The Euro is trading at 1.1827 at this writing. The low has been 1.1818 while the high has been 1.1897. The Euro has sold off after the release of European data out recently. European CPI Flash Estimate registered worse than expected with -0.2% while European Core CPI Flash Estimate registered better than expected with 0.8%. The European Unemployment Rate remained at 11.5% and the Italian Preliminary CPI beat expectations to post 0.0%. Earlier this morning, the German Unemployment change was better than expected with -27K. Additionally, Italian Unemployment Rate was slightly worse than expected to register 13.4%. Once touching the highs late in the Asian session, the Euro slowly sold off. However, since the release of the European CPI and Unemployment data, the Euro has softened even further and proceeded on to trade at the daily low. This move has of course re-established the bullish US dollar trend that has dominated the currencies. Short Term support is around 1.1800 and lower at 1.1750 while resistance in the short term is around 1.1900.
The British Pound is trading at 1.5129 presently. Cable has traded as low as 1.5101 while the high has been 1.5155. The only significant data released out of the UK today has been the BRC Shop Price Index which recorded a decrease of 1.7%. This release was made during the Asian session and no further significant economic data is scheduled for release out of the UK today. The Pound has traded mixed throughout the range today and still has vulnerability towards the downside as the strong US Dollar trend shows no signs of changing. Looking ahead, the Bank of England makes an announcement on rates tomorrow with the MPC Statement to follow soon after. The information released then should help players to get an idea of the state of the UK economy and the potential it has for further growth during the first quarter of 2015.
The Japanese Yen is trading at 119.07 currently. The USD/JPY low has been 118.37 which traded in the Asian session. The high has been 119.25. USD/JPY is beginning to carry a more fundamental tone in recent trading sessions. The bullish US Dollar trend still seems to shadow this tone but a recent stabilizing of the directional movement of the currency seems to favor a more fundamental impact. The pressure still exists towards the upside especially given the inclination of the BOJ to help stimulate growth in the region. This stated objective of the BOJ remains a factor in weakening the Yen while pursuing their growth initiatives.
AUD/USD is trading at 0.8074 with the low being 0.8053 and the high being 0.8086.
USD/CAD is trading at 1.1822 with the low being 1.1820 while the high has been 1.1868.
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.