Good morning and welcome to today’s foreign exchange market commentary on 24th of May. 

Here are MyCurrencyTransfer.com’s top 5 currency highlights:

• GBP rallies once again on GDP push
• ECB has made sound decisions thus far says Draghi
• USD dips on wave of risk aversion
• Yen sales up once again as deflation concerns dampen
• More bad news for AUD as Ford pulls out local manufacturing

CURRENCY RATES OVERVIEW 

GBP/EURO – 1.1639
GBP/USD – 1.5119
GBP/CHF – 1.4592
GBP/CAD – 1.5633
GBP/AUD – 1.5624
GBP/ZAR – 14.4298
GBP/JPY – 154.1064
GBP/HKD – 11.7379
GBP/NZD – 1.8691
GBP/SEK – 10.0428

Mid-market rates as of 2013-05-24 08:40 UTC

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Key releases in the next 24 hours that may affect currency date:

Australia: No Data
Europe: EUR German Gross Domestic Product s.a. (QoQ) (1Q F), EUR German Gross Domestic Product w.d.a. (YoY) (1Q F), EUR German Gross Domestic Product n.s.a. (YoY) (1Q F), EUR German IFO – Business Climate (MAY), EUR German IFO – Current Assessment (MAY), EUR German IFO – Expectations (MAY)
United Kingdom:  GBP BBA Loans for House Purchase (APR)
New Zealand: No Data
United States of America: USD Durable Goods Orders (APR), USD Durables Ex Transportation (APR)
China: No Data
Canada: No Data
Japan: No Data

GBP rallies once again on GDP push

GBP received some aggressive bids towards the end of yesterday’s session pushing up its value to 1.5107 against the USD following the release of UK GDP figures coming in on par with expectations. Output increased by 0.3% in Q1 2013 after dipping by 0.3% the previous quarter. GDP increased by 0.6% compared to the previous year. The main contribution to this growth story has been the percent change in inventories, an increase of 0.4% as well as overall increase in household final consumption expenditure.

ECB has made sound decisions thus far says Draghi

On his Thursday’s speech in London Draghi said that the European Central Bank’s decisions at this time were all directed at ensuring a sound future and longevity of the Euro currency.

The ECB head further mentioned that several policy measures that were being implemented by the bank helped to alleviate the critical situation that could have otherwise impacted the financial markets to a considerable extent. The ECB he said prevented rise in interest rates which would have led to the collapse of several Eurozone economies and also eliminated the risk of a currency collapse.

USD dips on wave of risk aversion

USD dipped against all major peers over last night’s trading session as a wave of risk aversion threatened the recent bullish mood in US markets. However, American trading session open witnessed US stocks advancing from pre-open negative indicators. The US index consistently declined on Thursday, dipping to the 83.75/80 region after soaring to overnight highs of 84.60.

Yen sales up once again as deflation concerns dampen

Yen is being sold in volumes once again as USD/JPY rises once again over the 102 level after tumbling to below 101 yen during yesterday’s volatile European session. Japan’s government as well as BOJ Governor Kuroda tried to alleviate concerns by reinforcing that Japanese Government Bonds and stocks are on close watch, and the important goal for the policy makers at this time is to combat deflation.

More bad news for AUD as Ford pulls out local manufacturing

As news released that auto maker Ford is planning to pull out of local manufacturing the Aussie dollar which was trading in the 0.9680 region sank to the 0.9650 region. It had made some advances earlier on in anticipation of HSBC Chinese PMI before the data release indicated a contraction. Following this Aussie dipped back into the 0.9590 region against the greenback.

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The post UK posts growth in GDP, GBP rallies appeared first on MyCurrencyTransfer.com Blog.

Welcome to yet another round of MyCurrencyTransfer.com Expat Star Awards – the Oscars of the online expat community! This time, we’re honouring the top 10 websites for expats in Canada.

