The Euro is trading at 1.1586 at present.  The low has been 1.1568 while the high has been 1.1615.  With a cautious appeal surrounding any currency versus the Euro right now, traders try to anticipate what the ECB will announce in reference to QE after their rate announcement on Thursday.  Knowing that there is likely to be some form of QE bought to the table, risk in the Euro remains towards the downside.  Economic data out of Europe this morning actually gave the Euro a little lift although it isn?t likely to carry throughout the day.  German PPI was lower than expected to post -0.7%.  Meanwhile, the Italian Trade Balance was lower than expected to register 3.54 billion Euros.  The German ZEW Economic Sentiment and the European ZEW Economic Sentiment both surpassed expectations to register 48.4 and 45.2 respectively.  This gave the Euro the lift mentioned earlier.  However, since touching the high the Euro has now softened as the US session slowly starts.  With the US markets closed yesterday, player’s expectations will likely see the Euro trade lower as Thursday’s announcement approaches.

The British Pound is trading at 1.5174 at the moment.  Cable has traded as low as 1.5056 while the high has been 1.5179.  There has been no significant economic data out of the UK today.  However the Pound has had modest gains throughout the morning since the beginning of the European session.  These gains are likely to keep the pound within the support and resistance levels of 1.5050 and 1.5300 respectively.  The market carries a cautious overtone as expectations for the ECB QE program is likely to be announced on Thursday following their Rate Announcement.  This may be part of the reason why the Pound has had this subtle rally as investors look for safer positions to hold.

The Japanese Yen is trading at 118.64 currently.  USD/JPY has traded as low as 117.55 while the high has been 118.77.  The US dollar has seen gains versus the Yen as investors look to the currency as having a bit more stable status.  No Japanese economic data has come out of the region today.  However, the US Dollar is considered the best bet as a flight-to-safety trading position.  Looking ahead, the BOJ will hold a Press Conference and make an announcement on Monetary Policy tomorrow.  This is likely weighing on the Yen as they are also using a form of QE to stimulate growth in their region as well.

AUD/USD is trading at 0.8185 with the low being 0.8159 while the high has been 0.8218.

USD/CAD is trading at 1.2026 with the low being 1.1936 and the high being 1.2035.


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.