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Forex Market Reports - 21 October 2014

Read our forex reports below and find out the latest news and updates in the Global, India and Asia currency markets

GLOBAL FOREX MARKET REPORT

Global markets have settled in early trade this week following last weeks volatility stemming from concerns over the state of the global economy. Strong US data has stemmed the tide against uncertain growth from China and continued poor data out of Europe. Market fears have resulted in a flight to safety with currencies such as the Yen and US Dollar appreciating last week against their major counterparts.

United States Dollar (USD):

A fairly quite data week from the US, today we have Existing Home Sales, Wednesday has the release of CPI data and Thursday sees Jobless Claims. Markets will be looking for renewed confirmation that growth in the world’s largest economy is accelerating.

Positive US figures should reduce recent volatility but it is yet to be seen to what effect US growth will be transmitted through the market.

Euro (EUR):

The Euro has made mild gains against the USD in early morning trade but with European growth figures continuing to disappoint there is much volatility expected for the Euro.

The ECB’s bond purchasing programme began yesterday but there has been concern over the modest size of the first purchase. As the monetary policy steps of the ECB begin to normalise the EUR is expected to appreciate marginally against major counterparts. A pro-EUR viewpoint is that short positions on the EUR will start to close-out.

British Pound (GBP):

GBP has opened stronger against the US Dollar this week. Positive sentiment is driving GBP higher as investors look to capitalise on last weeks volatility.

Data out this week includes Public Sector Borrowing figures today, then the MPC’s official bank rate votes are released tomorrow which should assist in clarifying when the BoE plans to raise interest rates. Finally on Friday there are preliminary GDP figures being released.

Australian Dollar (AUD):

The Aussie has gained as much as 0.5% this morning following higher than expected Chinese GDP figures. Annual growth for China was expected to come in at 7.2%, it came in marginally higher at 7.3% prompting the commodity-driven Aussie to gain in early trade.

AUD has rebounded off its recent lows against the USD but continues to face downside risk this week.

New Zealand Dollar (NZD):

NZD has also gained ground against majors on the back of the Chinese GDP data. With the Kiwi monetary policy firmly directed on an expansive stance.

Data out of NZ this week includes Thursdays CPI data (projected at 0.5%) and Friday trade balance data.


UPCOMING ECONOMIC DATA AND EVENTS

21 October 2014

10h00 am US ET

US Existing Home Sales

22 October 2014

09h30 am US ET

US Consumer Price Index

23 October 2014

08h30 am US ET

US Jobless Claims

23 October 2014

10h00 am EU

Eurozone PMI

23 October 2014

15h00 am EU

Eurozone Consumer Confidence

24 October 2014

10h00 am US ET

US New Home Sales

24 October 2014

09h30 am UK

UK GDP (y/y)


CURRENT INTERBANK EXCHANGE RATES – 13:39 PM (UTC +01:00)

GBPUSD

1.6177

GBPEUR

1.2665

EURUSD

1.2773

GBPAUD

1.8330

AUDUSD

0.8825

GBPNZD

2.0210

NZDUSD

0.8004

GBPAED

5.9416

USDCAD

1.1229

GBPCAD

1.8165

USDZAR

10.9670

GBPZAR

17.7411


** Please note that these are Mid-Interbank Exchange Rates. Please contact our FX dealers for a live quote

 

 

INDIA (INR) FOREX MARKET REPORT

The Indian rupee started the week on a high note against the US dollar and in early morning trade the rupee showed gains of 8 paise.

The US dollar has seen weakness against other currencies which helped the rupee rise despite exporters US dollar selling which partially capped the gains. However, the US dollar held steady over today upon Chinese economic indicators with investors’ concerns over Asian’s economic slowdown. Overall the rupee has depreciated roughly 4% since June where the RBI has and is expected to use foreign inflow to buy US dollars on INR upturns.

