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Global Forex Report - 01 March 2016

USDFurther gains by the USD were limited by a wave of disappointing data in the U.S. The Institute for Supply Management said it's Chicago Purchasing Managers' Index (PMI) dropped drastically by eight points in February to 47.6, failing to meet expectations for the third month in a row. The National Association of Realtors also said that pending sales of existing homes slowed last month by 2.5% to 106.0, which is the lowest level since January 2015. 

Over the past day, the USD/EUR pair hit a low of 0.91264 and a high of 0.92055 as the pair barely reacted to the weak US Data.
Over the same time frame, the GBP/USD pair hit a low of 0.71704 and a high of 0.72257.
EURThe ECB is under increasing pressure to step up support after recent figures reveal that the Eurozone has dipped into deflation. Prices in the euro zone fell in February, falling short of already depressed expectations, which increases the probability of further policy easing from the ECB on March 10th.

EUR/USD is continuing to maintain its downside pressure at this moment.  EUR/USD has hit a low of 1.08628 and a high of 1.09273 during the past day.
EUR/GBP had a low of 0.77858 and a high of 0.78767 (between 08:30 am UTC 29 Feb – 08:37 UTC 1 March).

GBPThe “Brexit” is still the main topic of conversation in the UK, and what the effects of such event would be on the British Economy. 
According to Swiss Bank UBS, there is now a 40% chance that Britain will vote to leave the EU on the 23rd of June 2016. They have also indicated that they are expecting the pound sterling to hit parity with the Euro, should Britain leave the EU.
The last couple of days, the pound sterling has risen against the EUR, as it is believed that the Brexit debate has done its worst for now.
AUDSeeing as China is Australia’s largest trade partner, the PMI data released in China signaled even stronger negative growth pressures on Australia's export demand.  The data also spurred a drop in Australian bond yields and further increased the expectation of at least one rate cut from the Reserve bank of Australia in the next year.
CADNear term CAD, the downward risk remains as there a broader tone of uncertainty with a focus on global growth, post G 20 disappointment, and the Chinese central bank’s decision to cut banks reserve requirement ratio (to free up liquidity).
NGNThere are indicators suggesting that the Central Bank of Nigeria is heading in the right direction in terms of stabilizing the Naira,however, large movements in the parallel market remains a concern, and as per the President of the Association of Bureau de Change Operators in Nigeria, unauthorized persons posing as BDC operators are a large contributing factor towards these large fluctuations in the currency.
ZAR Forex Report - 01 March 2016
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