a non-event to this point; however, any stronger data out of China ultimately bodes well for commodity currencies, with a particular focus on Australia.  

 

Looking ahead, the calendar in European trade is exceptionally light, with the only notable release coming from the European Central Bank, which publishes its monthly report at 8:00GMT. Nothing really happening in equities and commodities just yet, with US equity futures slightly lower, while gold and oil are mixed.

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]]> http://www.imsfx.co.uk/daily_report/april-2010/buying-euros-14-04-2010.htm Pounds to Australian Dollars E9F2855A-CEE0-40BF-AF4F-7B6ACA294443 Thu, 15 Apr 2010 13:00:25 +0100 It will be interesting to see how currencies respond today, with particular attention on the Euro exchange rate, which managed to surge in Asian trade on Monday, before finding offers for the remainder of the day. 

The initial surge in the Euro rate this week has been brought on by an announced rescue package for Greece from the EU member states, but was later called into question, with Germany voicing the loudest uncertainty over the plan. A German MOF was quite clear that the aid could not be activated if there were any objections from any of the states, and this was seen putting some offers back into the Euro. 

 

We have already seen some data released overnight in the UK, with a mixed result after the RICS house price balance came in much weaker, while BRC retail sales were impressive. At this point in the day however, it seems as though the weaker RICS data is having more of an impact on price action, with Sterling showing some relative weakness. Australian data has also come out mixed, with NAB business confidence deteriorating, while business conditions have improved. But here too, market participants have been more focused on the negative and continue to sell the higher yielding currency this week. Data out of Australia dollar has been less than stellar of late and we continue to view the Australian Dollar exchange rate as overvalued against most of the other major currencies. 

 

Elsewhere, the topic of the Yuan and US-China relations remains a hot one, with the latest reactions coming from the Obama-Hu discussions. There has been no ground breaking developments, with Obama unsurprisingly stressing the need for a Yuan revaluation, better market access, and a rebalancing of the economy, while Hu has focused on the US’s need to resolve economic and trade friction. Finally, it is the Yen crosses that have been getting hit the hardest on Tuesday, with Usd/Jpy very well offered in early trade thus far. 

 

Looking ahead, German CPI (0.5% expected) and wholesale prices (0.5% expected) are due at 6:00GMT, with the UK trade balance (-7.4B expected) and DCLG house prices following at 8:30GMT. US equity futures and commodities are lower in early Tuesday trade. 

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]]> http://www.imsfx.co.uk/daily_report/april-2010/buying-euros-13-04-2010.htm Pounds to Australian Dollars BBA2CB65-1BE4-4D39-B452-AC72907E814C Tue, 13 Apr 2010 16:08:17 +0100

European governments offered debt- burdened Greece a rescue package worth as much as 45 billion euros ($61 billion) at below-market interest rates as they try to end its fiscal crisis and restore confidence in the euro.

Forced into action by a surge in Greek borrowing costs to an 11-year high, euro-region finance ministers said they would offer as much as 30 billion euros in three-year loans in 2010 at around 5 percent. That's less than the current three-year Greek bond yield of

6.98 percent. Another 15 billion euros would come from the International Monetary Fund.

"This is a step of clarification that markets are waiting for -- it shows there is money behind this," Luxembourg Prime Minister Jean-Claude Juncker told reporters in Brussels today after chairing the ministers'

conference call. "The initiative for activating the mechanism rests with the Greek government."

With the euro facing the sternest test since its debut in 1999, the 16-nation bloc maneuvered around rules barring the bailout of debt-stricken countries, aiming to prevent Greece's financial plight from spreading and to mute concerns about the currency's viability.

Germany also abandoned an earlier demand that Greece pay market rates.

Nuclear

The euro has dropped 5.7 percent against the dollar this year as the discord within Europe over the response to the Greek crisis sapped faith in Europe's economic management. It now buys $1.35.

"This is a huge amount," said Stephen Jen, managing director at BlueGold Capital Management LLP in London and a former IMF economist.

"This is more than a bazooka. They have gone nuclear on the issue of Greece. In the short run the market is short Greek assets so we'll get a rally in those."

A Greek finance ministry official said today that market reaction to the aid package over the next few days will determine future developments. While Finance Minister George Papaconstantinou welcomed the announcement, he said the government wasn't requesting the bailout and planned to go ahead with planned debt sales. Greek officials plan a roadshow to U.S.

investors this month before selling a dollar-denominated bond.

Greece will need to continue to tap markets even if it triggers the bailout, Erik Nielsen, chief European economist at Goldman Sachs Group Inc. in London, said in a note to investors.

Not Over Yet

The 30 billion euros from the EU "will not fully cover the Greek government's financing needs for the next 12 months, let alone for 3 years, so Greece will still rely on commercial money beyond the April-May payments, and whether such money will become available will very much depend on how credible the policy framework is and what investors think will happen beyond the program period," he said.

"Unfortunately, this thing is unlikely to go to bed any time soon."

The teleconference of euro-region officials, which included European Central Bank President Jean-Claude Trichet, left open how much Greece might need in 2011 and 2012, the final years covered by today's decision.

Aid will flow to the Greeks "when they ask for it,"

Cypriot Finance Minister Charilaos Stavrakis told reporters in Nicosia.

"The decision was unanimous."

European governments would put up about two thirds of any aid, with the IMF chipping in the rest, European Union Economic and Monetary Commissioner Olli Rehn said.

Yields Soar

"We cannot speak on behalf of the IMF, but we know that they are ready to cooperate and contribute with a substantial amount," Rehn said.

Greek, EU and IMF officials will meet tomorrow to discuss details.

European pledges in February and March to provide aid in an emergency failed to prevent Greek 10-year bond yields from soaring to

7.51 percent on April 8, according to Bloomberg generic prices, amid concern that Greek Prime Minister George Papandreou's government will be swamped by its bills.

The jump in Greek yields to the highest since December 1998 helped overcome resistance to a loan package in Germany, which as Europe's biggest economy would contribute almost a third of the loans, the largest single share.

The premium investors demand to buy Greek 10-year bonds instead of German bunds jumped to 442 basis points April 8, easing to 398 basis points the next day as speculation over a rescue gained steam.

Euribor Link

In the compromise hammered out today, the European loans would be tied to Euribor and priced above rates charged by the IMF, a nod to German opposition to granting a subsidy to a country that failed to live within its means. The EU will offer a mix of fixed-rate and floating rate loans.

The IMF would charge less than the EU. Both types of funding would be offered at the same time, Rehn said. Transfers to Greece would be made by the ECB.

Greece last week raised its estimate of the 2009 deficit from 12.7 percent of gross domestic product to 12.9 percent, the highest in the euro's history and more than four times the EU's

3 percent limit.

While rules dictated by Germany in the 1990s foresee fines for countries that go over the limit, no penalty has ever been imposed.

Germany also led the charge to loosen the rules in 2005 after three years of excessive deficits.

While all euro-region governments promised to contribute, some like Ireland would need parliamentary approval. Ireland, itself reeling from the financial crisis, would require "national legislation," Finance Minister Brian Lenihan said in an e-mailed statement.

No Request

The Greek government has yet to request a European lifeline, confident that this year's planned budget cut of 4 percentage points will stem speculation that it is heading for the euro region's first-ever default. Fitch Ratings highlighted that risk by shaving Greece's debt rating to BBB-, one level above junk, on April 9.

A combination of higher taxes, lower spending and salary cuts for public workers have prompted strikes and protests against Papandreou, a socialist elected in October on promises of raising wages.

The EU showed no sign of setting tougher conditions today.

Rehn hailed the Greek government for implementing "a very bold and ambitious program."

Greece needs to raise 11.6 billion euros by the end of May to cover maturing bonds, and another 20 billion euros by the end of the year to pay debt coupons and finance this year's deficit.

The debt agency plans to offer 1.2 billion euros of six- month and one-year notes on April 13, in a test of investor confidence in today's pledge. A global bond in dollars will be sold in the next two months, Petros Christodoulou, Greece's debt-management head, said on March 31.

To Read more please visit www.bloomberg.com

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Almost two years since the Australian dollar touched generation-high levels against the US dollar rate at almost 98 US cents, debate over whether and when the Aussie dollar will exceed the greenback in value is back.

The Reserve Bank's move this week to raise its cash rate again sparked fresh impetus to the Aussie dollar's rise. The central bank's signal that more rate rises are ahead also added to the currency's relative allure.

And economists are dusting off the history books to assess the currency's rise against other currencies, particularly those in Europe. The Aussie dollar remains at record levels versus the euro, where it's trading just below 70 euro cents, while it hasn't bought this many UK pence (currently about 61) in 25 years.

AMP Investor chief economist Shane Oliver believes the relative strength of Australia's resource-based economy will push the Aussie dollar, currently buying 92.9 US cents, to parity against the greenback before the year is out.

Indeed, Mr Oliver says the local dollar's recent rise is bringing it back into line with its longer-term averages. While it's traded at less than par with the US dollar since its float in 1983, Australia's dollar had been worth more than the greenback for the great bulk of the country's history, particularly during the era before the switch to a decimal currency in 1966.

''Back in 1901 the equivalent of one Australian dollar bought $US2.40 and for most of the last century the Australian dollar was above parity against the US dollar,'' Mr Oliver said, in a note to clients.

''It is likely the sub-parity period from the 1980s was the aberration for the Australian dollar and the improvement in Australia's relative fundamentals suggest it is likely the Australian dollar is going back above parity against the US dollar.''

The Aussie has risen 1.5 per cent in the past month alone against the US dollar, or 3.6 per cent since the beginning of the year, making it among the top five performers among major currencies during the period, according to Bloomberg data.

RBA outlook

Bolstering the local dollar's recent rise has been the Reserve Bank's series of five interest rate rises since October to 4.25 per cent. With the US Federal Reserve's lending rate remaining near zero, the gap between the two interest rates is the widest since 2008.

That gap may widen further, with financial markets betting on another four RBA interest rate rises over the coming year to prevent the economy expanding too fast. The unemployment rate now sits at 5.3 per cent, and may drop below 5 per cent before the end of 2010 - about half the current jobless rate in the US.

To be sure, at less than 93 US cents, the currency still has a fair way to go before parity is reached. Even so, NAB expects the Aussie dollar to trade at parity levels in the second and third quarters of this year, while overseas banks Nomura and Standard Chartered Bank are among those predicting parity by the final quarter of 2010. ANZ economist Amber Rabinov, though, forecasts the Australia dollar's rise will stall in the mid-90 US cent levels as worries resurface about the health of the global economic recovery. ''The continued depreciation of the euro versus the US dollar due to a lagging Euro zone recovery and sovereign credit concerns should cap gains in the Australian dollar,'' Ms Rabinov said.

Nonetheless, she said the Australian Dollar will continue to strengthen against the euro and the pound. Other analysts are more pessimistic, though, seeing the Australian dollar retreating over the year as investors grew skittish again about risk as troubles re-emerge in Europe, the US, and China.''I'm more a believer that the Aussie will end the year closer to 80 US cents rather than parity,'' said Arab Bank Australia Treasury Dealer David Scutt.

''We are only an economy of 22 million people and completely reliant upon the happenings offshore, a fact that many people have forgotten since the recovery process began.''

Mr Scutt said some countries, particularly in Europe, will struggle to meet their debt repayments, sapping the global appetite for currencies deemed to be relatively risky, such as the Australian dollar.

To Read more please visit www.smh.com.au

Pounds to Australian Dollars = 1.6503 Euros To Australian Dollars = 1.4388 Australian Dollars to US Dollars = 0.9308 Australian Dollars to New Zealand Dollars = 1.3000 Bye For Now IMS Foreign Exchange Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Buy Travel Money Australian Dollars? Contact IMS Foreign Exchange + 44 207 183 2790 ]]> http://australian-dollar-exchange-rate.blogspot.com/ Pounds to Australian Dollars 8EE82BCD-8329-4A8D-94FD-AF0D2F838771 Fri, 9 Apr 2010 10:59:49 +0100 Parity talk time again for the Aussie

Almost two years since the Australian dollar touched generation-high levels against the US dollar rate at almost 98 US cents, debate over whether and when the Aussie dollar will exceed the greenback in value is back.

The Reserve Bank's move this week to raise its cash rate again sparked fresh impetus to the Aussie dollar's rise. The central bank's signal that more rate rises are ahead also added to the currency's relative allure.

And economists are dusting off the history books to assess the currency's rise against other currencies, particularly those in Europe. The Aussie dollar remains at record levels versus the euro, where it's trading just below 70 euro cents, while it hasn't bought this many UK pence (currently about 61) in 25 years.

AMP Investor chief economist Shane Oliver believes the relative strength of Australia's resource-based economy will push the Aussie dollar, currently buying 92.9 US cents, to parity against the greenback before the year is out.

Indeed, Mr Oliver says the local dollar's recent rise is bringing it back into line with its longer-term averages. While it's traded at less than par with the US dollar since its float in 1983, Australia's dollar had been worth more than the greenback for the great bulk of the country's history, particularly during the era before the switch to a decimal currency in 1966.

''Back in 1901 the equivalent of one Australian dollar bought $US2.40 and for most of the last century the Australian dollar was above parity against the US dollar,'' Mr Oliver said, in a note to clients.

''It is likely the sub-parity period from the 1980s was the aberration for the Australian dollar and the improvement in Australia's relative fundamentals suggest it is likely the Australian dollar is going back above parity against the US dollar.''

The Aussie has risen 1.5 per cent in the past month alone against the US dollar, or 3.6 per cent since the beginning of the year, making it among the top five performers among major currencies during the period, according to Bloomberg data.

RBA outlook

Bolstering the local dollar's recent rise has been the Reserve Bank's series of five interest rate rises since October to 4.25 per cent. With the US Federal Reserve's lending rate remaining near zero, the gap between the two interest rates is the widest since 2008.

That gap may widen further, with financial markets betting on another four RBA interest rate rises over the coming year to prevent the economy expanding too fast. The unemployment rate now sits at 5.3 per cent, and may drop below 5 per cent before the end of 2010 - about half the current jobless rate in the US.

To be sure, at less than 93 US cents, the currency still has a fair way to go before parity is reached.

Even so, NAB expects the Aussie dollar to trade at parity levels in the second and third quarters of this year, while overseas banks Nomura and Standard Chartered Bank are among those predicting parity by the final quarter of 2010.

