Monthly Forex Preview for October 2014

02/10/2014 01:38 AST

The month of September saw the Central Banks take center stage across the board and also saw quite a bit of Central bank intervention in the currency markets, especially the Australian and the New Zealand Dollar.

The month of September saw the Central Banks take center stage across the board and also saw quite a bit of Central bank intervention in the currency markets, especially the Australian and the New Zealand Dollar. RBNZ had earlier this week confirmed that they had intervened in the markets, selling close to N$521m with the New Zealand Prime Minister commenting that N$0.65 was the ideal exchange rate for the Kiwi Dollar. Meanwhile, the EURCHF looked at one point to threaten the SNB’s peg of 1.2. But verbal rhetoric was sufficient to drive the price back up again. The SNB did mention that negative interest rates could not be ruled out as well as not hesitating to intervene, should the EURCHF peg be threatened.

The Euro was one of the fundamentally weakest currencies, losing close to -3.97% in the month of September. Lack of growth, weak inflation and a soft demand for the ECB’s TLTRO has put more pressure on Mario Draghi to unveil plans for launching Eurozone QE, which is most likely to be announced later in the year. Analysts expect the Eurozone’s economic data, especially from powerhouses like Germany, to have bottomed out with a small uptick in future data releases.


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