currency exchange 68

The Australian Dollar (AUD) reached a fresh new high overnight against the US Dollar (USD) of 0.6795 as risk sentiment improved Thursday. Fed officials continue to push back on earlier aggressive forecasting of rate cuts while US data came in positive. Apart from a blip in equity markets midweek when we saw the cross-dip half a cent to 0.6720 the Aussie remained in charge as commodity prices recovered. As we head into 2024 markets will be thin, as usual at this time of year we can expect swings. Good time to put in orders.

The current interbank midrate is: AUDUSD 0.6799

The interbank range this week has been: AUDUSD 0.6689- 0.6799

FX News

AUD/GBP Transfer

22/12/2023 22:1922/12/2023

The Australian Dollar extended moved past key 0.5300 (1.8870) levels Monday against the British Pound going on to reach 0.5370 (1.8630) in early Friday trading. The RBA minutes confirming the central bank had considered another hike but chose to halt hikes for longer periods. The Bank of England will be happy as Larry after CPI released earlier in the week way down on expectations of 4.3% coming in at 3.9%. Talk of cuts has now come back on the table with the forecasts suggesting the BoE will start to cut earlier than later possibly in the first quarter 2024 as analysts consider inflation falling further in the coming months. 0.5400 (1.8500) is seen as big resistance on the chart, a breakthrough here and we could see more upside in the cross.

The current interbank midrate is: AUDGBP 0.5359 GBPAUD 1.8660

The interbank range this week has been: AUDGBP 0.5281- 0.5369 GBPAUD 1.8624- 1.8934

FX News

NZD/GBP Transfer

22/12/2023 22:1822/12/2023

The New Zealand Dollar (NZD) extended gains on the British Pound (GBP) over the week clocking 0.4975 (2.0110) a level not seen since May earlier in the year. UK inflation slowed more than expected in November to the lowest level in two years. Coming off 4.6% in October to 3.9% the Bank of England (BoE) are most likely to consider cutting rates earlier than expected. The biggest mover on the CPI table was the fall in the cost of fuel prices with gas and fuel prices down 22% year on year to November. UK Retail Sales prints tonight for November sales and is expected to go negative. All momentum is with the kiwi leading into year-end although 0.5000 will be tough to break.

The current interbank midrate is: NZDGBP 0.4956 GBPNZD 2.0177

The interbank range this week has been: NZDGBP 0.4891- 0.4974 GBPNZD 2.0101- 2.0444

FX News

NZD/USD Transfer

22/12/2023 22:1622/12/2023

Finance minister Nicola Willis delivered her mini budget over the week finding 7.5B of savings as the new National Govt cuts back on several Labour led initiatives. There was no real shift to the New Zealand Dollar (NZD) post the release however the kiwi posted new highs against the US Dollar (USD) reaching 0.6295 a late July high. If we look back over 2023 the kiwi has underperformed for most of the year to mid-October when it pulled back most of the losses over 2023. The cross started the year circa 0.6330 so we are not far off this. US UoM Consumer Sentiment prints in the morning and should reflect a similar positive result to earlier week Consumer Board confidence. Markets over the Xmas/NY dates will be thin and volatile; we expect reasonable shifts in the cross. Leaving orders with us is the way to go if you are targeting a specific level.

The current interbank midrate is: NZDUSD 0.6287

The interbank range this week has been: NZDUSD 0.6187- 0.6297

FX News

NZD/AUD Transfer

22/12/2023 22:1422/12/2023

Over 2023 the New Zealand Dollar (NZD), Australian Dollar (AUD) cross has traded in a range between 0.9100 and 0.9430 for over 90% of the time. We have not seen any big runs one way or another as the NZD/AUD remained converged for most of the year. The pair started the year around 0.9320 (1.0730) and trades today at 0.9250 (1.0810). The RBA minutes signalled the central bank considered raising rates before deciding to stand down saying they would wait for incoming data such as inflation and employment data to make further calls. The next data release is Australian CPI y/y on the 10th of Jan. Until then we could see the Aussie make further gains to retest 0.9175 (1.0900)

The current interbank midrate is: NZDAUD 0.9244 AUDNZD 1.0806

The interbank range this week has been: NZDAUD 0.9244- 0.9300 AUDNZD 1.0752- 1.0817