ANZ economist Amber Rabinov, though, forecasts the Australia dollar's rise will stall in the mid-90 US cent levels as worries resurface about the health of the global economic recovery.

''The continued depreciation of the euro versus the US dollar due to a lagging Euro zone recovery and sovereign credit concerns should cap gains in the Australian dollar,'' Ms Rabinov said.

Nonetheless, she said the Australian Dollar will continue to strengthen against the euro and the pound.

Other analysts are more pessimistic, though, seeing the Australian dollar retreating over the year as investors grew skittish again about risk as troubles re-emerge in Europe, the US, and China.

''I'm more a believer that the Aussie will end the year closer to 80 US cents rather than parity,'' said Arab Bank Australia Treasury Dealer David Scutt.

''We are only an economy of 22 million people and completely reliant upon the happenings offshore, a fact that many people have forgotten since the recovery process began.''

Mr Scutt said some countries, particularly in Europe, will struggle to meet their debt repayments, sapping the global appetite for currencies deemed to be relatively risky, such as the Australian dollar.

To Read more please visit www.smh.com.au

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In a television interview kicking off the first full day of the election campaign, the Prime Minister claimed that major business leaders had been fooled into backing the Tory policy to wind back planned National Insurance Contributions (NICs) rises.

Meanwhile, the Conservatives celebrated a parliamentary coup after forcing the Government to drop three separate tax rises from last month's Budget along with some new-found friends in the cider industry. The three, all minor, included a new "supertax" on cider, a tax on phone lines to pay for broadband infrastructure and the scrapping of tax relief on holiday homes.

Appearing on GMTV, Mr Brown was asked about continuing criticism from business figures of the Government’s proposed NICs rises - which the Tories have portrayed as a "tax on jobs".

He replied: “I think they have been deceived. Because the big issue is: can we sustain the economy?”

“Britain is on the road to recovery. Don’t put that at risk. The Conservative’s policy would take £6 billion out of the economy. That is a huge sum of money to take out of the economy.” Mr Brown also rejected the idea that VAT could be increased to help reduce the spiralling deficit. “We have looked at it and decided on National Insurance,” he said. “We thought that was a better and fairer tax.”

Some 23 senior business figures signed an open letter last week expressing support for a Tory pledge to halt the bulk of the NICs rise. Since then more business leaders have signed up, with the latest including Tim Steiner, founder of Ocado, the Asos chief executive Nick Robertson, Monsoon’s Peter Simon and Bob Wigley, chairman of Yell.

Mr Brown said that NICs helped pay for public services. "We have more teachers we have got more nurses, we have got more doctors. That is what we are trying to maintain - the high standard of public services," he said.

But George Osborne, the Shadow Chancellor, said: "Gordon Brown has this morning declared war on British business. "For the first time he has said that business leaders have been 'deceived' into opposing Labour’s jobs tax. When Peter Mandelson made the same accusation, they reacted with understandable anger.

"This is a highly significant moment which proves that Gordon Brown is on the wrong side of British business and working people who know that Labour’s jobs tax will put the recovery at risk."

To Read more please visit www.timesonline.co.uk

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]]> http://www.imsfx.co.uk/daily_report/april-2010/buying-euros-07-04-2010.htm Pounds to Australian Dollars 8E830BB5-EED7-4C47-946B-CDECAC182F49 Wed, 7 Apr 2010 12:04:08 +0100 Statement by Glenn Stevens, Governor: Australian Monetary Policy Decision

At its meeting today, the RBA decided to raise the Australian cash rate by 25 basis points to 4.25 per cent, effective 7 April 2010.

The global economy is growing, and world GDP is expected to rise at close to trend pace in 2010 and 2011. The expansion is still hesitant in the major countries, due to the continuing legacy of the financial crisis, resulting in ongoing excess capacity. In Asia, where financial sectors are not impaired, growth has continued to be quite strong, contributing to pressure on prices for raw materials. The authorities in several countries outside the major industrial economies have now started to reduce the degree of stimulus to their economies.

Global financial markets are functioning much better than they were a year ago and the extraordinary support from governments and central banks is gradually being wound back. Credit conditions remain difficult in some major countries as banks continue to face loan losses associated with the period of economic weakness. The concerns regarding some sovereigns appear to have been contained at this stage.

Australia’s terms of trade are rising, adding to incomes and fostering a build-up in investment in the resources sector. Under these conditions, output growth over the year ahead is likely to exceed that seen last year, even though the effects of earlier expansionary policy measures will be diminishing. The rate of unemployment appears to have peaked at a much lower level than earlier expected.

The process of business sector de-leveraging is moderating, with the pace of the decline in business credit lessening and indications that lenders are starting to become more willing to lend to some borrowers. Credit for housing has been expanding at a solid pace. New loan approvals for housing have moderated over recent months as interest rates have risen and the impact of large grants to first-home buyers has tailed off. Nonetheless, at this point the market for established dwellings is still characterised by considerable buoyancy, with prices continuing to increase in the early part of 2010.

Inflation has, as expected, declined in underlying terms from its peak in 2008, helped by a noticeable slowing in private-sector labour costs during 2009, the rise in the exchange rate and the earlier period of slower growth in demand. CPI inflation has risen somewhat recently as temporary factors that had been holding it to quite low rates are now abating. Inflation is expected to be consistent with the target in 2010.

With the risk of serious economic contraction in Australia having passed some time ago, the Board has been lessening the degree of monetary stimulus that was put in place when the outlook appeared to be much weaker. Lenders have generally raised rates a little more than the cash rate.

Interest rates to most borrowers nonetheless have been somewhat lower than average. The Board judges that with growth likely to be around trend and inflation close to target over the coming year, it is appropriate for interest rates to be closer to average. Today’s decision is a further step in that process.

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]]> http://www.imsfx.co.uk/daily_report/april-2010/buying-euros-06-04-2010.htm Pounds to Australian Dollars 4F12DF85-99B1-4FEE-8601-1855A0A01751 Tue, 6 Apr 2010 09:46:23 +0100 March 29, 2010
Macroeconomic outlook
1. New Zealand has been able to ride out the global financial crisis better than many other advanced countries. This was because of demand from fast-growing Asian markets and the robust Australian economy, a flexible exchange rate, and the absence of a banking crisis. In addition, a significant fiscal and monetary policy stimulus cushioned the blow from the global crisis. Nevertheless, the crisis highlighted long-standing vulnerabilities due to sizable household and external debt.

2. In the near-term, a gradual economic recovery is expected to continue. Accommodative fiscal and monetary policies are supporting domestic demand and real GDP is projected to expand by about 3 percent in 2010 and 2011. The unemployment rate is projected to lag the recovery and peak at 7½ percent in 2010. Over the medium term, growth is projected to fall back to our estimate of potential of about 2¹/₃ percent. Nonetheless, the prospects of rebalancing toward the tradables sector have worsened with the recent strengthening of the New Zealand dollar, and we project the current account to widen over the medium term.

Risks to the outlook
3. On the external front, the main downside risks are that the global recovery stalls and Chinese demand drops sharply, with negative spillovers for commodity prices. In addition, , risk premiums could rise for countries with high external debt, such as New Zealand, which could raise the cost of capital, constrain growth, and worsen the current account deficit. An increase in global risk appetite is also possible, which may lead to a further appreciation of the exchange rate, making it difficult to rebalance growth toward the tradables sector. An upside risk is that a sharper-than-expected global recovery could raise export income.

4. On the domestic front, a stronger-than-expected recovery may force an earlier tightening in monetary policy, putting upward pressure on the exchange rate. However, faster-than-expected deleveraging by households and businesses may slow the recovery.

Fiscal policy
5. The strong fiscal position prior to the crisis allowed sizable fiscal easing that helped cushion the impact of the crisis. However, the medium-term fiscal outlook has worsened because income tax cuts and many of the spending initiatives were permanent and revenue projections have been revised down. As a result, cash budget deficits of about 3–6 percent of GDP are projected over the next 4–5 years.

6. The mission supports the fiscal stimulus through June 2010 and welcomes the government’s longer-term net debt target of 20 percent of GDP. Net core Crown debt is expected to rise from 5 percent of GDP to a peak of 30 percent of GDP by 2016, a smaller increase than in most advanced countries. Thereafter, net core Crown debt is projected to fall below 20 percent of GDP by 2024. We welcome steps taken to contain expenditure growth.

7. Nevertheless, we advise further spending restraint to return to surpluses earlier than planned. Faster consolidation over the next 3–4 years would take pressure off monetary policy and the exchange rate, thereby helping rebalance the economy toward the tradables sector and contain the current account deficit. The mission recommends returning the budget to surplus by 2014, unless the downside risks to growth materialize. This would achieve the 20 percent of GDP net debt target at an earlier date. The following considerations support faster consolidation:

• Upfront adjustment would create fiscal space as insurance against future shocks that may arise in coming years. A key lesson from the global financial crises is the desirability of fiscal space to run larger deficits when needed without raising market concerns about fiscal sustainability.

• Although public debt is projected to remain low by advanced country standards, New Zealand’s large gross external debt (over 130 percent of GDP) calls for greater prudence on the fiscal side. If global interest rates rise because of large sovereign and bank borrowing in advanced countries, low public debt would help contain the rise in New Zealand’s cost of capital.

• Our analysis shows that faster fiscal consolidation would lead to a depreciation of the New Zealand Dollar exchange rate, a smaller sovereign risk premium, and a lower current account deficit.

• While the probability is extremely low, the government may need to take on more external debt should the banks once again have difficulty raising funds in global markets. This limits the extent to which public debt can be increased without hurting investor confidence.

• Finally, reaching a lower level of debt earlier than planned would put the budget in a stronger position to deal the fiscal costs of ageing.

8. Concrete measures to reduce spending should be introduced to return the budget to surplus earlier. Expenditure is projected to remain high at 34 percent of GDP by 2015 compared with 31 percent of GDP in 2008, mainly because of higher social spending. There is scope to better target transfers to households and improve the efficiency of public service provision and capital spending. The mission recommends adopting a commitment to save any positive revenue surprises and to consider the introduction of spending caps.

9. Tax reforms could help raise potential growth. Shifting the tax burden from income to consumption–as suggested by the Tax Working Group–would raise incentives to work and invest, thereby increasing growth over the medium term and improving competitiveness. Reducing tax incentives to invest in rental properties may help improve the allocation of capital. Our analysis suggests that a 1 percent of GDP shift of capital and labor income taxes to GST would likely raise the level of real GDP by almost 1 percent after 5-6 years.

10. To address longer-term pressures on the budget, early steps should be taken to contain the projected growth in health care and pension costs. Measures could include improving the efficiency of health care spending and linking the pension eligibility age to life expectancy.

Monetary policy
11. The mission supports the current accommodative monetary policy stance and the RBNZ’s intention to gradually return to neutral rates once the recovery is well established. Over the next few years, inflation is likely to stay within the RBNZ’s 1–3 percent target albeit toward the upper end of that range. We estimate that the output gap will not close before 2013. Inflation is being limited by a tightening in monetary conditions over the past year with the appreciation of the currency, higher medium-term interest rates, and an increase in funding costs of banks, as they compete for retail deposits.

12. The rising wedge between the policy rate and bank funding costs suggests that the neutral policy rate is likely to be lower than in the past. Moreover, when the RBNZ begins to tighten, the transmission of the policy rate to mortgage rates should be relatively fast, as many households have refinanced mortgages at variable rates. In a downside scenario, monetary policy still has room to be loosened.

13. The inflation targeting framework served New Zealand well during the global financial crisis. The official cash rate (OCR) was high before the crisis, at 8¼ percent, because of monetary tightening in response to inflationary pressures in 2007/08. The framework was flexible enough to allow a substantial cut in the OCR to 2½ percent by early 2009. The cuts were largely, though not fully, passed through to rates for new borrowing, unlike in some advanced countries. Importantly, the inflation target effectively anchored medium-term inflation expectations and was helpful in reducing the likelihood of deflation in the midst of the recession.

14. The present inflation target of “1–3 percent on average over the medium term” is appropriate and consistent with international best practice. Increasing the inflation target would provide no clear benefits in the New Zealand context, and may entail a number of costs, including greater inflation uncertainty and reduced credibility of the authorities’ commitment to price stability. In turn, this could lead to a higher cost of capital and lower potential growth given New Zealand’s reliance on international capital markets to fund current account deficits and rollover sizable external debt.

Financial sector
15. Banks remain sound but faced some funding difficulties during the global crisis. Nonperforming loans have increased to about 1½ percent of total loans, but banks raised capital and provisioning. The wholesale funding guarantee helped them obtain term funding until they were able to access the market directly late last year. Banks have increased liquid assets and lengthened the maturity of their wholesale funding.

16. A key domestic vulnerability is banks’ exposure to household debt of over 150 percent of disposable income. However, this exposure proved to be relatively low risk in the recent recession. Factors mitigating the mortgage risks include the fall in mortgage rates, the absence of a sharp rise in unemployment, and only a small fall in house prices. Nonetheless, risks remain. House prices are high relative to historical price-to-income ratios and debt-service burdens will rise with a return to neutral policy interest rates. Other vulnerabilities include banks’ significant exposure to dairy farming, where global prices have been volatile, and to commercial property and small and medium-sized enterprises.

17. A conservative approach to bank regulation and supervision helped banks weather the crisis. As a result, banks had relatively low leverage and high capital adequacy with Tier I ratios of 7-8 percent in 2007. In implementing the Basle II framework, the authorities required the banks to hold higher capital buffers than in other countries. For example, a 20 percent loss given default floor was adopted for residential mortgages, which is higher than the Basel II 10 percent floor. We welcome the Reserve Bank’s current review of capital adequacy associated with agricultural loans.

18. The mission supports closer collaboration with Australian authorities on regular stress tests and crisis management. The tests use more extreme scenarios than in past exercises, reflecting the international experience with the financial crisis. Capital and provisioning should be strengthened if these tests suggest the need. We welcome the crisis management toolkit, developed with the Australian authorities, and the intention to undertake a Trans-Tasman crisis management exercise in 2011.

