The Euro is trading at 1.1600 at present.  The low has been 1.1575 and the high has been 1.1649.  The market has returned to some resemblance of normality after the wild gyrations that were seen after the surprising SNB announcement yesterday.  The Euro still remains pressured towards the downside as the US dollar still holds a dominant posture.  Earlier this morning the German Final CPI registered 0.0% which met expectations.  European Final CPI and Final Core CPI registered -0.2% and 0.7% respectively with Final CPI meeting expectations and Final Core CPI slightly lower than expected.  There is cautious optimism entering the market as players try to anticipate what the ECB will do concerning the high likelihood of some form of QE in their announcement next week on January 22.  Later today, the US will release a broad spectrum of important economic data that will impact the directional movement of currencies versus the US Dollar.  This will set the tone as markets trade towards the close of the week

The British Pound is trading at 1.5208 at the moment.  Cable has seen a low of 1.5159 while the high has been 1.5234.  There has been no major economic data released out of the UK today.  However, the Pound remains solidly range bound between 1.5100 and 1.5300 as we have indicated due to the lack of any significant UK data to impact the market and encourage a breakout of these levels.  The SNB announcement yesterday did weigh on the Pound by initially causing a selloff before it found support above 1.5150 and retraced.  This may have been the best chance for a breakout of the established range recently.  Looking ahead to next week, the UK economic data to be released then may have some chance of pushing Cable to establish a new range.  Watch this space.

The Japanese Yen is trading at 116.72 currently.  USD/JPY has seen a low of 115.85 while the high has been 116.84.  Earlier during the Asian session, Japan released the Tertiary Industry Activity which registered 0.2% and was slightly lower than expected.  After touching the low of the day, USD/JPY has slowly traded higher as the day has progressed and looks poised to continue to pressure the upside.  The Yen got a nice boost from the activity yesterday but profit taking may be the explanation of this uptick in USD/JPY.

AUD/USD is trading at 0.8219 with the low being 0.8181 while the high has been 0.8256.

USD/CAD is trading at 1.1994 with the low being 1.1950 and the high being 1.2001.

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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.