FX News

NZD/AUD Transfer

19/12/2023 22:3419/12/2023

The New Zealand Dollar (NZD) closed the week out around 0.9270 (1.0790) against the Australian Dollar (AUD) extending losses throughout the week from 0.9375 (1.0670) numbers. Data out in the form of NZ GDP q/q ending September wasn’t so NZD supportive after printing at -0.3% vs 0.2% expectations lowering the kiwi. Fears of another NZ recession have crept back into conversations with questions being raised on whether the RBNZ have raised too far with 4th quarter growth predictions to worsen. The Aussie was further boosted by Aussie unemployment numbers jumping to 3.9% a June 2022 high despite jobs numbers coming in hot at 61,500 compared to 11,000 predictions. What this means is the central bank will keep rates at 4.25% for longer with the caveat being incoming jobs reports and inflation forecasts. On the chart we saw a small pullback to 0.9295 (1.0760) in the kiwi to start the week but this was short lived with price back around 0.9260 (1.0800) this morning. With no proper data on the docket this week we should see the cross bounce around the 0.9200 (1.0870) – 0.9300 (1.0750) zone.

The current interbank midrate is: NZDAUD 0.9262 AUDNZD 1.0784

The interbank range this week has been: NZDAUD 0.9260- 0.9295 AUDNZD 1.0758- 1.0798

FX News

AUD/USD Transfer

19/12/2023 22:3219/12/2023

The Federal Reserve kept rates unchanged late last week at 5.50% but pivoted on policy reflecting a dovish stance. The Fed’s ability to guide the economy to a soft landing is being commended with the timing of rate cuts suggested for 2024 along with key risk management. The chance of further rate hikes are now slim with several rate cuts being priced in from mid-2024. The AUD/USD bounced from 0.6600 levels to 0.6670 around the release. Unemployment rose in November to 3.9% the highest level since May 2022 vs forecast of 3.8%. This sent the Aussie higher again underpinning the recent RBA’s concern of persistent domestic demand. The economy added 61,500 jobs – more than the 11,500 expected. The Aussie has held up well since as equities posted gains, into morning trade around the 0.6700 level just off a 20-week high.

The current interbank midrate is: AUDUSD 0.6702

The interbank range this week has been: AUDUSD 0.6689- 0.6734

FX News

NZD/USD Transfer

19/12/2023 22:3019/12/2023

The New Zealand Dollar (NZD) shifted higher late in the week against the US Dollar (USD) pushing into the 0.62’s after a massive re-think in Fed sentiment. Price reached 0.6250 as the Fed delivered their unchanged cash rate announcement. The Fed said they would keep rates as they are until mid-2024 when they expect to cut rates around June, possibly twice more before the end of the year. Earlier US CPI printed at 3.1% y/y bang on forecast throwing doubt into whether the Fed would price in cuts. NZ GDP q/q released at -0.3% down on 0.2% expectations, the economy contracting more than markets were forecasting and stoking fears of another recession is on the cards. Have the RBNZ raised rates too much in efforts to aggressively bring down inflation which is still 5.6%. It’s now a strong likelihood the central bank will consider cutting sooner over later in 2024. Through most of 2023 the kiwi has been mostly bearish, we believe we may have seen a shift to a bullish tone over November with pricing reversing off mid 57’s, strong support is now 0.6000.

The current interbank midrate is: NZDUSD 0.6211

The interbank range this week has been: NZDUSD 0.6187- 0.6250

FX Blog

Navigating Your Money Transfer with Direct FX

19/12/2023 22:2419/12/2023

Introduction to Direct FX Money Transfers

Transferring money across borders can be daunting. Whether you’re an expat, a traveller, a business, or sending money to loved ones, Direct FX simplifies the process. This guide will walk you through the seamless process of making a transfer with Direct FX.

Why Choose Direct FX for Your Money Transfer Needs

With Direct FX, you’re not just sending money; you’re leveraging a platform known for competitive rates, robust security measures, and personalized customer support. Here’s how to start.

Step 1: Setting Up Your Direct FX Account

Registration and Verification

Before making a transfer, you’ll need to set up an account. Visit the Direct FX website and follow the prompts to register. You’ll provide basic personal or business information and upload necessary identification documents to comply with KYC (Know Your Customer) regulations.

Step 2: Planning Your Transfer

Choosing Your Currencies and Amount

Log in to your Direct FX account and select the currencies you wish to transfer. Enter the amount you want to send and see the real-time exchange rate. Direct FX’s transparent pricing means no hidden fees.

Step 3: Executing the Transfer

Confirming Transaction Details

Review the transaction details, including the recipient’s banking information. Ensure all details are accurate to avoid any delays.

Step 4: Monitoring Your Transfer

Tracking and Notifications

Once you confirm the transfer, Direct FX will process it promptly. You can track the progress in your account dashboard and opt-in for notifications to stay updated.