19. In response to the crisis, discussions are ongoing in international fora to improve regulation and supervision of the financial sector. We support the Reserve Bank’s intention to investigate the costs and benefits of potential macro-prudential policy tools, particularly some of the proposals coming out of the Basel Committee on Banking Supervision. Some of these macro-prudential measures may be useful to manage risks arising from excessive bank credit growth during upswings. However, it is important to keep the lending channel to the private sector open, and balance the benefits of these measures against the risk of encouraging intermediation outside regulated institutions.

Exchange rate and external vulnerability
20. The free floating exchange rate regime remains appropriate, as it enables an independent monetary policy and provides a useful buffer against shocks. Prior to the crisis the RBNZ was able to increase the policy rate to contain inflationary pressures fuelled by the housing boom. Moreover, the flexible exchange rate has moved broadly in line with world commodity prices and thereby reduced the volatility of New Zealand farm incomes.

21. While there is uncertainty, our estimates suggest the currency is presently overvalued by 10-25 percent. Part of the overvaluation may be temporary and the exchange rate may depreciate as the interest rate differential narrows with eventual tightening by the U.S. Federal Reserve. Assuming the exchange rate remains at present levels, we project the current account deficit to widen to over 8 percent of GDP by 2015.

22. Low household saving is a fundamental factor behind large current account deficits and rising external debt in recent years. Our analysis suggests that a shift of the tax burden from income to consumption would raise household savings. In addition, higher government savings would contribute to higher national savings.

23. High external debt remains a key vulnerability, especially short-term debt. While short-term external debt has fallen and market conditions have improved in the past year, rollover risks remain as short-term external debt is high by advanced country standards.

24. The mission welcomes the introduction by the RBNZ of a prudential liquidity policy, including a core funding ratio, which should reduce banks’ reliance on short-term external funding. Banks are already substantially lengthening their debt and planned increases in the core funding ratio over the next two years will further reduce their vulnerability to short-term external debt. However, if needed the core funding ratio could be increased more than currently planned.

25. Vulnerabilities related to external debt would be reduced by structural reforms to raise productivity and labour force participation, thereby lifting potential growth and export capacity. The government is considering a number of reforms with this aim, including tax and benefit reform, streamlining regulation, and establishing a Productivity Commission.

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]]> http://www.imsfx.co.uk/daily_report/april-2010/buying-euros-01-04-2010.htm Pounds to Australian Dollars 4A1D76DF-ECAF-4D9C-8D85-5DE2C2823FCB Thu, 1 Apr 2010 09:48:12 +0100 <a href="http://www.imsfx.co.uk">Buy Holiday Money</a> - <a href="http://www.imsfx.co.uk">Best Exchange Rates</a> http://www.travelfx.co.uk Pounds to Australian Dollars 103D30E7-2945-47CF-A0F3-A6FBEFE8A258 Sun, 28 Feb 2010 09:01:41 +0000 The Japanese Yen and antipodean currencies have been well offered and trade lower on the day, while Swiss Franc, Canadian Dollar, Euro and Pound Sterling exchange rates all track higher. The buck had been initially well bid across the board in Asian trade, but started to come under pressure against the mentioned major currencies in Europe. Some solid unemployment data out from Germany and the Eurozone, opened a rally in the Euro rate, while a better than expected Swiss KOF leading indicator helped to force some renewed Swiss franc buying, with the Euros to Swiss Franc exchange rate cross taking out stops back below 1.4300. The Yen was pretty much the one constant throughout the day, with the single currency steadily well offered. Usd/Jpy continued to focus on a retest and potential break of critical resistance by the 2010 highs at 93.78.

The relative underperformance in the Australian Dollar, despite a recovery in the other major currencies was mostly attributed to a scaling back of interest rate expectations following a batch of data, including an abysmal retail sales print and discouraging building approvals that left market participants with a more unsettling feel. Meanwhile, in New Zealand, business confidence showed deterioration from the previous set of data. Other data released on Wednesday included Japan wage earnings which continued to slip, extending the data series losing streak to 21 months, the worst in six years. Finally, Fed Fisher was on the wires with an upbeat outlook for the economy, but also stressed that the thought of a rate hike at this point was not on the front burner.

Despite the gains in both the Euro and Swissie into the North American open, there were however some potentially negative developments overnight, which should remain at the back of traders’ minds for the remainder of the day. With regard to the Euro, Moody’s was out warning that EU countries will need brutal budget adjustments in the coming years to avoid debt explosions, while S&P was also out with a report outlining the risks for a fragile recovery in the EMU countries. In reference to the Swissie, SNB newcomer Danthine was out reiterating the central bank’s well known policy stance on the Franc, after saying that the bank would not allow excessive appreciation in the currency and would be prepared to act against an extreme rise at any time.

Looking ahead, MBA mortgage applications  are due at 11:00GMT, followed by ADP unemployment (40k expected) at 12:15GMT. Canada GDP (0.5% expected),is then scheduled for release at 12:30GMT, with Chicago PMI (61.0 expected) following shortly after at 13:45GMT. US factory orders (0.5% expected) are then out at 14:00GMT, with crude oil inventories capping things off at 14:30GMT. On the official circuit, Fed Lockhart is slated to speak on employment prospects in Connecticut at 16:30GMT.  Keeping up with the theme of the markets being all over the place on the final day of Q1, US equity futures point to a lower open, while commodities are tracking higher.

For the full story visit strong www.timesonline.co.uk

 

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]]> http://www.imsfx.co.uk/daily_report/march-2010/buying-euros-31-03-2010.htm Pounds to Australian Dollars BC263A68-729A-4080-A8D0-320955BE5E99 Wed, 31 Mar 2010 17:23:11 +0100
In its third estimate of GDP growth, the Office for National Statistics said today that the economy grew by 0.4 per cent between October and December, unexpectedly lifting its previous estimate of growth of 0.3 per cent and beating economists expectations that the figure would be unchanged.

This is up from the first estimate of just 0.1 per cent growth.

The ONS said the revision was on the back of stronger output from the construction and service industries, and from agriculture.

However, the economy still shrank by a record 4.9 per cent in 2009, the ONS said , and the fall in output from peak to trough during the recession was still put at 6.2 per cent, the biggest since comparable records began.

Despite the upward revision, there are still concerns about the fragility of the economy as economists said that the growth was boosted by government spending, which will be reduced as the country battles to repair its finances. Activity has also been pushed up by the inventory cycle - firms who ran down their stocks during the height of the recession are now ordering more goods - but this is a temporary effect.

Speaking this morning in front of a panel of MPs, Alistair Darling took some of the credit for the stronger than expected figure, but acknowledged that the economy was not operating without stimulus measures.

“It’s correct that some of the stimulus, not every measure, but some of the measures that I announced in November 2008 at the pre budget report are being withdrawn. The biggest single stimulus was a VAT cut. And I said explicitly that was going to run for 13 months and I believe that my decision was right. Part of the [upward revision] was due to the fact that expenditure brought forward into 2009 which is what I wanted to do. Had that run on further than that, not only would have there been a loss to our revenues, but it wouldn’t have had the same effect," he said.

Charles Davis, Senior Economist at the CEBR, said: "There are still concerns on the sustainability of the recovery as growth was largely driven by consumer and government spending as well as the inventory cycle – factors that are likely to wear off through 2010. "

Howard Archer, Chief UK and European Economist at IHS Global Insight, said: "(The upward revision) does not fundamentally alter our view that recovery is likely to be bumpy and gradual. "Significantly, the economy was receiving a lot of help in the fourth quarter of 2009 from monetary and fiscal stimulus and these props are starting to be removed. Growth may well have moderated in the first quarter of 2010 due to the significant weather-related hit to activity at the start of the year."

Economists also refused to rule out the chance of a double dip recession. Ross Walker, an economist at RBS said: “The risks of a double dip (recession) are fairly modest, but I think there are still some significant headwinds."

The ONS will publish its first estimate of GDP growth in the first quarter of this year on April 23, just weeks before the election.

For the full story visit strong www.timesonline.co.uk

 

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]]> http://www.imsfx.co.uk/daily_report/march-2010/buying-euros-30-03-2010.htm Pounds to Australian Dollars BF0826F8-7C88-44FE-9C91-0A32871D9186 Tue, 30 Mar 2010 11:49:34 +0100 Best Travel Money Rates http://affiliate.travelfx.co.uk/TheMoneyConverter/8/index.php Pounds to Australian Dollars 9FDE60F4-2CE1-4D4E-8E17-AB4E5A97F998 Thu, 25 Mar 2010 11:37:23 +0000
Strong sales of homewares pushed up the value of sales by 1.9% from January and 4.9% on the same month last year, according to figures from the Office for National Statistics.

The volume of sales increased at a slightly slower rate on a year earlier as shops took the opportunity to push up prices.

Better-than-expected profits announced today by Next and Kingfisher supported the view that shoppers were back on the high street.

The figures will please the chancellor, Alistair Darling, who said in yesterday's budget that the UK economy was stronger than many doomsayers had predicted, with better-than-expected tax receipts.

However, analysts were quick to point out that comparisons with 2009 were almost certainly going to be higher after the dive in spending last year in the wake of the Lehman Brothers collapse.

The City is also likely to take a cautious view after figures earlier this week from the CBI that showed high street sales growth slowed again in the first half of March.

A 13% balance of retailers reported stronger sales than a year ago – lower than expected well below February's 23%, according to the business group's distributive trades survey.

The CBI warned that the fragile economy and pay freezes for many meant consumers were likely to remain cautious for some time.

For the full story visit strong www.guardian.co.uk

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]]> http://www.imsfx.co.uk/daily_report/march-2010/buying-euros-25-03-2010.htm Pounds to Australian Dollars 52BE3CB6-534F-455B-9308-77AD50A67F7B Thu, 25 Mar 2010 11:35:29 +0000 Chancellor Alistair Darling is to announce in the Budget that stamp duty will be scrapped on house purchases up to £250,000 for first-time buyers.

The policy, first proposed by the Conservatives in 2007, is expected in what will be the last Budget before the election expected to be held in May.

A fuel duty rise due next month is also set to be phased in instead.

The Tories said Labour had made a "complete mess" of the economy while the Lib Dems urged honesty on cuts.

Mr Darling is expected to describe it as "a Budget to secure the recovery and invest in our industrial future".

New tax rises and spending cuts are unlikely to be outlined, ahead of the election expected to be held on 6 May.

But Mr Darling might spell out more details of where the government expects to make £11bn of public sector efficiency savings by 2012/13.

Latest figures suggest that government borrowing for 2009-10 - which had been predicted to reach £178bn - might be nearer £170bn, largely due to lower-than-expected unemployment.

BBC political editor Nick Robinson said Mr Darling would say he could invest now while staying on course to reduce the deficit, thanks to the unemployment figures, higher taxes on bankers' bonuses and some reprioritising of spending.

The chancellor is expected to outline a plan for the future, with billions invested in digital jobs, broadband for all, high-speed rail and biotech industries.

The Treasury is refusing to comment on reports about stamp duty. But if announced it would be similar to Tory proposals for first time buyers.

The BBC's chief economics correspondent Hugh Pym said the financial markets - which have to fund the government's borrowing - will not be impressed if Mr Darling does not reduce the deficit as much as he can.

Mr Darling is expected to say: "This will be a budget to secure the recovery, tackle borrowing and invest in our industrial future.

"At its heart is a growth package to help small business, promote innovation, invest in national infrastructure and key skills.

"This package will be partially paid for by switching spending from within existing allocations."

On Tuesday, City minster Lord Myners said there would be measures to force British banks to offer basic accounts to every UK adult, to address what the government describes as the "financial exclusion" of poor and disadvantaged Britons.

He told the BBC it would be "a budget which will help the economy through the early stages of recovery. We cannot afford to run the risk that the Tories would offer of snuffing out this recovery".

Other predictions for the Budget include moves to force state-owned banks to increase lending by more than £80bn, a crackdown on tax evasion by wealthy investors and a green investment fund to finance projects such as wind farms and renewable energy.

There has also been speculation that Mr Darling might choose to provide extra help for young unemployed people.

The chancellor told the BBC at the weekend there would be no "giveaways" and people wanted "a sensible, workmanlike Budget". He also said a rise in VAT was "not on the table".

Labour and the Conservatives have clashed over when the government should start reducing spending to tackle the budget deficit, which is among the highest in Europe and is expected to hit about 12.6% of GDP this financial year - well above the EU target of 3%.

Last week the European Commission criticised the government's plans to halve the deficit in four years, saying they were not ambitious enough.

On Wednesday, Conservative leader David Cameron said Labour had made a "complete mess of the economy and had no plans to clear it up".

"That will have to wait until the next government," he said.

Mr Cameron, who has promised to hold an emergency Budget within 50 days if the Tories win power, said that only his party offered the energy and the leadership to get the economy "moving again".

Lib Dem Treasury spokesman Vince Cable told the BBC on Tuesday: "One of the key tests of the government tomorrow is whether they are willing to be specific, willing to be open about what they are going to cut."

Meanwhile, the Public and Commercial Services union will stage their first Budget day strike - union members are expected to mount picket lines outside the Treasury, Downing Street and Parliament in a row over redundancy pay.

For the full story visit  www.bbc.com

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]]> http://www.imsfx.co.uk/daily_report/march-2010/buying-euros-24-03-2010.htm Pounds to Australian Dollars E77F4589-8816-4A82-B5D4-9FCC0D453EDD Wed, 24 Mar 2010 10:24:25 +0000 Annual consumer price inflation slowed last month for the first time since September, dropping more than expected after favourable base effects and a fall in the prices of games and toys, data showed on Tuesday.

The Office for National Statistics said consumer price inflation slowed to 3.0 percent last month from January's 14-month high of 3.5 percent. Analysts had expected the annual rate to ease to 3.1 percent.

Tuesday's data are likely to raise hopes that inflation has peaked, and will drop back below the Bank of England's 2 percent target by the end of the year.

The central bank has insisted that the recent spike in inflation will be transitory, as it was caused by base effects relating to 2008's sharp oil price falls and a temporary cut in value-added tax dropping out of the year-on-year comparison.

Weak growth and high unemployment limit the ability of firms and workers to raise prices and wages.

On the month, consumer price inflation rose 0.4 percent, versus a 0.2 percent fall in January. However the ONS said this was a smaller rise than in February 2009, when prices rebounded by a record 0.9 percent after heavier seasonal discounting in the January sales.

