Daily Market Brief – 3rd September 2015

CurrencyTransfer Morning Update

Quote of the day: “A satisfied customer is the best business strategy of all”

September 3rd: Highlights

  • Sterling recovers against Dollar
  • China’s tightens forex and stock trading rules
  • AUD/USD drops near 6 year lows
  • Israel stocks higher

Sterling Comment

Yesterday saw GBP/USD hit a two and a half month low, although it did make a recovery throughout the afternoon session to close in a stronger position. GBP/USD is currently moving in the region of 1.5263.

We’re expecting another busy day for the Sterling Euro pair as French unemployment figures will be released, with last month’s figure coming in at a high 10.3%. At the moment, GBP/EUR exchange rates are trading around 1.3591.

China Crisis

With global fears over China, the currency market is currently very volatile. If you need to make a transfer, log on to compare live rates or speak to your Personal Currency Concierge
China’s central bank has announced more stringent rules on trading stock index futures and foreign exchange. Documents seen by Reuters show the PBOC said that its planned foreign exchange purchase reserves (to start in October) will include all derivative products. Reserve ratios would be set at twenty percent of the nominal value of forwards and swap contracts and fiftypercent of the nominal value of principal for options

Global Comment

EUR/USD is trading this morning at 1.1231. Overnight, the US.Dollar pushed higher against the majors yesterday, despite data released showing disappointing results from the US. The payroll processing firm (ADP) said non-farm private employment rose by 190,000 in August, coming in below expectations for an increase of 201,000.
The Australian Dollar weakened in this mornings session following disappointing retail sales. In Australia, retail sales dropped 0.1%, well below expectations of a 0.4% gain and down for the first time since May last year as food retailing showed no growth and household goods retailing fell for the first time since March. GBP/AUD is trading in the region of 2.1729.

Sterling is suffering against the Israeli Shekel, trading down from its recent highs of 6.13. Israel stocks closed higher yesterday, showing gains in the Oil, Gas, Banking and Communications sector. GBP/ILS is moving around 6.00.

Have a great day!

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Paul Plewman

Paul Plewman
Director of Sales & Operations
t: +44 (0) 20 7096 1036
e: paul@currencytransfer.com


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