Now for the rundown of our top 10 winners. Drumroll please:

Correr Es Mi Destino - Meet Zhu – aka Juliette – who is a self confessed city-girl-turned-backpacker who is, of course, now living in Canada and has been since 2004. Her blog is incredibly funky, well written and top of our favourite list when it comes to all things Canada. It’s the perfect read to pour a brew and dunk a biscuit with as Zhu gives the lowdown on what it’s really like to live in one of the world’s most coveted destinations. What’s more, you can even buy some of her stunning pictures in her online shop. Well done, Zhu… you’ve struck Gold.

K & K Adventures – Next up are Kieran and Karen – a couple living in Toronto and proud winners of our Silver award. Their blog is packed with great features on moving to and living in Canada, as well as guest posts, interviews and plenty of good photography. Their move and integration into a new country hasn’t been easy and here they tell all… warts and all. They are the first to admit though, that all the effort has been worth it and their story is a really good example for other young couples looking to make the leap abroad.

SimplyBritishFoods.com  - Simply British Foods is… yep, you guessed it – an online supplier of British food. It’s a lifeline for expats living in Canada who miss their home comforts and everything from Walkers crisps and Cadbury’s chocolates to Heinz soup and Bisto can be bought here. But it’s not just a pretty site full of UK comfort foods, it has his own blog to keep shoppers up-to-date with what’s new and what’s happening. We think the whole concept is a pretty clever idea and so have awarded it our Bronze honour.

The Canadian Expat – The Canadian Expat is more of a picture-led blog, punctuated with comedy cartoons and artwork which illustrate Canadian life but it’s really fresh and contemporary. It has a pretty large following and it’s easy to see why. Check it out sometime…

Expat Log - Expat Log is a really imaginative and educated expat blog, touching on more serious and complicated issues than you might expect. Blogger Aisha Ashraf has already won a string of awards for her writing, including the number one spot in the 2012 Brave Little Blogger Contest. Well done, Aisha – here’s another one to add to your collection.

Toronto Newbie – Another blog award winner, Toronto Newbie is not only a great read – by British journalist Charlotte Santry, who’s now living in Toronto – but it’s so easy to navigate and really home in on what it is you want to read about. The simplest concepts are always the best and this one doesn’t disappoint. This is a lovely, clean blog and the content is wicked.

Canuck Abroad - Canuck Abroad is for people already living in Canada and planning overseas adventures or for repatriates looking to integrate back home, wherever that may be. But whatever the reason for leaving Canada (and let’s face it, it’s going to be a good one), this website features everything you might want to know, from visa and immigration advice to how to book cheap flights and hostels.

I Backpack Canada - Although this is really more of a travel blog, rather than aimed specifically at expats, it makes our top 10 for its amazing content and worthy photography. It leaves no stone unturned when it comes to describing Canada through the eyes of a newcomer. It’s such an easy read, it’s almost like a friend.

Toque & Canoe  - Again, Toque and Canoe is more of a travel blog focusing on Canada but it’s one worth bookmarking if you live in – or are visiting – Canada and love adventure travel. This one is largely about the great outdoors and features some great tales from well published writers with, of course, some stunning shots to boot.

Kwintessential Canada - ‘Canada – Language, Culture, Customs and Etiquette’… that’s what it says on the tin. And, surprise, surprise it covers exactly that. It’s a great insight to Canadian etiquette for anyone who’s new to the territory and it has some interesting facts and statistics on the country too. It’s definitely a handy tool, packed full of knowledge.

Well done to the Expat rockstars which made the grade. Winners are invited to click here & upload their badge of honour to showcase on your website. You deserve it!

The post Top 10 Websites For Expats In Canada appeared first on MyCurrencyTransfer.com Blog.

Good morning and welcome to today’s foreign exchange market commentary on 23rd of May. 