The ONS said that recreation and culture made the biggest contribution to the fall in the annual CPI rate, knocking 0.17 percentage points off the rate, followed by housing and household services which took off 0.10 percentage points.

Clothing and footwear added 0.08 percentage points to the annual rate.

The retail price inflation gauge held steady at 3.7 percent, in line with forecasts.

RPI includes more housing costs than CPI, which matches the European Union Harmonised Index of Consumer Prices (HICP), and is used to index many social security payments and some wages.

For the full story visit  www.reuters.com

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]]> http://www.imsfx.co.uk/daily_report/march-2010/buying-euros-23-03-2010.htm Pounds to Australian Dollars 25953929-5F8D-4ED0-9BDF-7374E502554F Tue, 23 Mar 2010 10:35:10 +0000 Holidaymakers heading abroad at Easter will feel the effects in their pocket of sterling's recent further slump. Before Christmas, £1 bought as much as $1.67, but today it is worth only $1.45. Put another way, for every £1,000 a holidaymaker planned to spend on their US break at the end of last year, they will now need to find an extra £130. Unsurprisingly, eight in ten people say they have already modified their travel plans this year to save money.

While more than three-quarters aim to take as much holiday in 2010 as they did last year, according to a new Post Office survey, most say they are still worried about overspending and this has prompted them to change their destination.

'Despite financial pressures it seems people are not willing to give up their holidays altogether,' says Sarah Munro, head of Post Office Travel Services.

'Instead we're seeing a trend for consumers to switch their first choice destination to one that allows them to still take a long break but at a cheaper cost.'

Countries such as Thailand and Egypt have become more popular in recent months, mainly due to favourable exchange rates and a lower cost of living.

Currency exchange specialist ICE also says countries outside the eurozone, such as Turkey, Croatia, Bulgaria, Dubai and South Africa, are proving popular for Easter holidays. Natasha Lumsden, 28, from Islington, north London, a sales manager for a television company, planned to go to Miami for two weeks at Easter with a friend.

But she was shocked by the cost of flights and hotels in Florida and worried about the falling value of the pound against the dollar, which would have hit her spending power while she was on holiday.

'It was going to cost at least £3,000 each to stay in the hotel I had chosen,' says Natasha. 'We could have stayed for less time to bring down the cost, but I was keen to take a two-week holiday.'

 

Natasha and her accountant friend Kat Reid, also 28, stuck with the same hotel chain but switched to the popular Sharm-el-Sheik resort in Egypt. This has brought down the total cost of their holiday to £1,400 each for two weeks' half-board.

'Money is tight, but at least this way we get to stay at a luxury hotel for two weeks,' says Natasha.

Munro says Natasha is one of a growing number of 'switch-sellers' --holidaymakers who choose an alternative holiday destination to save cash.

When it comes to travel money, a bit of planning before you go can also help to make your holiday cash go further:

 

Cards

By far the easiest way to spend abroad is with cards. Debit cards will charge a loading fee for overseas transactions, but they are lower than those applied on credit cards.

Santander Zero, Post Office, Nationwide and Saga are the best credit cards to use overseas. Most credit cards charge high fees on spending abroad, but the Santander card has no exchange rate charge anywhere in the world - for purchases or cashpoint withdrawals - although the rate on withdrawals from cash machines is high at 27.9 per cent.

And if you transfer a balance from another card to take advantage of Santander's zero rate, be wary of spending on the card because you will have to clear your balance first before you can pay off the new spending. Interest on spending is 18.9 per cent.

The Post Office does not charge a foreign exchange fee anywhere in the world, but there is a 2.5 per cent charge for using cashpoints to draw cash. Nationwide and Saga have no charges on usage anywhere in Europe, but a one per cent fee elsewhere.

This compares favourably with the typical 2.5 per cent to three per cent overseas charge applied by the majority of credit card providers.

 

Prepay cards

Many providers offer euro, dollar and pound sterling prepay cards that enable customers to load cash on to a card in advance.

The cards can then be used in shops and restaurants and to draw money out of cash machines overseas. This has security benefits over credit cards because if a card is lost or stolen you lose only the money on the card. They can also be a good budgeting tool for the same reason.

But prepay cards have steep fees. There is often a charge to buy the card and additional loading fees each time you put money on it - and sometimes transaction charges on spending and cash machine withdrawals. Check before taking out a card.

Among the best is Caxton FX, which has both dollar and euro cards. There are no set-up costs and cash machine withdrawals and spending overseas are free but the minimum load is 150 euros or $200. The ICE card is also free but has a £3 charge for overseas cash machine use and a minimum load of 100 euros or $100.

FairFX also has travel prepay cards with a £9.95 set-up cost and a £2 overseas cashpoint fee, but this card has a lower minimum load of £10.

Cash

When it comes to getting currency consumers should not just be lured by the offer of zero commission on foreign exchange.

Many providers now have no-commission deals so it is important to compare exchange rates. You can buy currency online and get it delivered to your home, for example from postoffice.co.uk, travelfx.co.uk, marksandspencer.com and onlinefx.com.

Try to avoid changing money at the airport or in hotels, which will usually cost you more.

For the full story visit  www.dailymail.co.uk

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]]> http://www.imsfx.co.uk/daily_report/march-2010/buying-euros-19-03-2010.htm Pounds to Australian Dollars 2017C1E4-14DA-4505-9877-C719A178E518 Fri, 19 Mar 2010 12:27:20 +0000 Britain's public borrowing hit its highest on record for a February but rose less than economists expected, suggesting the government may undershoot its borrowing forecasts for the tax year ending in March.

This would be welcome news for Chancellor Alistair Darling as he grapples with a record budget deficit and prepares his annual budget for March 24 ahead of an election widely expected to be held on May 6.

The Office for National Statistics said that public sector net borrowing in February was 12.361 billion pounds, below economists' forecast of 14.75 billion but well above the 8.766 billion pounds of February 2009.

The cumulative figure for the tax year to date rose to 131.867 billion pounds, suggesting that the government may undershoot its forecast borrowing for the year to April 2010, which was 170.4 billion including financial interventions.

The Treasury played down chances of a big undershoot.

March is traditionally a heavy borrowing month because spending tends to be higher than average and tax receipts lower. In 2009 borrowing rose to 20.0 billion pounds in March from 8.8 billion in February.

"With one month of the financial year remaining, today's figures are broadly in line with our Pre-Budget Report forecasts," said a Treasury spokesman.

Nonetheless, full-year borrowing looks likely to come in below Darling's forecasts, a boost for the government which has been criticised by the opposition Conservatives for letting public finances get out of control and damaging investor confidence.

Sterling rose on the news and gilt futures gained modestly.

For the full story visit  www.reuters.com

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]]> http://www.imsfx.co.uk/daily_report/march-2010/buying-euros-18-03-2010.htm Pounds to Australian Dollars F39F912F-42C5-46D1-AC8D-759700103C46 Fri, 19 Mar 2010 12:28:30 +0000 The number of Britons claiming jobless benefit fell in February by the biggest amount since 1997, official data showed on Wednesday, surprising markets and giving the Labour government some pre-election cheer.

Figures from the Office for National Statistics showed the claimant count fell by 32,300 in February, confounding analysts' forecasts for a rise of 8,000. January's increase, previously reported at 23,500, was slashed to 5,300.

The claimant count rate eased to 4.9 percent, the lowest since August 2009.

The much better than expected data, which drove sterling higher, may boost the government before a knife-edge election and backs evidence that an 18-month recession has not hit the labour market as badly as feared. Parliamentary elections are widely expected on May 6.

"I am surprised by the size of the fall," said Brian Hilliard, UK economist at Societe Generale. "It will renew expectations that unemployment has stabilised and could be on a downward trend."

The number of people without a job on the wider ILO measure fell by 33,000 in the three months to January to 2.449 million. That left the jobless rate at 7.8 percent, just below forecasts for a reading of 7.9 percent.

Clouding the picture, however, was a 54,000 drop in the number of people in employment to 28.86 million in the three months to January -- the lowest level since the three months to January 2006. The employment rate for people of working age now stands at its lowest since late 1996.

There was also a smaller than expected rise in Britons' pay packets. Weekly average earnings rose by 0.9 percent in the three months to January compared with the previous year, little more than half the 1.7 percent rise predicted by economists.

For the full story visit  www.reuters.com

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]]> http://www.imsfx.co.uk/daily_report/march-2010/buying-euros-17-03-2010.htm Pounds to Australian Dollars A2BC29D0-8506-4D2B-AE2A-917D65CD318A Wed, 17 Mar 2010 10:50:59 +0000 Bank shares led early gains on news RBS is considering a £10m debt buyback scheme and the implementation of new contingent capital notes, or CoCos. In addition, Close Brothers posted a 50% jump in pre-tax profits.

RBS rose 2.06% to 43.61p, while HSBC advanced 1.45% to 690.5p and Barclays added 1.20% to 352.8p.

Meanwhile, GS4 fell 1.97% to 273p after posting a decline in organic turnover. Other early morning losers include Segro, which is down 1.84% or 325.4p. Compass Group also dipped 0.74% to 498.3p.

In Japan, the Nikkei slipped 0.28% or 30.27 points to 10,721. Trading was muted as investors stayed on the sidelines ahead of this week's monetary policy decisions by the Bank of Japan and the US Federal Reserve.

On Wall Street, the Dow Jones edged up 0.16% or 17.46 points to 10,642 - as gains for financial stocks were offset by concerns over further credit tightening by China.

Banks bounced back after early losses following the publication of a revised financial regulation overhaul bill. However, most were down on the previous day's trading. Bank of America remained at $16.85, while JPMorgan Chase dipped 0.19% to $43.07.

Wall-Mart was the biggest gainer, up 2.82% to $55.42, after a Citigroup upgrade.

For the full story visit  www.citywire.co.uk

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]]> http://www.imsfx.co.uk/daily_report/march-2010/buying-euros-16-03-2010.htm Pounds to Australian Dollars EEA3D9B1-34FD-47C4-9349-876294B21E51 Tue, 16 Mar 2010 15:07:30 +0000 <a href="http://www.imsfx.co.uk">Buy Holiday Money</a> - <a href="http://www.imsfx.co.uk">Best Exchange Rates</a> http://www.travelfx.co.uk Pounds to Australian Dollars 45F1DDF2-313D-4FAC-9837-1A553F68FEE0 Mon, 15 Mar 2010 10:00:24 +0000 A three-day rally by the pound exchange rate ran out of steam on Monday as credit ratings agency Moody's once again warned that the UK's prized Aaa credit rating remains under pressure from the spiralling national debt.

The pound to US dollars exchange rate at $1.5118 - but still well above recent lows of $1.478. Moody's said the recovery that has taken hold across the global economy remains fragile even where aggressively expansionary fiscal and monetary policies have taken place.

'This exposes governments to substantial execution risk in the implementation of their exit strategies, which could yet make their credit more vulnerable,' said Arnaud Mares, senior vice president in Moody's Sovereign Risk Group and the main author of the latest report.

The report shows the UK is closer to a downgrade than at the time of the last Moody’s report in December, and that debt affordability here is worse than in most other Aaa rated countries. One of the report's key conclusions though is that the UK's rating is supported by substantial 'debt reversibility'.

Pierre Cailleteau, managing director of Moody's Sovereign Risk Group, said 'A key issue is whether governments are able and willing to implement such unprecedented adjustments. Growth will support some governments' adjustment plans more than those of others, but no government can rely on it.'

Aaa governments also face a delicate balancing act with respect to the timing of these fiscal adjustments: tightening fiscal policy before private demand has become self-sustained could risk undermining the recovery, and thereby damage governments' power to tax.

For the full story visit  www.citywire.co.uk

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]]> http://www.imsfx.co.uk/daily_report/march-2010/buying-euros-15-03-2010.htm Pounds to Australian Dollars 3E7D0149-B00A-46E3-8156-563D2A89C095 Mon, 15 Mar 2010 09:58:49 +0000 Foreign Exchange - Currency Outlook

Euro Special: Without naming names, today the WSJ reports "Greek officials" saying the high premium Greece is paying to issue bonds is "unsustainable" and must come down in the next two months. "Greece may formally seek European Union financial aid if its borrowing costs don't fall sharply in coming weeks and, if that doesn't work, will seek a rescue from the International Monetary Fund, government officials said." The preferred form of aid is for European state-owned banks to buy Greek debt. "The officials said Greece needs the spread to tighten to around two percentage points before crunch time: Athens must redeem some €22 billion ($29.92 billion) of bonds in April and May." Greek yields are about 3% higher than German Bunds.

“The first official said Greece will seek to raise a further 10 billion Euros through one or two bond issues this month, and between $5 billion and $10 billion through an offering in March or April targeting investors in the U.S. and Asia.”

Today’s bombshell follows a busy visit to the US by Greek PM Papandreou. He was all over Washington, meeting Congressmen, the President, the TreasSec and the IMF. Papandreou said "Unprincipled speculators are making billions every day by betting on a Greek default," and Obama was receptive to the idea of regulating speculation and that means it will be on the next G20 agenda.

With really interesting timing, CFTC Chairman Gensler said, according to the WSJ, that the US could adopt new regulations for credit-default swaps. The EU said yesterday it may try to ban speculative trading in credit-default swaps on sovereign debt in Europe. The WSJ says the US wouldn’t go that far. Gensler outlined several approaches, including a central clearinghouse, swap activity directly linked to bank capital requirements, and reform of bankruptcy law. In other words, we will get restrictions on speculation when pigs fly. Gensler seems to be one of the heroes in all this but it remains for Congress to do something. Gridlock in Congress, not mention infuriating stupidity, is enough to drive support for executive orders.

In Europe, German Chancellor Merkel agreed that rules should be rushed to halt “the most speculative elements of derivatives trading, including so-called naked transaction, which do not hedge the value of real assets,” according to the FT. On another matter, the formation of a European Monetary Fund, the head of the Bundesbank and probably the next head of the ECB, Weber, said the debate over a monetary fund as “unhelpful” and “a sideshow that will distract from the necessary (fiscal) consolidation.”

As for the IMF, everyone agrees Papandreou didn’t ask for aid or loans or guarantees, just “technical assistance.” We have no idea what that means. Fast computers? Spreadsheets? A gaggle of green-eyeshade guys? If the assistance consists of human beings, how will they greet the Eurostat guys in Athens?

