The Euro is trading at 1.1327 presently.  The Euro continues to sustain pressure ahead of the ECB announcement on European Interest rates this coming Thursday.  There will probably be no change in the current interest rate level.  However, it is widely anticipated that here will be an expansion of the current QE program that is currently being undertaken.  The expansion will take place in order to encourage advancement in price growth which has recently drawn more focus with data that continues to disappoint on a monthly basis.  Softening oil prices and reoccurring geopolitical issues like Greek debt and the evolving immigration challenges continue to weigh on prices in the region.  As a result, the Euro will likely weaken further if an expansion in QE comes to the fore.  The US Dollar will garner additional support as investors look to take advantage of the change in policy for the short term.  There will be limited European data released later today which will enhance the ability of the Dollar to strengthen.  In the US critical housing data is scheduled for release.

The British Pound is trading at 1.5467 at the moment.  Sterling has maintained its buoyancy in a relatively quiet start to the trading week.  The ECB and European interest rates are the highlight of upcoming data attention for this week.  European rates will likely stay unchanged while attention switches to the current QE program as a means of altering the lethargic inflation situation in the region.  The Pound has been able to attract support as the ECB may be looking at ways to lift price growth by expanding the current QE initiative.  There will be no data of significance released in the UK later but attention will be on the comments that will be made by MPC member McCafferty and BOE Governor Carney who will both be speaking later in the morning.  These gentlemen will give useful information on the progress of the UK economy as the Bank of England looks for an opportunity to raise its interest rate.  Continued consistent growth is the main objective that the BOE is seeking in the near term so expect these men to elaborate on how this can be best achieved.

The Japanese Yen is trading at 119.51 at this writing.  The Yen remains firmly range bound with no scheduled economic data releases planned out of Japan until Wednesday when the Japanese Trade Balance will be highlighted.  The Yen has held on to gains after disappointing data out of China on Monday encouraged support for the Yen as a safe haven.  The USD/JPY thrived as Chinese GDP growth of 6.9% was recorded.  This is the slowest growth rate they have had since 2009.  This has left the Yen as a fertile alternative worthy of support.  Focus still remains on the ECB rate announcement planned for later this week with markets reflecting the lethargic attitude. 

AUD/USD is trading at 0.7254 with the low trading at 0.7242 and the high trading at 0.7256.

USD/CAD is trading at 1.3022 with the low trading at 1.3011 and the high trading at 1.3024.  Markets are still awaiting the election results to come in from the General Election.

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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.