Here are MyCurrencyTransfer.com’s top 5 currency highlights:

• GBP dips on disappointing April retail sales
• EUR advances on Rehn’s comments
• Fed to cut back bond purchases, USD soars
• Nikkei shoots up to 16000
• AUD slips further on weak China PMI

CURRENCY RATES OVERVIEW 

GBP/EURO – 1.1714
GBP/USD – 1.5030
GBP/CHF – 1.4679
GBP/CAD – 1.5609
GBP/AUD – 1.5646
GBP/ZAR – 14.5321
GBP/JPY – 152.8219
GBP/HKD – 11.6680
GBP/NZD – 1.8757
GBP/SEK – 10.0251

Mid-market rates as of 2013-05-23 06:37 UTC

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Key releases in the next 24 hours that may affect currency date:

Australia: No Data
Europe: EUR German Purchasing Manager Index Manufacturing (MAY A), EUR German Purchasing Manager Index Services (MAY A), EUR Euro-Zone Purchasing Manager Index Manufacturing (MAY A), EUR Euro-Zone Purchasing Manager Index Services (MAY A), EUR Euro-Zone Purchasing Manager Index Composite (MAY A), EUR Euro-Zone Consumer Confidence (MAY A),
United Kingdom:  GBP Gross Domestic Product (QoQ) (1Q P), GBP Gross Domestic Product (YoY) (1Q P), GBP Total Business Investment (YoY) (1Q P)
New Zealand: NZD Balance (YTD) (New Zealand dollars) (APR), NZD Trade Balance (New Zealand dollars) (APR)
United States of America: USD Initial Jobless Claims (MAY 18), USD Markit US PMI Preliminary (MAY), USD House Price Index (MoM) (MAR), USD New Home Sales (MoM) (APR)
China: No Data
Canada: No Data
Japan: No Data

GBP dips on disappointing April retail sales

GBP tumbled to new lows of 1.5073 against the greenback yesterday as U.K. Retail Sales dipped by 1.4% in April amid as opposed to the forecasted figure of an increase of 0.1%. However with a renewed mid-term policy outlook on moving away from its quantitative easing programme, the Bank of England may help the GBP its feet.  At the same time, the BoE has acknowledged the fact of consistent volatility within the Eurozone may succeed in boosting the value of the GBP but it appears that though majority of the Board members will vote in favor of stalling further expansion of the balance sheet will as further monetary easing is not likely to make BoE’s exit strategy any easier.

EUR advances on Rehn’s comments

Euro advanced to a high of 1.2954 against the USD after European Union Economic and Monetary Affairs Commissioner Olli Rehn promised to do everything it takes to fight unemployment which is currently at a record high level in the Eurozone. However if quantitative easing  policy is to remain as accommodative as Mr Rehn motions, it appears that the European Central Bank (ECB) will be pressurized to show its support towards the monetary union.

Fed to cut back bond purchases, USD soars

US stocks were advancing once again last night following Chairman Bernanke’s acknowledgement that the Fed would gradually reduce its bond buying activities over its next few meetings. The greenback advanced against all of its peers with indices appreciating all around. The Dow Jones was up by  0.57%, while the Nasdaq and the S&P500 advanced by 0.30% and 0.53%, respectively.

Nikkei shoots up to 16000

Japanese index Nikkei posted yet another record high last at 15903, adding up to a 5% boost this week alone. The index is now at its highest level since early Dec 2007. The index adds almost a 5% gain this week alone. This advance has materialized on the back of rise in sales volume of Japanese bonds as well as continued Yen weakness and the bullish wave that the USD is currently riding on.

AUD slips further on weak China PMI 

Aussie continues to slip lower after weak economic data from China pushed down the currency further. China HSBC PMI print released at 1:45GMT came in at 49.6 as opposed to the expected levels of 50.5.

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The post Weak UK Retail Sales threatens GBP advance appeared first on MyCurrencyTransfer.com Blog.

Good morning and welcome to today’s foreign exchange market commentary on 20th of May. 