It’s hard not to think all of this is meaningless drama, but it’s hard also not to recognize that Papandreou is a very smart cookie and handling this all quite skillfully. Today’s news, that “Greek officials” are now demanding guarantees so that the cost goes down, may destroy whatever sympathy Papandreou has engendered. It seems likely Greece can continue to issue the rest of the debt at high prices. The last two issues were wildly oversubscribed. Now it doesn’t like the terms, a 3% premium over German issues. Well, too bad.

Pounds to US Dollars = 1.4918
Pounds to Euros = 1.10955
Euro to Pounds = 0.9125
Pounds to Australian Dollars = 1.6303

Bye For Now

Barbara Rockefeller
Foreign Exchange Trading
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Contact IMS Foreign Exchange + 44 207 183 2790]]> http://cme-currency-trading.blogspot.com Pounds to Australian Dollars E4B82FF3-8E30-4B03-88CD-6C58AE4E5AF4 Wed, 10 Mar 2010 16:14:55 +0000 Foreign Exchange - Pounds Sterling and Euro Exchange Rate Outlook

Greece may be losing whatever sympathy was building. Ireland already instituted heart-breaking austerity measures, as reported in the WSJ, demonstrating a real commitment to EMU membership. To rail against speculators and whine for better market pricing really cuts into whatever respect investors had for Greece. Those who complain about speculators are always the ones whose prior bad acts put them on the losing end of the trade.

This is not to say credit default swaps should not be regulated. Clearly they wreaked havoc in the housing market. But when it comes to sovereign credit default swaps, why should investors buying Greek bonds be deprived of insurance? We look forward to a lively debate on this topic. A good start is the editorial in the WSJ today that says "The bets against Greek solvency are the result, not the cause, of Greece's debt problems." We think European leadership in banning sovereign swaps is all hat and no cattle.

If the Greek drama is a euro exchange rate negative, so is the relative growth story. The Market News fixed income reporter says the bond gang is mulling over some wild and woolly forecasts, including a rate hike in June, probably unlikely but let’s not be surprised. Some are forecasting a giant rise in March payrolls at the April 2 release, as much 250,000 to 275,000 new jobs created. Unfortunately, April 2 is Good Friday when the stock market is closed and the bond market is open only until noon. You know that optimism is running high when foreign exchange traders start talking about the next payrolls only one week after the last one.

Optimism about the US economy is running high whatever the payrolls forecast. The Blue Chip Economic Indicators report says the economists in their survey raised the forecast for economic growth in March to 3.1% for the third straight monthly rise (although trimming the growth recast for 2011 to “only” 3% from 3.1%). Europe would be thrilled to get “only” 3%.

We do not agree with Wharton Prof Siegel that the ECB will stay its hand on raising rates because of structural problems in the southern tier, but we do think it will stay its hand because it needs to keep low-rate stimulus going and inflation is not a problem. In fact, deflation is still a problem, as an inevitable corollary to recession.

Until we get some additional hard data, like US retail sales (looking good so far), the market will be twitchy. The oil inventory report today could be a real factor—if oil goes up despite higher stockpiles, it would mean oil traders are back of the growth higher-demand-coming bandwagon. Unfortunately, this is either good or bad for the us dollar rate depending on whether the growth story is accompanied by its occasional sidekick, higher interest rates. We like the outlook for the dollar near-term, but first it must break hand-drawn red support around 1.3515.

Bye for Now

Barbara Rockefeller
Foreign Exchange Trading
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Contact IMS Foreign Exchange + 44 207 183 2790]]> http://imsfx.blogspot.com Pounds to Australian Dollars 0399793E-9681-4579-88CB-7FEAC734A72D Wed, 10 Mar 2010 15:12:05 +0000 The British Pound slipped to a 10-month low against the U.S. dollar as the economic docket reinforced a weakened outlook for the UK, and fears of a protracted recovery could weigh on the exchange rate outlook over the following week as policy makers continue to see ongoing slack in the private-sector. Meanwhile, there was little reaction to the Bank of England’s interest rate decision as the central bank held the benchmark interest rate at 0.50% and maintained the target for its asset purchase program at GBP 200B, but the minutes of the meeting due out on March 17th is likely to stoke increased volatility in the exchange rate as investors weigh the prospects for future policy.

Bank of England board member Andrew Sentance said that the economic recovery in Europe’s second largest economy is “still fragile” during an interview with the Hereford Times, and continued to see “a lot of uncertainties about economic prospects” as households face tightening credit conditions paired with the deterioration in the labour market. At the same time, Mr. Sentance noted that business sentiment “has improved greatly,” and expects the recovery to become “more firmly established” as the expansion in monetary and fiscal policy continues to feed through the real economy. As a result, the BoE is likely to hold a neutral policy stance going into the second-half of 2010, but dovish rhetoric from the MPC is likely to weigh on the exchange rate as investors scale back expectations for a rate hike later this year.

Nevertheless, a report by the Royal Institution of Chartered Surveyors is anticipated to show UK home prices increase at an annual pace of 30% in February after rising 32% in the previous month, while the visible trade deficit is expected to narrow to GBP 7.000B from GBP7.278B in December. In addition, industrial outputs are projected to increase 0.3% in January, with manufacturing forecasted to expand for the third-consecutive month, and the data could push the exchange rate higher as it encourage an improved outlook for future growth.

For the full story visit  www.dailyfx.com

Bye for Now


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Buy Euros]]> http://www.imsfx.co.uk/daily_report/march-2010/buying-euros-10-03-2010.htm Pounds to Australian Dollars F2000C85-F616-4CF9-9977-CF9E7C4FFB50 Wed, 10 Mar 2010 10:12:27 +0000 <a href="http://www.imsfx.co.uk">Buy Holiday Money</a> - <a href="http://www.imsfx.co.uk">Best Exchange Rates</a> http://www.travelfx.co.uk Pounds to Australian Dollars CD1C053E-B009-4C56-AD3C-E5782DDF28A4 Tue, 9 Mar 2010 13:27:30 +0000 <a href="http://www.imsfx.co.uk">Buy Holiday Money</a> - <a href="http://www.imsfx.co.uk">Best Exchange Rates</a> http://www.travelfx.co.uk Pounds to Australian Dollars 1F74D54F-8647-421D-BD20-FB8D174CCDDC Tue, 9 Mar 2010 13:27:16 +0000 Fears about Britain's public finances mean the pound has lost about a third of its value against the euro and a fifth against the US dollar during the past three years, creating misery for holidaymakers, retired expats and those with property abroad. But last week the pace of this decline accelerated, prompting fears of a sterling crisis. By midweek the pound to US dollar exchange rate was worth just $1.50, its lowest level for 10 months. It also lost value against the euro exchange rate – which has been struggling itself in recent months. This volatility has resulted in the the pound dropping to €1.11 in a matter of weeks.

These falls have been partly caused by speculation that there will be a hung Parliament, delaying Britain's economic recovery. And while uncertainty remains, there is the chance that the pound could fall further. currency brokers have said: "While no one can predict where the markets will end up, one thing we can be sure of in the coming months is no let up on volatility."

But whether you are looking to invest overseas, transfer money abroad, or go on holiday later this year, there are steps you can take now to minimise the risks that the currency markets may move against you. Bolder investors may even want to follow in the footsteps of George Soros – who bet against the pound in 1992 – and try to make money from our weaker currency.

BOOST SPENDING MONEY

The recent dive in the value of the pound will affect those due to travel abroad soon. According to Travelex, those heading to Europe will now get €22.17 less when exchanging £500, compared with the same time last month, the equivalent of a guided bus tour of Paris. Those travelling to the US will be $53.32 short when exchanging £500 compared with early February, the price of two main meals at LA's Chateau Marmont.

But David Swann, a currency strategist at Travelex, says: "Compared to a year ago, British travellers aren't faring too badly. Those travelling to the States are actually getting a slightly better exchange rate, while holidaymakers buying euros get just €13.74 less [again on £500]."

But travellers got a lot more bang for their bucks in 2007, before the credit crunch hit. Those switching £500 into euros got an additional €185.94 compared with today, while those changing money into dollars pocketed an extra $230.89.

Bob Atkinson, a travel expert with Moneysupermarket.com, said: "Even if you think the pound will weaken further, keep an eye on short-term movements; if there is a slight rally then you may want to use the opportunity to buy euros for the summer." But he also urges holidaymakers to ensure they don't pay over the odds on commission or charges: "Those who search out the best deal will get almost 10pc more spending money than those who simply leave it to the last minute and change their money at the airport."

Buy currency online, he advised, from either Travelex or Thomas Cook. "Online exchange rates are usually far more competitive than those offered at a bank or bureau de change." Even if you have left it to the last minute, it is possible to order online, and pick up the money at the airport, usually for no extra charge.

Check what charges are levied on debit and credit cards. If you are not travelling abroad until summer, apply now for one of the cheaper debit or credit cards available. Santander's Zero card and Nationwide's debit card remain two of the better options.

DON'T SAVE IN STERLING

Savers can open a euro or dollar exchange rate account - denominated account instead and will benefit if the pound weakens further against these currencies. (Although they lose out if it strengthens.)

These accounts are particularly useful for those who travel frequently or receive or make regular payments in another currency. Holding money in euros (or dollars) means customers don't have to pay frequent foreign exchange fees each time they travel, and it also helps protect them from currency fluctuations. For example, if you receive monthly rental payments in euros from a property, banking this in a euro account leaves you free to convert it back into sterling when exchange rates are more favourable

Cater Allen offers one account that allows customers to switch money between dollar, euro and sterling sub-accounts, at no cost. Most require a minimum deposit of at least £5,000. Historically, the interest rates paid on such accounts has been low, but given the rock-bottom rates paid on most British savings account today, this is less of a cost today.

According to Moneyfacts.co.uk, the top-paying euro accounts include Anglo Irish Bank (paying 2.25pc on £10,000) and Halifax International (paying 1.35pc, again on £10,000). Most dollar-based accounts pay less than 1pc – the only exceptions being Anglo Irish Bank (1.5pc) and Irish Permanent (1.5pc on a 30-day notice account).

REALISE OVERSEAS GAINS

The weak pound has increased the costs of maintaining a property abroad, but it does help those selling. Mr Bodega said HiFX has seen a significant increase in people selling overseas assets, repatriating to Britain and converting gains back into sterling. In total, HiFX says it has seen a 180pc increase in the number of euro to sterling transactions in the past six months, and an 111pc increase in the number of dollar-to-sterling transactions.

TAKE A BET ON CURRENCY MARKETS

Opening a euro or dollar account leaves you exposed to movements in the currency markets, which can work for or against you. But losses and gains are limited: provided your bank remains solvent, the money deposited is safe, although its value may fluctuate.

Those who want to take a more aggressive position on currency markets can do so via spread betting or "contracts for difference". For currency trades, most private investors use spread betting, as there is no capital gains tax to pay on profits.

Spread betting allows you to take a stake on future price movements, be it in currencies, stock markets, bond prices or even sports results.

A firm such as City Index will give a spread bet price on a currency market, such as the sterling/dollar pair of $1.5040-$1.5043. If you thought that the sterling/dollar rate would increase, you would buy the spread price, or if you believed that the sterling would weaken, you could place a sell bet. These are "pound per point" bets, so if you place a buy bet with a stake of £2, you will make £2 for every point the pound rises above your entry level.

If the market moves against you, you will pay £2 for every point it moves in the wrong direction. The spread price will track the underlying exchange price of the sterling/dollar currency pair. Given the volatility of currency markets, it is not hard to see how people can ether make money quickly or owe significant sums.

These are also leveraged bets, as investors only put down a "margin trade", which may be just 1pc of their exposed position. This can mean bigger gains, but also magnified losses.

But spread betting isn't just used to speculate. It can also be used as a hedging tool to protect investors against currency markets moving against them. Joshua Raymond of City Index says: "If you were looking to buy a house in Spain for €300,000 and money was due to transfer on April 1, this would cost you about £271,500 at today's exchange rate.

But if the pound weakens over the next month – say it goes back to be worth just €1.0250 again – this investor will have to find an extra £21,189 to complete the deal.

"To combat this, you can make an FX spread bet to cover this difference," Mr Raymond said.

If you take a short position on the pound, any profits made should cover the extra payments due on the euro mortgage deal. If the market moves against you and the pound rises, you have lost money on the spread bet, but will need less money to complete the housing transaction.

For the full story visit  www.telegraph.co.uk

Bye for Now


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]]> http://www.imsfx.co.uk/daily_report/march-2010/buying-euros-09-03-2010.htm Pounds to Australian Dollars F210EF90-B46C-4E07-A08A-048A9285426F Tue, 9 Mar 2010 12:13:54 +0000 Exchange Rate Outlook - Japanese Yen exchange rate tumbles 

 

Currencies have been largely confined to tight ranges in early trade this week, with the markets still digesting the extreme Yen moves seen on Friday. Initially, the Japanese Yen had been well offered on the news that the BOJ would be considering a fresh easing policy, and talk of intervention from the MOF, but US NFPs opened an aggressive acceleration of Japanese Yen selling, which drove many of the Yen crosses sharply higher.

 

Global equities are broadly higher, with some more positive and reassuring news out from Greece helping to bolster appetite. Greek central bank governor Provopoulos says there has been solid demand for Greek bond issues, while French PM Sarkozy says the Eurozone will do whatever is needed to make sure that Greece is not isolated. Elsewhere, in China, the commerce ministry says it has been studying the impact of Yuan revaluation on exports, while PBOC Zhou says that China will eventually have to drop its special Yuan policy.