Step 5: Receiving the Funds

Ensuring Successful Delivery

The recipient will receive the funds directly in their bank account. Direct FX ensures a swift and secure transaction flow from start to finish.

Step 6: Customer Support and Assistance

Accessing Help When You Need It

If at any point you need assistance, Direct FX’s customer support is ready to help. Reach out via phone, email, or live chat for any inquiries or support.

Conclusion: Your Go-To for Global Transfers

Direct FX is dedicated to providing an easy, secure, and cost-effective way to transfer money internationally. With our step-by-step guide, you can confidently manage your global transactions.

FX Blog

How to Use Direct FX for Your Foreign Exchange Needs

14/12/2023 22:1714/12/2023

Navigating the intricacies of the foreign exchange market can be a manageable task. Whether you’re an individual looking to invest overseas or a business managing international transactions, Direct FX streamlines the process, offering competitive exchange rates and personalised service. Let’s walk through the steps and benefits of using Direct FX for your currency exchange needs.

Step 1: Opening an Account with Direct FX

A Tailored Approach to Account Setup

Starting your journey with Direct FX involves a simple account setup. Choose between personal or business accounts designed to cater to specific needs. For individuals, the focus is on ease and efficiency in transferring funds for overseas property, travel, or family support. Businesses benefit from features that facilitate trade payments, manage receivables in different currencies, and more.

Verification: A Secure and Necessary Process

New accounts are verified as part of Direct FX’s security and regulatory compliance commitment. This typically includes providing identification and proof of address. The Direct FX team can help you collate and submit the necessary documentation, ensuring a secure start to your FX dealings.

Step 2: Understanding and Securing Rates

Competitive and Transparent Exchange Rates

One significant advantage of Direct FX is access to more favourable rates compared to traditional banking avenues. Thanks to their robust trading volume and lean operational margins, Direct FX can pass significant savings onto you.

Real-Time Quotes and Market Insights

Exchange rates fluctuate constantly, but Direct FX provides real-time quotes and market insights. Their experts can guide you through the nuances of FX rates, helping you understand when and why to initiate a transaction for maximum value.

Step 3: Executing Your Currency Exchange

The Convenience of Transaction Initiation

With your account ready, initiating a currency exchange is straightforward. Inform the Direct FX team of your desired currency pair, the amount, and when you’d like the transaction settled. Support is available through various channels, ensuring you can reach out in a way that suits you best.

Tailoring Transactions to Your Goals

Direct FX’s flexibility extends to the types of transactions you can execute. Need to transfer immediately? A spot deal is your go-to. Planning for future stability? Forward contracts might be the answer. Or perhaps you’re looking for the best possible rate? Then, a limit order can be placed. Each transaction type is suited to different objectives and market conditions.

Step 4: Risk Management and Informed Decision-Making

Strategies to Mitigate FX Risk

Foreign exchange transactions carry inherent risks. However, Direct FX specialises in creating tailored strategies that mitigate these risks. They consider market volatility, exposure level, and financial objectives to craft a plan aligning with your risk appetite.

Empowerment through Education

Beyond direct advice, Direct FX offers a repository of resources to help demystify the world of FX. This educational commitment ensures you follow and understand recommendations, leading to more informed and confident decision-making.

Step 5: Utilising Technology for Enhanced FX Management

Direct FX Mobile App: Your FX Command Center

Direct FX harnesses the power of technology to put FX management at your fingertips. Our mobile app is not just a tool for transactions; it’s a comprehensive platform for monitoring the market, setting rate alerts, and more—all designed to give you control wherever you are.

Ensuring the Security of Your Funds

Commitment to Safety and Compliance

Direct FX doesn’t just comply with regulations; we prioritise them. Safeguarding your funds is assured with stringent adherence to the highest financial security standards and responsible fund handling.

Additional Perks of Choosing Direct FX

A Customer Service Experience That Sets Us Apart

The Direct FX difference is also felt in our customer service. Available to answer your queries or guide you through transactions, our advisors offer unparalleled service, ensuring your FX needs are met with expertise and care.

Client Testimonials: A Testament to Service Excellence

Don’t just take our word for it; the glowing testimonials from Direct FX’s clientele speak volumes. With a high TrustPilot rating and a history of positive reviews, the feedback highlights swift response times, competitive rates, and an overall exceptional service experience.

Join the Direct FX Community Today

Ready to take control of your foreign exchange needs with ease and confidence? Sign up for a Direct FX account and benefit from our expert services today.

For any questions or to begin your FX journey, contact our dedicated team or download our Direct FX mobile app for a seamless trading experience.

Start your path to smarter currency exchange with Direct FX – Your trusted partner in foreign exchange.