{"id":2959,"date":"2013-07-16T22:00:13","date_gmt":"2013-07-16T22:00:13","guid":{"rendered":"http:\/\/www.mycurrencytransfer.com\/blog\/?p=2959"},"modified":"2013-07-17T09:29:34","modified_gmt":"2013-07-17T09:29:34","slug":"eur-unaffected-by-political-turmoil-at-home","status":"publish","type":"post","link":"https:\/\/www.mycurrencytransfer.com\/blog\/eur-unaffected-by-political-turmoil-at-home\/","title":{"rendered":"EUR unaffected by political turmoil at home"},"content":{"rendered":"<p><a href=\"https:\/\/plus.google.com\/111687047260609547765\/posts\"><b>Sinduja Venkat<\/b><\/a><\/p>\n<p>Good morning and welcome to today\u2019s\u00a0foreign exchange market commentary on 16th\u00a0of July.<b>\u00a0<\/b><\/p>\n<p><b>Here are MyCurrencyTransfer.com\u2019s top 5 currency highlights:<\/b><\/p>\n<ul>\n<li>GBP up for more volatility ahead of Wednesday\u2019s July minutes<\/li>\n<li>EUR unaffected by political turmoil at home<\/li>\n<li>USD movement undecided ahead of Bernanke testimony<\/li>\n<li>USD\/JPY on the defensive during Asian session<\/li>\n<li>USD\/CAD delicately positioned owing to bullish greenback<\/li>\n<\/ul>\n<p><b>CURRENCY RATES OVERVIEW\u00a0<\/b><\/p>\n<p><b>GBP\/EURO \u2013\u00a0<\/b>1.1505<br \/>\n<b>GBP\/USD \u2013\u00a0<\/b>1.5119<br \/>\n<b>GBP\/CHF \u2013\u00a0<\/b>1.4229<br \/>\n<b>GBP\/CAD \u2013\u00a0<\/b>1.5704<br \/>\n<b>GBP\/AUD \u2013\u00a0<\/b>1.6389<br \/>\n<b>GBP\/ZAR \u2013\u00a0<\/b>14.9346<br \/>\n<b>GBP\/JPY \u2013\u00a0<\/b>150.2655<br \/>\n<b>GBP\/HKD \u2013\u00a0<\/b>11.7288<br \/>\n<b>GBP\/NZD \u2013\u00a0<\/b>1.9196<br \/>\n<b>GBP\/SEK \u2013\u00a0<\/b>9.9699<\/p>\n<p><i>Mid-market rates as of 2013-07-16 16:00 UTC<\/i><\/p>\n<p><b>Key releases in the next 24 hours that may affect currency date:<\/b><\/p>\n<p><b>Australia:\u00a0<\/b>AUD RBA Policy Meeting &#8211; June Minutes<br \/>\n<b>Europe:\u00a0<\/b>EUR German ZEW Survey (Economic Sentiment) (JUN), EUR Euro-Zone ZEW Survey (Economic Sentiment) (JUN), EUR German ZEW Survey (Current Situation) (JUN)<br \/>\n<b>United Kingdom:\u00a0<\/b>GBP Consumer Price Index (YoY) (MAY), GBP Core Consumer Price Index (YoY) (MAY), GBP Consumer Price Index (MoM) (MAY), GBP Producer Price Index Output Core n.s.a. (YoY) (MAY), GBP Producer Price Index Output n.s.a. (YoY) (MAY), GBP Retail Price Index (YoY) (MAY)<br \/>\n<b>New Zealand: <\/b>No Data<br \/>\n<b>United States of America:\u00a0<\/b>USD Consumer Price Index Ex Food &amp; Energy (YoY) (MAY), USD Consumer Price Index (YoY) (MAY), USD Building Permits (MoM) (MAY), USD Consumer Price Index Ex Food &amp; Energy (MoM) (MAY), USD Consumer Price Index (MoM) (MAY), USD Housing Starts (MoM) (MAY)<br \/>\n<b>China:<\/b> No Data<br \/>\n<b>Canada:<\/b> No Data<br \/>\n<b>Japan:\u00a0<\/b>JPY Industrial Production (YoY) (APR F), JPY Machine Tool Orders (YoY) (MAY F), JPY Merchandise Trade Balance Total (Yen) (MAY)<\/p>\n<p><b>GBP up for more volatility ahead of Wednesday\u2019s July minutes<\/b><\/p>\n<p>The release of lower than expected UK June inflation figures earlier on Tuesday didn\u2019t garner much attention from the GBP however market expectations point that the pound sterling is likely to fluctuate ahead of the July BOE minutes due for release on Wednesday. Analysts have indicated that the GBP that the current base-case scenario is that further above-target CPI strength in the UK will more likely affect the medium-term value of the GBP, just as a weaker overall position of the currency in comparison with its peers and relatively fast inflation rates have forced the GBP to stay weak through most of 2013.