 

Overall, currencies are well bid against the US Dollar on a more optimistic outlook for the global economy, and it remains to be seen whether these gains can be sustained. Looking ahead, Swiss unemployment (4.4% expected) is due at 6:45GMT, followed by Swiss francs retail sales (2.3% expected) at 8:15GMT. Eurozone sentix (-8.8 expected) is then out at 9:30GMT, with German industrial production (1.0% expected) capping things off at 11:00GMT. With the exception of the Yen, all major currencies are up against the buck, led by the New Zealand dollars. US equity futures are pointing to a firmer open, while gold trades flat and oil is bid up

For the full story visit  www.dailyfx.com

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]]> http://www.imsfx.co.uk/daily_report/march-2010/buying-euros-08-03-2010.htm Pounds to Australian Dollars D4A6DDF6-0AEB-4064-80B2-26FC8012440D Mon, 8 Mar 2010 11:21:50 +0000 <a href="http://www.imsfx.co.uk">Buy Holiday Money</a> - <a href="http://www.imsfx.co.uk">Best Exchange Rates</a> http://www.travelfx.co.uk Pounds to Australian Dollars 5DFC9B4C-9E11-4D79-AA24-85D3BFE33878 Thu, 4 Mar 2010 12:56:18 +0000 <a href="http://www.imsfx.co.uk">Buy Holiday Money</a> - <a href="http://www.imsfx.co.uk">Best Exchange Rates</a> http://www.travelfx.co.uk Pounds to Australian Dollars EF362546-A07E-411A-B0C2-2D05CD9E2F63 Thu, 4 Mar 2010 12:01:59 +0000 <a href="http://www.imsfx.co.uk">Buy Holiday Money</a> - <a href="http://www.imsfx.co.uk">Best Exchange Rates</a> http://www.travelfx.co.uk Pounds to Australian Dollars 46DDFBCF-0E43-47BF-9141-A3C5C6D23901 Thu, 4 Mar 2010 10:46:51 +0000 Feds Lockhart says that he fully supports message in FOMC statement that rates to stay low for "extended period". US economic recovery likely to be modest, with slow reduction in unemployment. Believes inflation likely to remain subdued, Persistent economic imbalances increases risk of another financial crisis in the future http://www.travelfx.co.uk Pounds to Australian Dollars 1F92A085-BF04-4751-8B61-FBD5528C3A36 Thu, 4 Mar 2010 10:43:17 +0000 <a href="http://www.imsfx.co.uk">Buy Holiday Money</a> - <a href="http://www.imsfx.co.uk">Best Exchange Rates</a> http://www.travelfx.co.uk Pounds to Australian Dollars 4C6A6D67-8A0D-4203-82A9-CDEE39F4C866 Thu, 4 Mar 2010 10:43:02 +0000 House prices fell for the first time in 10 months during February as the market suffered a sharp slowdown in activity, figures showed today.

Nationwide Building Society attributed the 1% drop to a combination of the severe winter weather during the early part of the year and the end of the Government's stamp duty holiday.

 

The fall, which ended nine consecutive months of price rises, did not come as a surprise as the Royal Institution of Chartered Surveyors had pointed to a steep drop in activity from both potential buyers and sellers during January.

At the same time, the British Bankers' Association had reported that the number of mortgages approved for house purchase fell to an eight-month low last month.

 

Nationwide had also surprised economists with the strength of the market in January, when it reported a 1.4% price rise, more than double the 0.6% increase seen by Halifax.

 

But the slide will fuel speculation that the housing market recovery has run out of steam, with many economists expecting house prices to resume their downward trend this year.

 

Martin Gahbauer, Nationwide's chief economist, said: "There is evidence from a range of indicators that the market may have lost momentum in early 2010 as the stamp duty holiday ended and house hunters were obstructed by the icy weather.

 

"This drop in demand seems to have fed into agreed prices during February. "At this stage, it is difficult to gauge how much of the drop in housing activity is attributable to one-off factors and therefore whether February's fall in prices is just a temporary blip or the start of a new trend." Despite the monthly price fall, the annual rate of house price growth increased to 9.2% in February from 8.6% in January. The average UK home now costs £161,320.

 

The three-month-on-three-month measure, usually seen as a more stable indicator of market trends, remained positive in February at 1.6%, although this was down from 2% in January and a peak of 3.7% in September.

Nationwide said even without the snowy weather and end of the stamp duty holiday, which appears to have caused many people buying lower value properties to have rushed through purchases before the end of last year, it was unlikely the market could have maintained the very strong momentum seen for most of 2009.

 

It said in the light of low growth in household incomes and high levels of unemployment, house prices were beginning to move ahead of the recovery in general economic conditions.

 

Mr Gahbauer said: "With the longer term stability of the market in mind, it would be a positive development for house prices not to become decoupled from the economic fundamentals.

For the full story visit  www.independent.co.uk

Bye for Now

 

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]]> http://www.imsfx.co.uk/daily_report/february-2010/buying-euros-25-02-10.htm Pounds to Australian Dollars EA262C44-E5CA-450B-A12C-3E2442F936E6 Fri, 26 Feb 2010 08:45:31 +0000 The US Dollar rate retains its bullish momentum into early Thursday trade, with the euro currency exchange rate initially well bid on the back of the more hawkish than expected tone from Fed Chair Bernanke.

While the central banker reaffirmed his outlook that rates would remain low for an extended period, market participants were more focused on Bernanke’s other warning that the Fed would still have to tighten at some point to prevent inflationary conditions. US Dollar exchange rate gains were then seen accelerating on a rise in risk aversion after fears over the outlook for Greece escalated once more. A combination of riots, another potential downgrade to the sovereign debt, and a UK Telegraph article reporting of Greece attacking Germany over its war atrocities, and accusing Italy of hiding debt, were all seen pressuring currencies, with the Euro exchange rates dropping back towards its recent 2010 lows.

The deterioration in market sentiment and risk appetite has hurt the higher yielding antipodeans the most on Thursday, with Australian and New Zealand Dollars standing out as the big losers. A better than expected Australian Q4 capex showing, has only helped to prevent Australian Dollars from tracking lower than New Zealand Dollars on the day. Sterling has also come under pressure on similar themes, along with added internal pressures revolving around UK debt and election uncertainties. To add more fuel to the fire, talk of a potential trade deficit in China, and added concerns over the contagion from the Greek crisis into Spain, have not helped matters.

 Looking ahead, Swiss employment data is due out at 7:15GMT, followed by the German unemployment rate (8.2% expected) at 8:55GMT. Eurozone M3 (0.0% expected) is then released 9:00GMT, just ahead of UK total business investment (0.1% expected) at 9:30GMT. Eurozone business climate is out at 10:00GMT, with UK CBI distributive trades capping things off at 11:00GMT. US equity futures are well offered, while commodities have also been weighed down on global macro economic concerns.

For the full story visit  www.dailyfx.com

Bye for Now

 

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]]> http://www.imsfx.co.uk/daily_report/february-2010/buying-euros-25-02-10.htm Pounds to Australian Dollars 82365839-35A6-4EF0-85EC-EFA6233A4F93 Thu, 25 Feb 2010 09:51:50 +0000 Euro Special:

Today (for once) we have little news about the Greek debt situation, although no shortage of sage commentary. In hard information, the FT reports that the yield on Greek 10-year bonds was only a little lower at 6.40% this morning.

FT columnist Rachman has some interesting things to say about the wider implications of a Greek debt failure. Like Soros, he says it would endanger the sustainability of the eurozone itself. Leaders were never shy about saying the goal was political union, even if citizens never agreed to it and would not agree to it today. National identity is far bigger than self-identification as “European.” Rachman says the “’economics first, politics later’ method is almost Marxist in its assumption that economics will inevitably dictate a particular political response.” Almost? No, fully Marxist. And it has not worked. Greeks may be among “the most ardently pro-European people in the Union” but “savage austerity measures, overseen by officials sent in from Brussels, is likely to feel more like colonisation than a voluntary ‘political union’.”

Rachman says if eurozone citizens are unwilling to bail out their neighbours, “the euro-area might begin to shed some of its weaker members.” And it gets worse. Other decisions would come into question, like immigration. “There is more than money at stake in the Greek crisis.” We note that the vocabulary of the discussion is bizarrely old-fashioned. We haven’t heard about Marxism or colonialism in 40 years. We don’t know what it means but it can’t be good.

Bye for Now

Barbara Rockefeller

For the full story visit  www.rts-forex.com

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]]> http://www.imsfx.co.uk/daily_report/february-2010/buying-euros-24-02-10.htm Pounds to Australian Dollars 764BD6D0-DDA5-4759-B164-5B74D71FCAED Thu, 25 Feb 2010 09:52:23 +0000 The amount of commentary on the Greek debt situation is really impressive. Some of the analysis is pretty good, too, including the debate about contagion, especially to Spain. Greece is only 2.5% of eurozone GDP but Spain is a big country and doesn’t deserve the “Mediterranean margin” label. Besides, Spain (and Ireland) are making Herculean efforts and may have already passed the bottom. Strangely, The Economist magazine is behind the curve this time but the bank economists and independents are cranking the stuff out.

Today we hear of a Der Speigel report saying Germany is considering up to Euros25 billion in aid for Greece, later denied by the European Commission spokesperson, who said “There is no Eurozone plan to bail out Greece and the fiscally troubled state hasn't asked for financial assistance.” According to Market News, he also told reporters that Eurostat hasn't yet received all the information it requires from Greece on its use of currency swaps, despite the deadline of last Friday set by European Commissioner for Economic and Monetary Affairs, Olli Rehn. "Eurostat has received some information but not all relevant information from the Greek authorities," the spokesman said. "Athens told us that the reason for the delay was partly to do with the 4-day strike at the finance ministry." We find this hilarious.

The WSJ reports that over the weekend, Greek PM Papandreou implicitly asked for debt guarantees from somebody, anybody, so that the country can borrow at lower rates, since the current high rates are undermining its ability to repay. The market believes Greece will be issuing a 10-year Euros 5 billion bond this week. A wide spread against Bunds would undermine confidence in the eurozone and the euro. At a guess, not issuing a bond is worse because it shows fear. Remember, the Greek debt management guy was replaced last week.

The WSJ tries to untangle some of the accounting shenanigans EMU countries have engaged in to hide debt, including Portugal and France (Portugal got caught). One of Greece’s tricks, aside from a series of a dozen currency swaps with Goldman Sachs, was to assert that military spending was a state secret and thus excluded from the deficit. And then the Greeks lied about it. “In 2000, Greece reported that it spent Euros 828 million ($1.13 billion) on the military - about a fourth of the Euros 3.17 billion it later said it spent. Greece admitted to underreporting military spending by Euros8.7 billion between 1997 and 2003.” You have to ask yourself against whom is Greece defending itself - Turkey? But Turkey has never wavered from wanting to join “Europe,” so it’s illogical to imagine it would attack Greece, isn’t it?

On a higher plane, Soros has an opinion article in the Sunday FT saying that Issing’s piece last week was exactly right -the eurozone was always a monetary union, not a political one, and putting the cart before the horse. “The construction is patently flawed. A fully fledged Euro currency requires both a central bank and a Treasury. The Treasury need not be used to tax citizens on an everyday basis but it needs to be available in times of crisis. When the financial system is in danger of collapsing, the central bank can provide liquidity, but only a Treasury can deal with problems of solvency. This is a well-known fact that should have been clear to everyone involved in the creation of the euro exchange rate.” Now there is a possible remedy to be found in the Lisbon Treaty, which would allow guarantees. “The most effective solution would be to issue jointly and severally guaranteed eurobonds to refinance, say, 75 per cent of the maturing debt as long as Greece meets its targets, leaving Athens to finance the rest of its needs as best it can. This would significantly reduce the cost of financing and it would be the equivalent of the International Monetary Fund disbursing conditional loans in tranches. But this is politically impossible at present because Germany is adamantly opposed to serving as the deep pocket for its profligate partners. Therefore makeshift arrangements will have to be found.”

Soros says Greece might be able to get past this crisis one time with makeshift assistance, “but that leaves Spain, Italy, Portugal and Ireland. Together they constitute too large a portion of euroland to be helped in this way. The survival of Greece would still leave the future of the euro exchange rate in question. Even if it handles the current crisis, what about the next one? It is clear what is needed: more intrusive monitoring and institutional arrangements for conditional assistance. A well-organised eurobond market would be desirable. The question is whether the political will for these steps can be generated.”

Bye for Now

Barbara Rockefeller

For the full story visit  www.rts-forex.com

Bye for Now

 

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]]> http://www.imsfx.co.uk/daily_report/february-2010/buying-euros-23-02-10.htm Pounds to Australian Dollars 8DB0B4DC-FC75-4985-AA4F-3455CD56950F Thu, 25 Feb 2010 09:50:09 +0000 The amount of commentary on the Greek debt situation is really impressive. Some of the analysis is pretty good, too, including the debate about contagion, especially to Spain. Greece is only 2.5% of eurozone GDP but Spain is a big country and doesn’t deserve the “Mediterranean margin” label. Besides, Spain (and Ireland) are making Herculean efforts and may have already passed the bottom. Strangely, The Economist magazine is behind the curve this time but the bank economists and independents are cranking the stuff out.

Today we hear of a Der Speigel report saying Germany is considering up to Euros25 billion in aid for Greece, later denied by the European Commission spokesperson, who said “There is no Eurozone plan to bail out Greece and the fiscally troubled state hasn't asked for financial assistance.” According to Market News, he also told reporters that Eurostat hasn't yet received all the information it requires from Greece on its use of currency swaps, despite the deadline of last Friday set by European Commissioner for Economic and Monetary Affairs, Olli Rehn. "Eurostat has received some information but not all relevant information from the Greek authorities," the spokesman said. "Athens told us that the reason for the delay was partly to do with the 4-day strike at the finance ministry." We find this hilarious.

The WSJ reports that over the weekend, Greek PM Papandreou implicitly asked for debt guarantees from somebody, anybody, so that the country can borrow at lower rates, since the current high rates are undermining its ability to repay. The market believes Greece will be issuing a 10-year Euros 5 billion bond this week. A wide spread against Bunds would undermine confidence in the eurozone and the euro. At a guess, not issuing a bond is worse because it shows fear. Remember, the Greek debt management guy was replaced last week.

The WSJ tries to untangle some of the accounting shenanigans EMU countries have engaged in to hide debt, including Portugal and France (Portugal got caught). One of Greece’s tricks, aside from a series of a dozen currency swaps with Goldman Sachs, was to assert that military spending was a state secret and thus excluded from the deficit. And then the Greeks lied about it. “In 2000, Greece reported that it spent Euros 828 million ($1.13 billion) on the military - about a fourth of the Euros 3.17 billion it later said it spent. Greece admitted to underreporting military spending by Euros8.7 billion between 1997 and 2003.” You have to ask yourself against whom is Greece defending itself - Turkey? But Turkey has never wavered from wanting to join “Europe,” so it’s illogical to imagine it would attack Greece, isn’t it?