Here are MyCurrencyTransfer.com’s top 5 currency highlights:

• GBP on bullish outburst
• EUR advances ahead of EU meet on fiscal integration
• USD on the defensive, up for extended consolidation
• Amari says further Yen depreciation could have adverse social effects on Japan
• Surprise breakthrough for AUD short-lived

CURRENCY RATES OVERVIEW 

GBP/EURO – 1.1827
GBP/USD – 1.5204
GBP/CHF – 1.4725
GBP/CAD – 1.5626
GBP/AUD – 1.5537
GBP/ZAR – 14.3713
GBP/JPY – 155.7676
GBP/HKD – 11.8016
GBP/NZD – 1.8642
GBP/SEK – 10.1311

Mid-market rates as of 2013-05-20 12:46 UTC

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Key releases in the next 24 hours that may affect currency date:

Australia: No Data
Europe: No Data
United Kingdom:  No Data
New Zealand: No Data
United States of America: USD Chicago Fed Nat Activity Index (APR)
China: No Data
Canada: No Data
Japan: JPY Machine Tool Orders (YoY) (APR F)

GBP on bullish outburst

GBP continue on its bullish wave from last week with USD temporarily weakening earlier on. The GBP/USD advanced further to 1.5217, and the pair is expected to scale greater heights in the coming days as the Bank of England (BoE) drops its dovish tone for monetary policy. BoE Governor Mervyn King held an improved outlook for the U.K. as he sees a ‘modest recovery’ in the region, and highlighted a greater willingness to normalize monetary policy as the Funding for Lending Scheme continues to work its way through the real economy.

EUR advances ahead of EU meet on fiscal integration

Euro advanced to heights of 1.2877 against the USD overnight as policy makers in Euro Zone discussed ways to eliminate risk in a euro-area breakup. The EUR looks set to consolidate ahead of the important EU meeting on May 22 as the group pushes for increased fiscal integration. As the governments operating under the Euro currency soften their stance on austerity measures, Bundesbank President Jens Weidmann has continued to argue that France must take additional steps to eliminate its budget deficit.

USD on the defensive, up for extended consolidation

USD is struggling to defend itself on Monday session and market participants predict that the reserve currency will continue its consolidation over this week. Although no major economic reports are due today Chicago Fed President Charles Evans will be making a speech today and it remains to be seen if he too will keep up with the trend of Fed officials negating the possibility for any monetary stimulus being offered.

Amari says further Yen depreciation could have adverse social effects on Japan

Following the start of Sunday evening’s trading session USD fluctuated temporarily dropping by 100 points against the Yen following markets Japan Economy Minister Amari’s comments on recent weakness of the Japanese currency. Amari had indicated earlier that if the Yen made further losses it would impact daily life in Japan adversely and it’s the Japanese government’s job to minimize that.

Surprise breakthrough for AUD short-lived

AUD began its descent on the 12^th of April this year against the USD. On May 10th the Aussie saw a surprise jump breaking below the 1.015 level for the first time since June 26th 2012. This breakthrough triggered the leveraged selling of the AUD causing a trade imbalance of currency flows which succeeded in pushing down the AUD further on May 17th.

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The post EUR makes advances against weakening USD ahead of key EU meet appeared first on MyCurrencyTransfer.com Blog.

Good morning and welcome to today’s foreign exchange market commentary on 17th of May. 

