The Euro is trading at 1.2496 at present.  The low has been 1.2433 while the high has been 1.2527.  With a good deal of data released this morning in Europe, the Euro has made gains this morning.  The upside short-term resistance at 1.2500 has been breached on the way to touching the high of the day.  The French Flash Manufacturing and Services PMI numbers were the start of the data releases out of Europe this morning. The French Flash Manufacturing PMI was below expectations registering 47.9 while the French Flash Services PMI registered 49.8 beating expectations.  Next were the German PMI numbers.  The German Flash Manufacturing PMI was 51.2 and beat expectations while the German Flash Services PMI was 51.4 and below expectations.  Following this was the European PMI numbers which both beat expectations.  The European Flash Manufacturing PMI is 50.8 while the Flash Services PMI is 51.9.  In addition, the Italian Trade Balance posted a surprising surplus of 5.4 billion Euros.  On the back of this data the Euro rallied.  Although there was some consolidation once the high was touched, the Euro remains poised to continue to press the upside.

The British Pound is trading at 1.5738 at the moment just 6 pips off of the high at 1.5744.The low in Cable has been 1.5610.  The rally in the Pound has occurred after the UK inflation data that was released this morning.  These numbers were generally lower than expectations.  The UK CPI and Core CPI posted 1.0% and 1.2% respectively and were both less than expected.  In like fashion, UK RPI and UK HPI were both below expectations as well with 2.0% and 10.4% respectively.  The UK PPI Input number registered -1.0% while UK PPI Output registered 0.2%.  The PPI numbers were above expectations.  This data suggests that inflation in the UK seems to be contained within expected parameters.  This has helped the Pound to rally as well and like the Euro mentioned previously, cable seems poised to gain more ground on the Greenback today.

The Japanese Yen is trading at 115.81 at this writing.  USD/JPY has softened quite a bit today. The low which was touched recently is 115.55 while the high has been 118.01.  Japanese Flash Manufacturing PMI registered 52.1which is less than expected.  The US Dollar has softened collectively versus the major currencies bring to realization the recent dip in the Dollar Index.  The data released this morning out of the Euro zone has been great in assisting the Yen gains today and momentum in USD/JPY remains towards the downside.  Players will be looking ahead to the Housing data out of the US later this morning to see whether the currencies can maintain their momentum or whether the US Dollar finds some support.

AUD/USD is trading at 0.8247 with the low being 0.8199 while the high has been 0.8274.

USD/CAD is trading at 1.1658 with the low being 1.1632 and the high being 1.1671.

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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.