On a higher plane, Soros has an opinion article in the Sunday FT saying that Issing’s piece last week was exactly right -the eurozone was always a monetary union, not a political one, and putting the cart before the horse. “The construction is patently flawed. A fully fledged Euro currency requires both a central bank and a Treasury. The Treasury need not be used to tax citizens on an everyday basis but it needs to be available in times of crisis. When the financial system is in danger of collapsing, the central bank can provide liquidity, but only a Treasury can deal with problems of solvency. This is a well-known fact that should have been clear to everyone involved in the creation of the euro exchange rate.” Now there is a possible remedy to be found in the Lisbon Treaty, which would allow guarantees. “The most effective solution would be to issue jointly and severally guaranteed eurobonds to refinance, say, 75 per cent of the maturing debt as long as Greece meets its targets, leaving Athens to finance the rest of its needs as best it can. This would significantly reduce the cost of financing and it would be the equivalent of the International Monetary Fund disbursing conditional loans in tranches. But this is politically impossible at present because Germany is adamantly opposed to serving as the deep pocket for its profligate partners. Therefore makeshift arrangements will have to be found.”

Soros says Greece might be able to get past this crisis one time with makeshift assistance, “but that leaves Spain, Italy, Portugal and Ireland. Together they constitute too large a portion of euroland to be helped in this way. The survival of Greece would still leave the future of the euro exchange rate in question. Even if it handles the current crisis, what about the next one? It is clear what is needed: more intrusive monitoring and institutional arrangements for conditional assistance. A well-organised eurobond market would be desirable. The question is whether the political will for these steps can be generated.”

Bye for Now

Barbara Rockefeller

For the full story visit  www.rts-forex.com

Bye for Now

 

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]]> http://www.imsfx.co.uk/daily_report/february-2010/buying-euros-23-02-10.htm Pounds to Australian Dollars E3C1FC5E-1908-49A9-B7AE-8A1D0335CD75 Tue, 23 Feb 2010 18:58:31 +0000
Barbara Rockefeller
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Buying Euros? Buy Euros at the best euro Rates! Get a quote for Buying Euros now!
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Contact IMS Foreign Exchange + 44 207 183 2790]]> http://www.franglo.com/classifieds/travel_money-o97813.html Pounds to Australian Dollars 7A1E5741-3D11-4810-972E-C83E41F69C09 Mon, 22 Feb 2010 14:48:35 +0000 Exchange Rate Outlook - Eurostar passengers stranded AGAIN  

Hundreds of passengers were stranded in darkness last night after a crowded Eurostar train broke down outside Ashford in Kent. More than 740 people were stuck for two hours after the Paris to London service came to a halt just before 11pm due to 'technical problems'. Passengers were eventually transferred to another train which took them on to London. To get on that train they had to climb down off the one they were on via ladders and then use ladders to get up into the one that would take them on to the capital. They eventually arrived at 2.30am - more than four hours after the service was due. Passenger Dan Feldman took this photo as scared passengers were evacuated from the stricken train. The breakdown was the second delay for the train, which departed from Paris an hour late after a security alert over an abandoned bag. The chaos brings yet further woes for Eurostar.

Earlier this month the firm was accused of shoddy maintenance and a lack of planning after five trains broke down in heavy snow just before Christmas. At least 2,000 people were delayed for up to 16 hours last December with a further 40,000 having their travel plans disrupted. In August last year around 500 passengers were stuck inside the Channel Tunnel in sweltering temperatures for six hours when a train broke down. Last night passengers reported carriages being plunged into darkness and conditions becoming hot and sweaty when the air conditioning failed shortly after the train stopped. Several began to panic and many children were crying. Passengers on the train - which included a number of elderly and disabled people and young children - sat in pitch darkness for almost two hours before finally being told they would have to ‘carry their own luggage’ while climbing out of the train on ladders. They then had to use ladders to board another train which had pulled up alongside.

Legal advisor Dan Feldman, 35, was on his way back from a weekend break in Paris with his wife Clarissa, 36, and their three children aged six-and-a-half, five and two. He said last night: 'The way Eurostar have handled it has been completely shambolic.' We just came to a stop and we have been in pitch darkness for more than an hour. The toilets aren’t working which is unpleasant and the air conditioning is broken so it is getting very hot. More than 740 people were stuck for two hours after the Paris to London service stopped just before 10pm outside Ashford at due to 'technical problems' 'It’s extremely uncomfortable – we are all sweating. 'There are young children here and needless to say they are frightened having to sit in pitch darkness. It’s not very nice for them.’ Mr Feldman said he’d been told a power cut was to blame.

Passenger Richard Startari told the BBC: 'Just 10 minutes from Ashford, the Eurostar kind of stopped, at which point we then lost all power. 'A lot of the Eurostar staff are going up and down with water, but they don't seem to have torches, which is a bit concerning. They're using their iPhones.' Another passenger named Oliver told Sky News that conditions on board during the stoppage were 'fine', adding: 'It's getting fairly hot, but people are very calm, very relaxed'. The train been due to leave Gare du Nord, Paris, at 7.15pm and arrive in London St Pancras at 10.30pm.

For the Full Story visit www.dailyfx.com

 

Bye for Now

 

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]]> http://www.imsfx.org/travelfx/february-2010/travel-money-22-02-2010.html Pounds to Australian Dollars F8E122E6-73B8-4DF3-84CC-5C3569D34D32 Mon, 22 Feb 2010 12:44:53 +0000 The markets seem to have now fully digested the latest surprising move by the Fed in which the central bank raised the discount rate by 25bps, with risk appetite back on Monday, as global equities and commodities start out the week on a very healthy note.  While Sterling has managed to put in some gains against the buck, the Euro currency remains under pressure on the crosses, with growing fears over a hung parliament and rising debt concerns weighing on the Pound. Data in Australia has come in on the weaker side, after new motor vehicle sales in January fell for the first time since July 2009. Some of the Australian Dollar rates cross rates are looking highly overbought and we would expect to see some form of a reversal (ie relative Aussie Dollars weakness) over the coming days.

For the full story visit  www.dailyfx.com

Bye for Now

 

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]]> http://www.imsfx.co.uk/daily_report/february-2010/buying-euros-22-02-10.htm Pounds to Australian Dollars 4272AED7-2F83-45B6-BA64-6AC2E80F3A15 Mon, 22 Feb 2010 12:23:22 +0000 In surprise news which sent the pound sliding on Thursday, official figures showed that the Government borrowed £4.3 billion last month.

It was the first time since 1993 that the public finances had gone into the red in January – a month in which tax revenues usually push the Exchequer into the black.

Economists said that the scale of the shortfall in the budget could this year mount to above £180 billion – higher than even the Chancellor’s forecast of a record £178 billion.

Such a deficit would, at 12.8 per cent of British gross domestic product, be even greater than the deficit faced in Greece, which is facing a full-scale fiscal crisis and may need to be bailed out by fellow euro nations or the International Monetary Fund.

The public borrowing figures coincided with further bad news from the housing market, as the Council of Mortgage Lenders reported that mortgage lending dropped last month by 32 per cent, hitting the lowest monthly total in a decade.

The Bank of England also reported a decline in lending to businesses, indicating that the economic slowdown is far from over.

The poor economic figures came as a major blow for the Chancellor, Alistair Darling, coming a month ahead of the Budget, which he had hoped would provide proof that the economy was finally on the mend.

The news also came ahead of Gordon Brown’s unofficial launch to the Labour election campaign, which the Prime Minister hopes to base on his party’s economic record and policies.

Mr Brown will tomorrow (SAT) launch Labour’s election slogans for the general election, still pencilled in for May 6. They are: “Ensuring the recovery”; “Protecting frontline services”; “Standing up for the many”; and “Protecting future jobs and new industries.”

Despite growing warnings from economists and business leaders that the size of the deficit poses a grave threat to Britain's economic future, Labour says public spending should not be cut before 2011/12.

In a speech in London today (FRI), the Prime Minister will insist that the Conservatives’ plans to tackle the deficit by cutting spending this year would undermine the recovery.

“Instead of helping a recovery, their hatred of government action would risk the recovery,” Mr Brown will say. “Instead of defending ordinary families, they would kick the ladder of opportunity away from ordinary families.”

The Office for National Statistics said the Government had never before had to borrow cash in January, adding that the shortfall meant it had now borrowed some £122 billion this year, equivalent to around £2,000 for every man, woman and child in the country.

The scale of the debt has been far greater than in previous recessions because the recession has brought with it a collapse in tax revenues, particularly from the City, and a sudden increase in social benefits payments to the unemployed and disadvantaged.

Jonathan Loynes of Capital Economics said that although Britain’s national debt was far lower overall than that of Greece, the UK deficit – the rate at which it is borrowing each year – may now be even greater.

He said: "With the budget deficit heading towards 13 per cent of GDP this year, and perhaps exceeding that of Greece, it is clear that a more credible plan to restore the public finances to health will be required shortly after the general election to keep the markets and rating agencies at bay.”

A host of economists and businessmen have urged the Government to slash the deficit faster and deeper than it currently plans, with 20 leading academics warning last weekend that without action on the public finances, Britain could face a crippling fiscal crisis.

The Conservatives have warned that Britain could sacrifice its top credit rating unless the next Government takes drastic action.

Shadow Chief Secretary to the Treasury, Philip Hammond, said: “These appalling figures - showing the first January deficit on record - illustrate the scale of Labour’s debt crisis.

“The Prime Minister must now heed the advice of leading economists and business leaders and set out a credible plan to get the deficit under control, starting this year to put Britain back on her feet. The longer he delays, the more the recovery and our credit rating will be put at risk.”

In the wake of the statistics, Treasury officials spent much of the morning calling round the City, urging major investors not to panic.

However, the Government’s cost of borrowing, as signified by the interest rate it pays on its bonds, rose to 4.1 per cent – the highest level in 15 months.

A Treasury spokesman said: “These figures keep us on track to meet our pre-Budget report forecast... the pre-Budget report predicted a sharp decline in self-assessed capital gains tax and income tax receipts paid this financial year, with January being the most important month for these receipts; that fall is evident in today’s figures.”

Owen James of the Centre for Economics and Business Research said: “In the wake of the continuing problems for Greece, international investors are wary of economies with large deficits. Despite the fragile nature of the recovery, Britain must avoid the predatory eyes currently focused on the likes of Portugal, Spain, Italy and Ireland.

"It is imperative that appropriate action to reduce public borrowing is taken by the next government; we are sceptical on whether the pre-election Budget will contain sufficient actions to appease market concerns. Today’s data underlines the need to make clear commitments on future policy.”

James Knightley, an economist at ING Financial Markets said: “Given the concerns about public deficits around Europe at the moment, this could put the UK back in the spotlight.”

For the full story visit  www.telegraph.co.uk

Bye for Now

 

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]]> http://www.imsfx.co.uk/daily_report/february-2010/buying-euros-18-02-10.htm Pounds to Australian Dollars 30C48171-D343-4F7B-98A0-B1FB5C158E06 Fri, 19 Feb 2010 12:00:35 +0000 The Federal Reserve Board said the move will encourage financial institutions to rely more on money markets rather than the central bank for short-term liquidity needs. Our economists think this move should be seen as a good sign - the Fed acknowledges the continued improvement in in financial market conditions. Intended as a 'normalisation' of the Fed's lending facilities. Changes are not expected to lead to tighter financial conditions for households and businesses and do not signal any change in the outlook for the economy or for monetary policy. The Fed has also announced that effective on March 18, the typical maximum maturity for primary credit loans will be shortened to overnight. This increase in rates will likely be taken as negative risk initially (Kiwi lower). Watch for a test of stops in EUR at 1.3500 which we need to break to allow a broader move in the USD. http://www.imsfx.co.uk Pounds to Australian Dollars B3F40B36-5224-44E4-9874-9608E60C51E7 Thu, 18 Feb 2010 22:14:29 +0000 Any hopes for a recovery in the Euro exchange rates have all but faded, following Wednesday bearish price action, which now suggests that the market is more likely in some form of a consolidation ahead of the next drop below 1.3530.

Currencies in general are under pressure across the board, with the Yen standing out as the only gainer against the buck on Thursday. It seems as though ongoing concerns over the European economy, combined with a more hawkish FOMC Minutes, and the latest announcement from the IMF of gold sales, have all been helping to prop the Greenback.

The BOJ has come out with no surprises, after leaving the call rate unchanged at 0.10%, with no change on its outlook for the economy.  Elsewhere, the key development out of Australia came from the RBA Monthly Bulletin which showed the reserve bank continuing to be a net seller of Australian Dollars. RBA Lowe was on the wires overnight talking up his outlook for the Australian and Chinese economies, but this failed to materially influence price action, with the single currency still weighed down on broader themes.

Looking ahead, Swiss Franc trade is due at 7:15GMT, followed by UK mortgage approvals (63k expected), public finances (-20.0B expected), public sector net borrowing (-2.6B expected) and money supply (0.5% expected), all at 9:30GMT. Swiss ZEW then comes out at 10:00GMT, with UK industrial trends capping things off at 11:00GMT. US equity futures point to a lower open, while commodities have also reversed course, with gold giving back much of its gains from recent sessions.