Here are MyCurrencyTransfer.com’s top 5 currency highlights:

• GBP advances on carryover effect from inflation report
• Asmussen cautions Germany on sluggish growth indicators
• USD volatile following Fed’s indications on QE
• Japan firmly on path of progress
• NZD stumbles as growth expectations lowered

CURRENCY RATES OVERVIEW 

GBP/EURO – 1.1841
GBP/USD – 1.5242
GBP/CHF – 1.4734
GBP/CAD – 1.5641
GBP/AUD – 1.5639
GBP/ZAR – 14.2895
GBP/JPY – 156.2626
GBP/HKD – 11.8334
GBP/NZD – 1.8647
GBP/SEK – 11.8334

Mid-market rates as of 2013-05-17 12:06 UTC

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Key releases in the next 24 hours that may affect currency date:

Australia: No Data
Europe: EUR ECB Announces 3-Year LTRO Repayment (Euros)
United Kingdom:  No Data
New Zealand: No Data
United States of America: USD U. of Michigan Confidence (MAY P), USD Leading Indicators (APR)
China: No Data
Canada: CAD Bank Canada Consumer Price Index Core (YoY) (APR), CAD Consumer Price Index (YoY) (APR), CAD Bank Canada Consumer Price Index Core (MoM) (APR), CAD Consumer Price Index (MoM) (APR)
Japan: No Data

GBP advances on carryover effect from inflation report

With no important data releases coming out over the last two days of this week the GBP hasn’t felt pressure to move as yet. However buoyed by yesterday’s positive inflation outlook from BoE and a drop in the jobless claims figure there has been a carryover upward effect felt in today’s sterling movements. GBP appreciated against the Swiss Franc to the tune of 0.25 % currency and climbed up by 1.26 % against the NZD. Yesterday economic indications from the UK appeared strong and expectations of a QE programme also cooled off.  Jobless claims fell for the sixth consecutive month and this has helped improve the GDP figure for Q1 released in April.

Asmussen cautions Germany on sluggish growth indicators

ECB Executive Board member Joerg Asmussen indicated on Friday that the German economy is strong but its government needs to implement reforms in order to stimulate growth in its second quarter. According to data released earlier Germany narrowly escaped a recession with GDP growth in Q1 increasing by 0.1%.

He also cautioned that some EU nations are currently facing a sea of changes that could run to take a decade to have effects and stated that the ECB would be as accommodating with its monetary policy for as long as is required by it. However he noted that the consequences of maintaining low interest rates meant misallocation of resources over time.

USD volatile following Fed’s indications on QE

USD had a volatile run during yesterday’s trading session following a week where it portrayed a steady bullish trend. This was due to San Francisco’s regional Fed Chairman Williams comments earlier on indicating that the Fed’s plans to roll up its quantitative easing programme will begin as early as this summer with a view to doing away with the policy completely by the end of 2013. To add to this a raft of disappointing economic data was released yesterday indicating that housing starts tumbled by 16.5 %. Jobless claims also rose sharply by 32,000 to 360,000 in the week ending on May 11, exceeding expected levels markedly. CPI decreased by 0.4 % (0.3 % expected) after decreasing by 0.2 % in March, making it the biggest drop observed since December 2008, according to Labor Department figures.

Japan firmly on path of progress

Yesterday Japan gave out indications that it is finally on the path of progress after the GDP beat expectations. Today the latest machinery orders data also seems to fall in with the overall trend of beating market expectations. Japan machine orders registered in March increased by 14.2% over the previous month vs. 3.5% expected.

NZD stumbles as growth expectations lowered

NZD (kiwi) eased by 0.13 percent against its Aussie counterpart in the overnight session. According to Finance Minister Bill English the New Zealand economy will only grow 2.3 % in the 2013-2014 period as opposed to initial expectations of 3.0 % growth.

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The post GBP advances against peers on optimistic outlook appeared first on MyCurrencyTransfer.com Blog.

Good morning and welcome to today’s foreign exchange market commentary on 16th of May. 

