The Euro is trading at 1.1627 at the moment.  As the ECB Rate Announcement approaches, the Euro has firmed versus the US Dollar.  The low has been 1.1574 while the high has been 1.1639.  The ECB Press Conference is likely to get more attention than the Rate Announcement due to the anticipation of the ECB initiating a stimulus program to boost growth in the region.  The details of any such stimulus are the real unknowns should the ECB decide on QE to encourage growth.  This is why an air of caution has weighed on the currency markets in the past few days leading up to this announcement.  The aftermath of the SNB announcement last week has left a bitter taste in some circles with players wary of the potential for more fallout following the ECB’s scheduled announcement ahead.  Meanwhile, the Euro remains poised towards the upper side of the range as the information is pending.

The British Pound is trading at 1.5170 currently.  Cable has touched a low of 1.5122 earlier this morning in the European session.  The high has been 1.5200.  UK Public Sector Net Borrowing registered 12.5 billion Pounds which is more than was expected.  Forecasts were expecting a smaller number of 9.2 billion Pounds.  Despite this increase in borrowing, the Pound experienced a rally this morning following release of the data.  After touching the high the Pound has softened slightly to hold around current levels.  The rally is attributed to an improving sentiment in the market ahead of the ECB Announcement later this morning.  As such, the Pound remains poised just off of the high ahead of the release.  CBI Industrial Order Expectations registered lower than expected posting 4 and a decrease from the previous release.  This has helped to slow the pounds ascent as well.

The Japanese Yen is trading at 117.64 at present.  USD/JPY has sold off as the morning has progressed.  The low is 117.58 while the high has been 118.34 which traded during the Asian session.  This selloff has not broken lower than recent short term support levels with the range today inside of the support and resistance levels of 117.00 and 118.50 respectively.  The US Dollar has softened today against its peers and the USD/JPY is no exception.  Eyes are firmly anticipating the ECB Announcement and Press Conference scheduled in the coming hour.  Caution remains the overriding tone.

AUD/USD is trading at 0.8123 with the low being 0.8055 while the high has been 0.8134.

USD/CAD is trading at 1.2338 with the low being 1.2312 and the high being 1.2375.

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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.