The Euro is trading at 1.1145 at this writing.  The low has been 1.1080 while the high has been 1.1182.  The Euro has gained on the US Dollar this morning in conjunction with the release of Manufacturing PMI and Services PMI data out this morning.  French Flash Manufacturing PMI beat expectations with 49.3 while French Flash Services PMI was 51.6 and was lower than expected.  German Flash Manufacturing PMI was below expectations registering 51.4 while German Flash Services PMI was 52.9 and also below expectations.  European Flash Manufacturing PMI was better than expected with 52.3 while European Flash Services PMI was lower than expected with 53.3.  In addition, European Current Account was 18.6 billion euros which is also worse than expected.  With the release of this data today, the euro has firmed a bit versus the US Dollar this morning.  Because the Manufacturing PMI numbers are largely above 50 the sector is considered in a positive growth scenario.  The same goes for the Services PMI numbers as well.  With this being the basis, Europe is definitely growing in both sectors although this grow may be a little below expectations in some areas.

The British Pound is trading at 1.5678 at present.  Sterling has traded as low as 1.5524 while the high has been 1.5700.  Cable has had a purposeful rally this morning following the release of the UK data which happened to be well above expectations.  UK Retail Sales surprisingly beat expectations of 0.4% with an increase of 1.2%.  This increase immediately caused the Cable to rally with the actual number three times more than expected.  Putting a cap on the rally was the UK CBI Industrial Order Expectations which posted -5 which is well below what was expected.  However, this number does not hold the weight of the retail sales figures which are heavily watched in terms of growth and what they mean to the overall economy. Because of this, the Pound remains poised towards the upside and I expect Cable to possibly test the 1.5700 resistance barrier and likely push higher.

The Japanese Yen is trading at 121.00 at the moment.  USD/JPY has traded as low as 120.84 while the high has been 121.38.  Japanese Flash Manufacturing PMI beat expectations to register 50.9 which helped USD/JPY ease to its low of the day.  However, Japanese All Industries Activity registered -1.3% which encouraged the US Dollar to rally on to the high of the day versus the Yen.  Since this time, The Dollar has come under pressure with uplifting figures out of Europe and the UK which has in turn caused USD/JPY to retrace back to current levels.  Tomorrow will be the release of the Japanese Monetary Policy Statement which is likely to see the BOJ maintain the current policy as they look to encourage continued growth in the region. 

AUD/USD is trading at 0.7884 with the low being 0.7865 while the high has been 0.7913.

USD/CAD is trading at 1.2210 with the low being 1.2170 while the high has been 1.2211.

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This information has been prepared to provide you with general information only. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information.