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com

For the full story visit  www.dailyfx.com

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]]> http://www.imsfx.co.uk/daily_report/february-2010/buying-euros-18-02-10.htm Pounds to Australian Dollars 067EFAAB-69ED-4625-ABFD-E364BC6B9537 Thu, 18 Feb 2010 10:31:02 +0000 Australian Dollar Rate Outlook THE Reserve Bank of Australia left the interest rates unchanged in February so it could assess the impact of earlier rate rises from both itself and the big banks on the domestic economy. The central bank board surprised financial markets by leaving the overnight cash rate steady at 3.75 per cent earlier this month. "In considering the level of interest rates, members noted that the three increases in the cash rate late in 2009, together with the widening in the margins between the cash rate and many lending rates, had meant a material adjustment to the stance of monetary policy," minutes from the board meeting released today said. "Members judged that monetary conditions were no longer exceptionally accommodative, though the structure of interest rates was still somewhat below average." The RBA had lifted the cash rate by 25 basis points at each of its meetings in October, November and December to its current 3.75 per cent. The board noted the decision to leave the cash rate unchanged was "finely balanced" - as it also was at the December meeting - but its members expected further rate increases if the economy continued to improve as predicted. "But they did not regard that outlook as requiring an increase at every meeting, and they saw the earlier moves to begin withdrawing monetary stimulus promptly as affording the board a degree of flexibility in its subsequent decisions," it said. "This allowed the possibility of waiting to receive some more information on how the economy was responding to the monetary tightening that had already occurred. "Such a course would also allow time to monitor events overseas." The bank said most market participants had expected the cash rate to rise this month, but board members had decided the "stronger case" was to leave the cash rate unchanged. Market economists had widely expected a quarter of a percentage point rise to 4.0 per cent on February 2. "This decision would be accompanied by communication that, if economic conditions evolved broadly as expected, further adjustments to policy would probably be needed over time to ensure that inflation remained consistent with the target over the medium term," the minutes said. The RBA uses monetary policy, or interest rates, to keep inflation within a target range of two to three per cent over the economic cycle. Headline consumer price inflation (CPI) was 0.5 per cent in the December quarter for an annual rate of 2.1 per cent, recent official data show. Underlying inflation, the RBA's preferred measures as it removes volatile items, was 0.6 per cent in the December quarter, while the annual rate was 3.4 per cent - still above the bank's target range. "Members noted that the forecasts were for further declines in the year-ended rate of underlying inflation, though the expected trough in inflation had been revised up slightly," the RBA said. In its quarterly statement on monetary policy released on February 5, the RBA forecast underlying inflation to fall within its inflation target in the first half of 2010. To read more please visit www.news.com.au Pounds to Australian Dollars = 1.7611 Euros To Australian Dollars = 1.5350 Australian Dollars to US Dollars = 0.8909 Australian Dollars to New Zealand Dollars = 1.2550 Bye For Now IMS Foreign Exchange Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates! Buy Travel Money Australian Dollars? Contact IMS Foreign Exchange + 44 207 183 2790 http://australian-dollar-exchange-rate.blogspot.com Pounds to Australian Dollars AF00E11D-F9F2-408F-B505-A3571FF10574 Wed, 17 Feb 2010 10:31:33 +0000 The Euro exchange rate has mounted a decent comeback into Wednesday after the EU FinMins agreed that Greece must work to reduce its budget deficit to help restore investor confidence.

Comments from a Greek FinMin that there was no actual need for a bailout, were also seen helping to prop the single currency, which has finally broken back above the 10-Day SMA and poised for some additional corrective upside. The Australian Dollar has been well bid on similar themes, while a hawkish report from RBA watcher McRannn has also been seen generating additional demand for the higher yielding commodity currency. Data in Australia overnight has not hurt the Australian Dollar exchange rate, after the leading index of economic activity and job vacancies both came in healthy. Meanwhile in Japan, things were mixed, with the Tankan showing manufacturers turning the least pessimistic since 2008, while the tertiary activity index faltered. Finally, ECB Quaden was out promoting a gradual removal of stimulus.

Looking ahead, it is an important session for the UK, with the BOE Minutes, unemployment rate (7.8% expected), and additional employment data due at 9:30GMT. Eurozone construction output and trade balance (5.0B expected) then follow at 10:00GMT.  US equity futures point to a higher open, while commodities are mixed with oil higher and gold taking a breather after some impressive gains. The Swiss Franc and Euro rate are only up marginally against the buck, while all other major currencies track mildly lower. New Zealand Dollars is the weakest currency on the day.
 

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com

For the full story visit  www.dailyfx.com

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]]> http://www.imsfx.co.uk/daily_report/february-2010/buying-euros-17-02-10.htm Pounds to Australian Dollars 29B1A51D-E6D0-46AD-8372-C81289B69442 Wed, 17 Feb 2010 10:30:21 +0000 Currencies are back on the bid on Tuesday, with some notable interest in the Euro exchange rate, after EU Juncker was out saying that EU FinMins had agreed that new measures on Greece needed to be taken by March 16. The measures included lowering Greece’s fiscal deficits to 4% versus GDP.

The Australian Dollar has performed quite well thus far on the day, to even outpace the major currencies, despite a somewhat more balanced and cautious RBA Minutes. The impressive business confidence data and higher local equity prices have been attributed to the relative strength and have managed to easily offset any concerns over the Minutes. RBA Assistant Governor Debelle has also been propping the Aussie dollar on Tuesday after saying that the risks for the US and European economies are to the downside, while in Asia, the risks are to the upside.

Elsewhere, BOJ Shirakawa has been out saying that the central bank will act boldly should market conditions get messy. However, these comments have hardly influence Japanese Yen exchange rate price action.

For the full story visit  www.dailyfx.com

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]]> http://www.imsfx.co.uk/daily_report/february-2010/buying-euros-16-02-10.htm Pounds to Australian Dollars 6FCF711F-353A-4F0E-9AE0-B201AC7B999D Tue, 16 Feb 2010 16:55:15 +0000 Selection of Cuttings from various papers about the growing Debt Crisis in Greece

Greece: The European Central Bank is urging EU Finance ministers to impose more stringent budget cutting measures on Greece than those currently envisaged, Germany's business daily Handelsblatt reported Sunday, citing a draft of the EU's austerity program for the fiscally troubled Eurozone member state. The majority of EU Finance Ministers, however, reject forcing more austerity on Greece, the report also noted. Eurozone finance ministers will discuss the country's budget consolidation plan on Monday evening, before it is taken up Tuesday by the finance ministers of all 27 European Union countries.

Greece is expected on Monday to resist pressure for an immediate tightening of its current austerity package as it fights to win back the confidence of financial markets and its eurozone neighbours, the FT reports.

A poll for popular newspaper Bild am Sonntag found that 53pc of Germans wanted Greece to be expelled from the euro if necessary in the coming months, the Telegraph reports. Two-thirds were adamantly against German money being put towards a bail-out of the troubled country, the paper also found.

European Union finance ministers are uniting to oppose President Barack Obama’s proposal to limit banks’ size and risk-taking, saying his plan may run counter to EU policy, according to a draft document (Bloomberg).

ECB Pres Trichet - We have a problem with Greece, no reason to have doubts over other countries, Greece must take extra measures - Reuters. ECB Draghi - No medium-term EZ CPI risks, GDP growth fragile, clear exit plans needed, EUR sound but reforms to EU structures needed - Reuters.

ECB Noyer - Deflation as much of a concern as inflation - DowJones. EU Juncker - Europe will come to the aid of Greece - Sueddeutsche Zeitung.

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]]> http://www.imsfx.co.uk/daily_report/february-2010/buying-euros-15-02-10.htm Pounds to Australian Dollars 7EACA8DE-EB16-403A-A18A-B79A07072B89 Mon, 15 Feb 2010 11:47:11 +0000 Exchange Rate Outlook - Queensland Buying Euros, Greece Debt Problems and China make it the currency to buy today officially opens  

The People’s Bank of China raises bank reserve requirements by 0.5 percentage points. In broad terms this is negative for risk, both EURUSD and CABLE reacted negative on the news. DAX, FTSE100 and S&P 500 traded down on the news as well and got an extra push from the Eurozone GDP figure that came out below consensus.

For the Full Story visit www.news.com.au

 

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]]> http://www.imsfx.org/travelfx/february-2010/travel-money-12-02-2010.html Pounds to Australian Dollars 72031DF8-7493-4E9F-AA19-87D10247EB51 Fri, 12 Feb 2010 11:24:35 +0000 <a href="http://www.imsfx.org">selling Euros</a> http://imsfx.blogspot.com Pounds to Australian Dollars A5FC5E9B-1973-41E1-893E-F4B56A78B742 Fri, 12 Feb 2010 10:13:55 +0000 Market News reports at 7:15 am ET that both EC President Barroso and EU President Van Rompuy told the press there is an accord on Greece that will be announced later today. With the usual Brussels ambiguity, Van Rompuy said that "the presidency will announce it." Which presidency?

In the end, it was Van Rompuy, who is pictured in the WSJ smiling broadly with Sarkozy, Merkel and others, even though there is previous little detail so far. Van Rompuy made a point of saying Greece had not asked for any aid. Yesterday, the UK made a point of saying it is not a European problem but an EMU problem, and it will not contribute a penny (although it was glad to raise its contribution to the IMF for this purpose). Confused about what is European Commission (27 countries) and what is European Monetary Union (16 countries)? - don’t worry. Nobody can keep these things straight, including the participants.

Who has executive power? Nobody knows that either. The “Eurogroup” is comprised of the finance ministers of the 16 EMU countries and chaired by Belgium’s Juncker. At a guess, the Eurogroup will end up being the seat of power, not Van Rompuy, but these matters are so murky that perhaps nobody on this side of the Atlantic can grasp them. Suffice it to say that the politics are just as vicious as anything in Washington, although they sound so nice with a French accent.

Following the saga up to this point is really quite interesting. Before the accord announcement, Market News reported that “Attention is firmly focused on a potential Franco-German pledge of support for Greece and on a joint press conference that French President Nicolas Sarkozy and German Chancellor Angela Merkel will give later Thursday in Brussels.

“As European Union leaders arrive in the Belgian capital for their first meeting of this year, markets are speculating that they will agree a deal to bail out embattled Greece, which many investors fear could otherwise default on its debt repayments. Indications early Thursday were that the problem is seen by many EU leaders as a Eurozone one, with France and Germany leading the way on support for Greece -- support that is most likely to be verbal at this stage. The summit follows a meeting between Sarkozy and Greek Prime Minister George Papandreou in Paris Wednesday and a videoconference between the Eurozone finance ministers late Wednesday, where solutions to the Greek problem were debated.”

The New York Times carries a photo of the unhappy-looking German foreign minister and Chancellor Merkel listening to political speeches yesterday protesting a Greek bailout. As of last night, no decision had been made about what form the rescue would take, but resolve not to let Greece rock the EMU boat. The NY Times reports that even those most opposed to the bailout within Germany admit that Germany will do something. It also says that silence so far from top politicians is a deliberate tactic to pressure Greece.

Reuters reports that as the EU summit proceeds today, we still don’t have anything specific about a bailout but the EU will use the expertise of the IMF to help create a package of support for Greece. It won’t ask for any IMF money, though. The FT says around 8 am GMT today that hopes of a “show of solidarity” resulted in a drop in Greek government bond yields by 11 bp to 5.93% as we await news from Brussels. “Yields, which had been above 7 per cent two weeks ago, had pulled back by about 40 basis points on Wednesday as rumours swirled that Germany would back-stop Greek government debt. Though such support has not been confirmed, investors appear relieved that some form of consensus for action is likely and this has lent support to the debt of the other so-called peripheral economies, such as Spain and Portugal. German 10-year Bund yields rose 1 basis point to 3.23 per cent, cutting the yield spread with Greek debt to 270bp. The cost of credit default swaps for Greece, Spain and Portugal all fell.”

By 11 am GMT, the FT story had shifted to the stance that EU leaders will support a plan, even though the summit is still ongoing. Unnamed sources told the FT that “The plan will require a cast-iron commitment from the Greek government to put its public finances in order and will draw on the technical expertise of the International Monetary Fund without tapping IMF funds.” The exact form of the plan is still not known. “Europe’s socialist leaders, meeting on Wednesday night, issued a statement in support of a plan that would combine “national fiscal discipline with a last-resort mechanism of financial support, coupling lending by private banks with a guarantee to be provided by eurozone members”. This appeared to be the broad framework of the deal that the EU’s 27 heads of government had in mind, even though some leaders suggested that it might go further and involve hard cash from eurozone countries.”

Another idea is accelerated disbursement of regional aid funds or direct voluntary loans from members, favoured by Polish PM Tusk. “EU officials said the precise details of the rescue operation would probably be fleshed out at a meeting on Monday of the eurogroup, which brings together finance ministers of the 16-nation eurozone.”

Bye for Now

Barbara Rockefeller
Foreign Exchange Trading

For the full story visit  www.rts-forex.com

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]]> http://www.imsfx.co.uk/daily_report/february-2010/buying-euros-12-02-10.htm Pounds to Australian Dollars 986579A4-D33A-4A98-B90A-7024F73BBFAC Fri, 12 Feb 2010 08:47:56 +0000 Australian Dollar Rate Outlook

FIRST it was home buyers getting slugged - now it's those of us lucky to have a few Australian dollars to tuck away in a deposit account.

A decision by Commonwealth Bank bosses to keep rates low has delivered a massive windfall - a $2.94 billion half-year profit.

While its competitors were quick to lift deposit rates in a bid to attract customers, the CBA maintained ultra-low rates until the final weeks of the first half of 2009-10. "If you're a CBA shareholder you'd be delighted with the result, but if you're a CBA customer you'd have to be asking yourself if they're providing you with the best possible service," said Choice spokesman Christopher Zinn.

He said savers should shop around: "The banks are fully cognisant that a lot of people just roll over and don't move to take better rates." Figures released by the CBA showed its docile depositors did not move their money into better-paying accounts at rival banks. CBA chief executive Ralph Norris was coy when asked about the windfall reaped from lazy depositors. Asked about the stickiness of so-called "dumb money", Mr Norris said: "There is a proportion of our funds which is less rate-sensitive. that gives us an advantage."

Mr Norris indicated, however, that the bank would soon move to make its transaction and online saver accounts more competitive. CBA, Australia's largest bank, paid a measly average of 2.73 per cent on the $78 billion in its term deposit accounts, almost half what it paid a year ago. Its plethora of transaction account holders only received a yield of 1.32 per cent on a total of $69 billion, again about half the average rate paid 12 months ago.

The Commonwealth Bank's half-year accounts also show it has been relatively kind to its home loan customers, despite instances of the bank lifting its standard variable rate higher than the Reserve Bank's cash-rate increases.

To read more please visit www.news.com.au

Pounds to Australian Dollars = 1.7611
Euros To Australian Dollars = 1.5350
Australian Dollars to US Dollars = 0.8909
Australian Dollars to New Zealand Dollars = 1.2550

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Contact IMS Foreign Exchange + 44 207 183 2790]]> http://australian-dollar-exchange-rate.blogspot.com/ Pounds to Australian Dollars D0A5776E-838D-4A02-A58D-771E547D29DA Thu, 11 Feb 2010 21:24:21 +0000 Foreign Exchange - Currency Outlook

An announcement of a solution for the Greek debt problem is only that—an announcement. It will probably have the usual announcement effect - foreign exchange traders buying euros. A more positiv