<\/p>\n<p><b>EUR unaffected by political turmoil<\/b><\/p>\n<p>With investors\u2019 sentiment in the USD\u2019s favor following events last week, the greenback lost half a cent against GBP and the EUR, although risk assets performed well on the back of a sharp fall in US interest rates. As US market continue to remain focused on QE tapering, the recent CPI releases in the US are viewed as significant in order to justify tapering as early as September. Eurozone on the other hand is shadowed by political concerns emanating from Spain and Portugal however this is not reflected in the currency markets as the Euro continues to trade at above 1.3000 against the dollar.<\/p>\n<p><b>USD movement undecided ahead of Bernanke testimony<\/b><\/p>\n<p>Bernanke&#8217;s testimony on Wednesday is expected to shed more light into the thought process behind the Federal Reserve Board. Members of the Fed appear to be evenly distributed between the dove and hawk camp, with the Bernanke, Yellen and other doves on one side, while on the other half a more hawkish view has been adopted. The bets towards a taper in September remain unclear which is being reflected by the constant stumble of the U.S. Dollar since Bernanke&#8217;s comments last week. If the market got Bernanke&#8217;s tone right there seems to be still some room for the currency to rebound.<\/p>\n<p><b>USD\/JPY on the defensive during Asian session<\/b><\/p>\n<p>The USD\/JPY pair did not witness significant volatility during Asian trading with the BoJ failing to spark any prolonged recovery measures, which ultimately providing a pause ahead of the Bernanke speech later on. The BoJ had released its minutes that which repeated that the CPI is likely to gradually turn positive. Moreover, the BoJ will continue with quantitative and qualitative monetary easing, to achieve the price stability target of 2 per cent. The USD\/JPY has now settled at the 99.15 region.<\/p>\n<p><b>USD\/CAD delicately positioned owing to bullish greenback<\/b><\/p>\n<p>The USD\/CAD pair is delicately positioned according to market analysts as investors continue to remain bullish with regards to the USD. The EUR\/CAD pair on the other hand has advanced through to the 1.37 region following political turmoil in the Euro area.<\/p>\n<p><i>Going on holiday? Compare travel money deals with our sister site mytravelmoney.co.uk<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sinduja Venkat Good morning and welcome to today\u2019s\u00a0foreign exchange market commentary on 16th\u00a0of July.\u00a0 Here are MyCurrencyTransfer.com\u2019s top 5 currency highlights: GBP up for more volatility ahead of Wednesday\u2019s July minutes EUR unaffected by political turmoil at home USD movement undecided ahead of Bernanke testimony USD\/JPY on the defensive during Asian session USD\/CAD delicately positioned owing to bullish greenback CURRENCY [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[110,3],"tags":[],"_links":{"self":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/2959"}],"collection":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/comments?post=2959"}],"version-history":[{"count":2,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/2959\/revisions"}],"predecessor-version":[{"id":2961,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/posts\/2959\/revisions\/2961"}],"wp:attachment":[{"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/media?parent=2959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/categories?post=2959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mycurrencytransfer.com\/blog\/wp-json\/wp\/v2\/tags?post=2959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}