UPCOMING ECONOMIC DATA AND EVENTS

17 October 2014

02h30 pm

Foreign Reserves (INR)

 

CURRENT INTERBANK EXCHANGE RATES – 11:38 AM (UTC +01:00)

 

USDINR

58.7162

AUDINR

54.4024

GBPINR

98.8545

CADINR

53.9280

EURINR

80.4311

NZDINR

50.3923

USDJPY

101.8877

USDPHP

43.8557

USDSGD

1.2486

USDTHB

32.4304

USDHKD

7.7517

USDMYR

3.2200


** Please note that these are Mid-Interbank Exchange Rates. Please contact our FX dealers for a live quote

 

ASIAN FOREX MARKET REPORT


VND
The U.S. dollar has jumped in recent days against the Vietnamese dong, standing at 20-25 dong above last week's rates due to reasons such as lower global price of gold and Vietnam facing a trade deficit in the first half of September. The dong interest rates, namely the deposit rates, the yields on government bonds and treasury notes have been easing, which has also made the dong weaker.

SGD
The Singapore dollar led gains among emerging Asian currencies on Monday, as solid China trade data eased concerns over a slowing global economy and the US dollar slid on dovish comments from Federal Reserve officials. Singapore's dollar advanced as the central bank is expected to maintain its tight monetary policy on Tuesday. The Monetary Authority of Singapore (MAS) will likely stick to its stance of allowing a "moderate and gradual" appreciation of the Singapore dollar as core inflation has picked up.

HKD
The Hong Kong dollar rebounded from its lowest level in two years even as pro-democracy protests intensified in the Asian city. The currency advanced 0.05% to HK$7.7629 against its U.S. The local dollar earlier fell to HK$7.77, the weakest level since May 2012, and its 0.12 percent decline yesterday was the biggest since November 2011. Tens of thousands of demonstrators have flooded Hong Kong’s streets in recent days to demand free and open elections and the resignation of Chief Executive Leung Chun-ying. Still, the city’s currency has strengthened against all but two of its 31 most-traded peers this month, and is 1% away from the lower end of its trading range of HK$7.75 to HK$7.85 versus the greenback.

IDR
Indonesia’s rupiah and the South Korean won led gains in Asian currencies last week as investors pushed back bets for higher US interest rates, reducing demand for the greenback. The IDR advanced 1% this week to 12,108 per dollar in Jakarta, as President-elect Joko Widodo, who has pledged to cut fuel subsidies and boost economic growth to at least 7% a year, which was inaugurated yesterday. Widodo also met losing candidate Prabowo Subianto in their first public meeting since the July election.

WON
South Korea’s won rose the most in more than a week. The won appreciated 0.6% to 1,059.75 per dollar at the close in Seoul yesterday. That’s the biggest gain since Oct. 9. One-month implied volatility, a gauge of expected swings in the exchange rate used to price options, rose seven basis points, or 0.07 percentage point, to 8.17 percent. However, the WON might come under pressure during this week due to concerns over global growth.

UPCOMING ECONOMIC DATA AND EVENTS
 

21 October 2014

03h00 am UTC

Chinese GDP Growth Rate Data

21 October 2014

09h30 am UTC

Hong Kong Inflation Rate Data

22 October 2014

00h50 am UTC

Japanese Balance of Trade Data

22 October 2014

01h30 am UTC

Taiwanese Unemployment Rate Data

23 October 2014

02h45 am UTC

China HSBC Manufacturing PMI Flash

23 October 2014

06h00 am UTC

Singapore Inflation Rate Data

23 October 2014

09h00 am UTC

Philippines Interest Rate Decision   

24 October 2014

05h00 am UTC

Malaysian Unemployment Rate Date

 

CURRENT INTERBANK EXCHANGE RATES – 11:38 AM (UTC +01:00)

 

USDINR

60.0948

AUDINR

56.8081

GBPINR

102.9030

CADINR

56.3163

EURINR

82.2492

NZDINR

52.6278

USDJPY

101.5145

USDPHP

43.6157

USDSGD

1.2469

USDTHB

32.4000

USDHKD

7.7501

USDMYR

3.2200


** Please note that these are Mid-Interbank Exchange Rates. Please contact our FX dealers for a live quote

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