Here are MyCurrencyTransfer.com’s top 5 currency highlights:

• GBP gains on positive inflation outlook
• EUR swivels down further as Eurozone GDP fails to meet expectations
• USD continues on bullish trend following disappointing Production data
• Abe does it right as Japan reports optimistic 1Q GDP results
• NZD defends itself backed by solid fundamentals at home

CURRENCY RATES OVERVIEW 

GBP/EURO – 1.1826
GBP/USD – 1.5207
GBP/CHF – 1.4729
GBP/CAD – 1.5498
GBP/AUD – 1.5507
GBP/ZAR – 14.1964
GBP/JPY – 155.8723
GBP/HKD – 11.8061
GBP/NZD – 1.8647
GBP/SEK – 10.1609

Mid-market rates as of 2013-05-16 08:53 UTC

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Key releases in the next 24 hours that may affect currency date:

Australia: No Data
Europe: EUR Euro-Zone Consumer Price Index (MoM) (APR), EUR Euro-Zone Consumer Price Index (YoY) (APR F), EUR Euro-Zone Consumer Price Index – Core (YoY) (APR F)
United Kingdom:  No Data
New Zealand: No Data
United States of America: USD Consumer Price Index (MoM) (APR), USD Consumer Price Index Ex Food & Energy (MoM) (APR), USD Consumer Price Index (YoY) (APR), USD Consumer Price Index Ex Food & Energy (YoY) (APR), USD Initial Jobless Claims (MAY 11), USD Housing Starts (MoM) (APR), USD Building Permits (MoM) (APR), USD Philadelphia Fed. (MAY)
China: No Data
Canada: No Data
Japan: JPY Machine Orders (YoY) (MAR)

GBP gains on positive inflation outlook

GBP made smallish gains at yesterday’s close and was trading 8 pips higher at 1.5224 against the USD. Yesterday’s session saw with Claim Count figure coming in at -7300 vs. -3000 forecast. The Bank of England also released its latest quarterly inflation report yesterday which is widely believed will influence the GBP/USD over the next few days. According to RBS analysts at the outlook for inflation is marginally better (less dire) than was the case in the previous Inflation Report in February, but the Bank still forecasts that economic recovery will continue to ‘remain weak by historical standards’ and for a protracted overshoot in inflation (until early 2015).”

EUR swivels down further as Eurozone GDP fails to meet expectations

EUR had a quiet trading session as the single currency dropped to new lows in over a month against USD, testing 1.2841. This was due to lower than expected GDP results coming in from France, Germany and the EU itself. In the middle of the session, disappointing US data help the pair appreciate however the greenback continues to be bullish sending the pair EUR/USD to its lowest ever levels.

USD continues on bullish trend following disappointing Production data

USD retraced gains yesterday against its peers, with US Dollar Index hovering over the 84.00 figure after a stream of lower than expected figures were released during yesterday’s session. US industrial production fell by 0.5% in April as compared to the 0.1% decline expected. The decline was driven by a decline in levels of manufacturing. Also below expectations, the US producer price index fell by 0.7% in April (0.6%yr).

Abe does it right as Japan reports optimistic 1Q GDP results

Prime Minister Abe’s policy decisions seem to be working for the Japanese economy at large as was evident in the stronger than expected Japanese GDP report for Q1 released last night. The report indicated that economic recovery in Japan strengthened in the first quarter of 2013 with real GDP growth of 3.5% compared to the modest 1.0% in the previous quarter.  This credit for this growth is given to external demand for Japanese products. Net exports contributed 0.4 % to Q1 GDP growth. USD/JPY pair was trading firmly in the 102.62 region during the last session.

NZD defends itself backed by solid fundamentals at home

NZD stayed put against the greenback finishing higher before the session close yesterday for the first time in over a week at 0.8200. The value of NZD/USD pair has recently been plundered thanks to the USD rally. However owing to the recent developments at home that have served to stimulate growth and point out to the sturdy interest rate changes that form a basis for the new Zealand economy, the currency seems to have developed resistance. The Q1 Labour Statistics Report released recently indicated that the New Zealand labour market is playing catch-up with its other key macroeconomic indicators- which presents a positive outlook for the investors.

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The post Positive inflation outlook boosts GBP appeared first on MyCurrencyTransfer.com Blog.